Gulf Finance House (GFH) chairman Esam Janahi was elected chairman of First Energy Bank at the new institution's first board meeting in Dubai.

Designed to capitalise on the ever increasing demand for investment in the global energy industry, First Energy Bank is the region's first investment bank tailored to services in the energy field.

'According to the International Energy Agency estimates, world energy demand is expected to increase by 1.8 per cent annually through to 2030,' said Janahi.

'As the first bank to offer exclusively tailored investment, financing, and services solutions within the energy industry, we expect First Energy Bank to have a profound impact on the oil and gas industry for years to come.

'It is an honour to be elected as chairman to the board after contributing a great deal of my professional and personal life to the industry,' he added.

Due to an unprecedented demand from investors, the paid up capital for First Energy Bank now stands at $1 billion, up from the initially planned $750 million.

Hamad Rashed Nehail Al Neaimi, representing Shaikh Dhiab Bin Zayad and Mustafa Zarti representing the Libyan Investment Authority, were elected as vice-chairmen of the bank.

Additional board members from the UAE include Ahmed Saif Al Darmaki, representing Abu Dhabi Water and Electricity Authority, Khadim Al Qubaisi, representing Tasmeem, Abdulla Showaiter of Emirates Islamic Bank and Khalid Jassim Mohammed Bin Kalban, representing Dubai Investments.

From Saudi Arabia, the board members will include Sadoun Bargash Hamoud Al Sadoun, representing Shaikh Mohammed Hussain Al Amoudi and Adel Al Jaber, representing Al Jabr Trading Company.

Along with Janahi, the other Bahrain board members are Khalid Najeebi, representing Capital Management House and Bahrain Islamic Bank, Mehran Jamsheer, representing GFH, Hisham Al Emadi, representing GFH and Ebrahim Hussain, representing Khaleeji Commercial Bank.

All appointments are subject to Central Bank of Bahrain confirmation.

'As demonstrated from the track records of the board members and investors who span across the Middle East and North Africa, these world renowned individuals and institutions bring with them a diversified shareholder base. First Energy Bank will be able to capitalise on their network of associated companies and partners in the broader Middle East and North Africa region,' Janahi added.-TradeArabia News Service