Qatar First Bank (QFB) has announced the resignation of Ziad Makkawi as its chief executive officer and the appointment of Khaled Abdullah Al Khoori as the new acting CEO.

The board of directors of QFB, approving the resignation of Makkawi, thanked him for his efforts during the previous period and wished him success in his future plans.

Al Khoori took the helm of Al Hilal Bank in December 2015 following his appointment as CEO. As the head of one of the fastest-growing Islamic banks in the UAE, Al Khoori brought to the bank his extensive years of valuable professional experience in the banking and investments industry to help steer the organisation’s future direction and growth, said a statement.

Prior to joining Al Hilal Bank, Al Khoori played numerous key roles at the Abu Dhabi Investment Authority (ADIA), as he was the director of real estate and infrastructure department, managing the firm’s strategic global relationships and investment.

In addition, Al Khoori was the director of the private equity department for three years, where he focused primarily on US/Europe mega funds, buyout funds, secondary market investment in PE, distressed credit investments during the global financial crisis. Al Khoori served as vice chairman of Abu Dhabi Islamic Bank (ADIB), chairman of National Takaful Company (Watania), and founding board member of QFB.

Al Khoori graduated Summa Cum Laude from Boston University, US, where he earned his Bachelor of Science in Business Administration (BSBA). He also completed a General Manager Program (TGMP) from Harvard Business School in 2005.

Abdulla Bin Fahad Bin Ghorab Al Marri, QFB chairman, said: “We would like to welcome Khaled Abdullah Al Khoori as the acting CEO of QFB, and roll out the strategy of establishing a leading Shari’ah compliant bank. Together, we will continue to build on our successes in the private equity area and broaden the services we offer to our clients and shareholders. We are excited about having Khaled as the acting CEO, especially after knowing him as one of the bank’s board members. Khaled brings a depth of experience and we are confident that he will lead the team and grow the bank to new heights.”

Al Marri added: “We would like to thank Mr. Ziad Makkawi for his contribution and his achievements to the bank. We wish him continued progress and prosperity, and success in his future endeavours.”

Under Makkawi’s leadership as the bank’s CEO since June 2015, QFB witnessed strategic achievements marked by the launch of the new strategy that streamlined the business to offer Shari’ah compliant services including alternative investments with a focus on private equity and real estate, as well as corporate and institutional banking. - TradeArabia News Service