Our round-up of Middle East financial news includes notes on the Saudi-isation of insurance selling in the Kingdom, Algeria's financial difficulties, Morocco's plans to float its local currency, Egyptian inflation, and the DIFC's efforts to attract Trust and Foundation business.
Changes to CEOs of Arab banks in London
Rakan Tarwaneh has been appointed CEO of Jordan Islamic Bank, the London-icorporated bank that is owned by the Housing Bank of Jordan (75%) and Arab Jordan Investment Bank (25%). He was previously Deputy CEO and has been Acting CEOsince the departure of Mort Mirghavameddin last spring.
Dickon Johnstone has been appointed to replace Farid Barakat as CEO of the London branch of National Bank of Abu Dhabi. Since mid-2015, Mr. Johnstone had been COO of the London branch and head of NBAD's staff in Europe and the Americas. Before that, he worked for the bank in Abu Dhabi as Executive Director, Chief of Staff, Global Wealth. Earlier this year, National Bank of Abu Dhabi merged with another Abu Dhabi-based bank, First Gulf Bank, to create First Abu Dhabi Bank. The bank's London operations are still conducted under the National Bank of Abu Dhabi legal entity. Mr. Johnstone's first name, Dickon, is spelt correctly.
Sami Tamim has been appointed CEO of Ahli United Bank UK. He was previously Deputy CEO and has been acting CEO since the departure of James Foster. His previous experience includes time with UBS and with Citibank. Ahli United Bank UK is owned by Bahrain-based Ahli United Bank.
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Our Annual General Meeting was held on 31 October. Members approved the accounts and received an update on recent activities.
Credit Agricole has announced that it will sell half of its stake in Saudi Fransi Bank to Prince Walid al-Talal. The Arab Banker's editor reviews the level of foreign bank ownership in the Saudi banking system.
The Arab Bankers Association sends best wishes to its members and their families on the occassion of Eid al-Adha, the holiday that marks the end of the annual pilgrimage to Mecca.
Gatehouse Bank, the London-based bank that offers Shariah-compliant banking services, delivered a seminar on the UK property market and Shariah-compliant financing to a delegation of students from the University of San Diego on 10 August.