Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - Dabdoub To Continue To Serve As Advisor To BoD: Chairman  Join our daily free Newsletter

MENAFN - Qatar News Agency - 19/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Mohammad Abdul Rahman Al-Bahar, NBK Group's Chairman, has announced that the Group's Chief Executive Officer, Ibrahim Dabdoub, has decided to retire, stepping down from his post as the Group CEO following the next General Assembly Meeting. Dabdoub's successful career at NBK extends for over 53 years during which he has successfully led the bank to become one of the leading financial institutions in the Middle East with operations in 16 countries. Dabdoub will continue to serve the bank as an advisor to the Board of Directors.

Al-Bahar highlighted that as much as he and the Board regret Dabdoub's decision, they wish him the best of luck in his retirement move. Al-Bahar extended his and the Board's appreciation for Dabdoub's contribution to NBK's success during his 30 years term as the Group CEO transforming the bank into a well-established regional institution. "On behalf of the Board, I would like to thank Ibrahim Dabdoub for the passion, dedication and dynamism he brought to NBK since his appointment as CEO and even earlier in his different roles since joining the bank in 1961," Al-Bahar commented.

Dabdoub has over the years served NBK unconditionally, devoting his life to build a well-recognized organization, both domestically and internationally, with total assets exceeding 60 billion. During his years at NBK, Dabdoub has led the Group through good and bad times generating strong growth and returns for the shareholders. This has earned the bank its ranking among the world's safest banks for several consecutive years and became top-rated among emerging markets banks. "NBK's profits grew from KD 20 million in 1983, when Dabdoub was appointed as CEO to more than KD305 million in 2012. Over that tenor, the bank has distributd cash dividends exceeding KD 2.0 billion in addition to worth more than KD 320 million of shares", Al-Bahar highlighted.


Al-Bahar particularly emphasized on Dabdoub's role in leading NBK in two major crises that faced the bank during his career; the stock market crash in 1982 and the Iraqi occupation in 1990. NBK was the only Kuwaiti bank that survived the 1982 stock market crash while remaining intact. During the 1990 Iraqi occupation, NBK continued to fully operate out of its London branch, a precedent in the financial industry throughout history.

Dabdoub, on the other hand, expressed his gratitude and appreciation to Muhammad Abdul Rahman Al-Bahar, NBK Group chairman, as well as to all the members of the Board of Directors for their trust and support over the years for him and for all the executive management team. Dabdoub confirmed that NBK's attributes and achievements over the years are mainly a result of the Group's clear strategic direction, its institutional framework and conservative approach to management. Dabdoub primarily applauded the dedication and commitment of all his colleagues and staff members in their contribution to the Group's success and in supporting him to accomplish all these achievements.

Moreover Dabdoub stressed that NBK's leading regional position will be the driving force for the bank's management team to prosper in shaping a brighter future for NBK. "I am leaving NBK in the safest hands and I hope all the success to the new management team as well as to all NBK staff", Dabdoub concluded. Dabdoub joined NBK in 1961 right after his graduation and has never served elsewhere during his career life. He joined the bank as a junior officer and advanced through the years in different positions till becoming CEO in 1983.

 


Qatar News Agency




  MENA News Headlines
 Oct 1 2016 - Successful conclusion of the 16th GoforIsrael - China - Israel Investment Summit Forum in Shanghai Jointly Held by China Everbright Limited & Its Israeli PartnersMENAFN Press
(MENAFN Press) HONG KONG, Sept 30, 2016-(ACN Newswire)-China Everbright Limited ("CEL", stock code: 165.HK) along with CEL- Catalyst China Israel Fund ("CCF"), Cukierman & Co. Investment House ...

 Oct 1 2016 - Saudi economic growth hits slowest rate in Q2MENAFN
(MENAFN) Government data showed that Saudi Arabia's economy grew at its slowest rate in more than three years between April and June.Also, growth has been weakening since early 2015 as cheap oil ...

 Oct 1 2016 - New regional deadline in Gulf States by 2021MENAFN
(MENAFN) UAE's Minister of Infrastructure confirmed that the six Gulf countries have agreed in principle to push back the completion date of a 2,100 kilometer transnational rail network stretching ...

 Oct 1 2016 - Libya: EU renews sanctions for six monthsMENAFN Press
(MENAFN Press) Libya: EU renews sanctions for six months On 1 April 2016, the Council added three persons to the list of people subject to EU restrictive measures against Libya BRUSSELS, Belgium, ...

 Oct 1 2016 - GCC mobile transactions higher by 4% in H1 of 2016MENAFN
(MENAFN) A new study showed that the shares of mobile transactions in the GCC at 43% in higher than the global average by 4%.Also the report has provided insights into consumer shopping habits and ...

 Oct 1 2016 - IPC® Early Childhood Education Teacher Training Programs Gain MomentumMENAFN Press
(MENAFN Press) Dubai: The September session of the IPC Early Childhood Level 2 and Level 3 teacher training programs have received an overwhelming response and teacher participants are on their way ...

 Oct 1 2016 - His Highness Sheikh Dr. Sultan Al Qasimi: Foreign Direct Investment Creates Real WealthCulture, Art and Literature'MENAFN Press
(MENAFN Press) Message given by His Highness the Ruler of Sharjah at opening of second Sharjah FDI Forum Sharjah, UAE, September 28, 2016:‘Foreign direct investment leads not only to ...

 Oct 1 2016 - Dubai Health Authority marks World Heart Day 2016MENAFN Press
(MENAFN Press) Dubai, UAE, September 29, 2016:His Excellency Humaid Al Qatami, Chairman of the Board and Director-General of the Dubai Health Authority (DHA), inaugurated today the DHA";s World ...

 Oct 1 2016 - Post Offices will remain closed on Islamic New Year holidayMENAFN Press
(MENAFN Press) Dubai, UAE, September 29, 2016: Emirates Post Group has announced that all post offices in the UAE will remain closed on the occasion of Al Hijri Islamic New Year on Sunday, October ...

 Oct 1 2016 - Strategic New Leadership for Abu Dhabi-based Royal JetMENAFN Press
(MENAFN Press) Abu Dhabi, UAE, September 29, 2016: Royal Jet, the Middle East";s foremost private charter company, has appointed a new leader to pilot the latest chapter in its pioneering history. ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help