Industry: Banking & Finance
Company: Gulf Bank
Omar Qutayba Alghanim took the top job at Gulf Bank last week after previous incumbent Mahmoud Al Nouri resigned for health reasons.
The Kuwait lender said in January it had more than doubled its net profit in the fourth quarter of the year and recommended the distribution of five percent bonus shares. Net profit reached KD8.5m ($30.2m) for the three months to the end of December, compared to KD3.2m in the same period the previous year.
Alghanim’s new role will add to an already heavy workload. He is among the members of the Alghanim family who oversee one of the biggest diversified holding companies in Kuwait - Alghanim Industries. The company was launched in its modern format by Yusuf Ahmed Alghanim, who returned to Kuwait in 1932 after studying overseas. Yusuf completely revitalised the firm, signing a deal with General Motors to bring the brand into Kuwait. Further deals have been signed with some of the world’s biggest companies, including Samsung, Nokia, Toshiba, Xerox and Hitachi.