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Thu 4 Jul 2019 07:12 PM

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Prince Alwaleed's Kingdom said to hire Deutsche Bank's Saudi CEO

Sources say Tamim Jabr will join Kingdom Holding later this year as head of international investments

Prince Alwaleed's Kingdom said to hire Deutsche Bank's Saudi CEO
Saudi billionaire Prince Alwaleed bin Talal.

Prince Alwaleed bin Talal’s investment firm Kingdom Holding Co has hired Deutsche Bank’s chief executive officer in Saudi Arabia as head of international investments, people familiar with the matter said.

Tamim Jabr will join Kingdom Holding later this year, said the people, asking not to be identified because the appointment isn’t public.

Jabr was Deutsche Bank’s first hire in Saudi Arabia and had been with the lender for 16 years. Before becoming CEO of Deutsche Securities Saudi Arabia in 2017, he was head of corporate and investment banking in the kingdom.

His departure comes as CEO Christian Sewing prepares to announce the latest in a series of turnaround plans to cut cost and boost profitability.

The revamp may include a headcount reduction of as many as 20,000 positions, the scaling back of some investment banking businesses, as well as asset disposals, people familiar with the matter have said.

A spokesman for Deutsche Bank declined to comment and a spokesman for Kingdom Holding didn’t respond to requests for comment.

Kingdom Holding’s international portfolio includes stakes in ride-hailing firm Lyft and hotels chain Accor. The company is also set to become an investor in Uber as a result of its cash and stock offer to acquire Dubai-based ride-hailing app Careem, in which Kingdom Holding is an investor.

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