The rise of the finance industry in the Middle East has been nothing short of remarkable, driven by a combination of factors including economic diversification, strategic geographic location, and a growing demand for financial services.
Historically reliant on oil revenues, many Middle Eastern countries recognised the need to reduce their dependence on oil and gas exports and diversify their economies. In pursuit of this goal, governments across the region have invested heavily in developing their financial services sectors as a means to attract foreign investment, create jobs, and stimulate economic growth. This has led to the establishment of financial hubs such as Dubai, Abu Dhabi, and Doha, which have emerged as major centres for banking, finance, and investment in the region.
Moreover, the strategic geographic location of the Middle East has played a crucial role in its emergence as a financial hub. Situated at the crossroads of Europe, Asia, and Africa, the region serves as a natural gateway for trade and investment flows between these continents. As a result, Middle Eastern countries have positioned themselves as key players in global finance, leveraging their geographic advantage to attract multinational corporations, financial institutions, and investors looking to access markets in the region and beyond.
Furthermore, the growing demand for financial services in the Middle East has fuelled the expansion of the finance industry. Rapid population growth, urbanisation, and rising income levels have led to increased demand for banking, insurance, asset management, and other financial products and services. Moreover, the region’s young and tech-savvy population has embraced digital banking and fintech innovations, driving further growth and innovation in the sector.
The rise of the finance industry in the Middle East has significant implications for the region’s economy and society. The sector has contributed to economic diversification and job creation, reducing the region’s reliance on oil revenues and providing opportunities for skilled professionals in finance and related fields. Moreover, the growing importance of the finance industry in the Middle East has raised questions about regulatory oversight and financial stability.
As financial markets become increasingly interconnected and complex, regulators face the challenge of ensuring the integrity and stability of the financial system while fostering innovation and competition. In response, governments and regulatory authorities in the region have taken steps to strengthen regulatory frameworks, enhance transparency and governance standards, and promote financial inclusion and consumer protection.
The rise of the finance industry in the Middle East represents a significant development with far-reaching implications for the region’s economy, society, and global standing. Driven by economic diversification, strategic location, and growing demand for financial services, the Middle East has emerged as a major player in global finance, with financial hubs such as Dubai, Abu Dhabi, and Bahrain leading the way.
However, as the finance industry continues to grow and evolve, policymakers, regulators, and industry stakeholders must work together to address the challenges and opportunities it presents, ensuring that the benefits of financial development are shared equitably and sustainably across society.
Name: Abdallah Abu-Sheikh
Designation: Co-founder and CEO
Company: Astra Tech / Botim
Country: UAE
Emirati entrepreneur Abu-Sheikh is a global keynote speaker and a leading tech entrepreneur in the MEA region celebrated for his leadership approach. Serving as the founder and CEO of Astra Tech, he helmed the launch of the Ultra-app platform, consolidating multiple products, consumer technologies, and services to tackle platform fatigue. The Ultra-platform under Botim was unveiled after a $500 million investment in 2022, aiming to simplify consumer lives in a tech-saturated market.
Currently, the Ultra-App caters to over 150 million users across 155 countries, seamlessly integrating communications, e-commerce, multilingual GPT, and fintech functionalities. This platform offers a comprehensive range of services, spanning bill payments, groceries, fintech solutions, remittances, peer-to-peer money transfers, government services, and more.
Abu-Sheikh is known for spearheading innovations in sustainability, mobility, and digitisation. He has earned acclaim for introducing significant, well-funded advancements in the digital marketplace and electric vehicle (EV) sector through his previous venture, Barq, driving progress and paving the way for future technological developments. Additionally, he founded RIZEK, a digital marketplace for home services in the UAE, launched in 2020 and is now seamlessly integrated into Botim alongside PayBy, its fintech arm. Since 2021, Abu-Sheikh has served as an investor at Delivers.AI, aiming to develop a versatile, application-agnostic autonomous mobility platform supporting last-mile delivery worldwide.
About Astra Tech
Founded in 2022, Astra Tech acquired influential platforms: PayBy, a UAE Central Bank-licensed fintech platform; Rizek, an on-demand home services platform; and Botim, the MENA region’s premier communications platform. By 2023, Astra seamlessly integrated Rizek and PayBy into Botim, creating the world’s inaugural Ultra app. This innovative application offers streamlined home, e-commerce, and fintech services, surpassing competitors in speed by threefold.
Earlier this year, Astra’s PayBy achieved a significant milestone by securing a Mastercard principal membership license, establishing itself as a pioneer among Middle East fintech players. This partnership enables Astra Tech to introduce Botim branded Mastercard digital and physical cards, offering authorisation services and prepaid multi-currency options. Astra operates as an authorised acquirer, leveraging Mastercard’s suite of products, including Payment Gateway, Tap on Phone, and advanced Fraud and Cyber Security solutions.
At the Dubai Fintech Summit in May 2024, Astra Tech unveiled Palm Pay through its CBUAE-licensed fintech subsidiary PayBy, holding the exclusive patent for this innovative technology. Palm Pay, the UAE, and region’s first contactless palm recognition service, enables customers to make payments effortlessly by hovering their palm over a device. This proprietary technology aligns with the UAE’s strategic goals of pioneering technological advancements in its financial sector.
In May 2024, Astra Tech announced the strategic opening of its Dubai Office in DIFC Innovation Hub, positioning itself as the largest fintech entity to join the thriving innovation ecosystem of the Dubai International Financial Centre (DIFC). Scheduled to open in June 2024, Astra Tech’s new offices provide an ideal platform for connecting with local and global industry leaders as it embarks on its growth journey.
Name: Abdulaziz Al-Sowailim
Designation: Chairman and CEO
Company: EY MENA
Country: Saudi Arabia
Al-Sowailim first joined EY in Riyadh after graduating from King Saud University, KSA, in 1987. He rose through the company to become the KSA Office Managing Partner of the Saudi Arabia practice, which includes Riyadh, Jeddah, and Al Khobar. As EY MENA Chairman and CEO, he leads the EY MENA management team and is actively involved in all aspects of the organisation’s operations throughout the region.
During his tenure, Al-Sowailim has been a vocal advocate of the EY purpose of building a better working world, helping to create long-term value for clients, people, and society as well as building trust in the capital markets. Engaged in various facets of the organisation’s operations across the region, he serves as a member of the Board of Management of EY’s EMEIA region, the firm’s largest geographic area globally.
Most recently, he has seen EY celebrate 100 years in the MENA region, having established its first regional office in 1923. As a Saudi national, Al-Sowailim is especially proud of the investments being made by EY in KSA to support the nation’s ongoing journey to becoming a global powerhouse.
A powerhouse in the MENA region
Enabled by data and cutting-edge technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate. Working across assurance, consulting, law, strategy, tax, and transactions, EY teams ask better questions to find new answers to the complex issues facing the world today.
In 2023, EY launched MENA’s first Climate Change Readiness Index (CCRI), a pioneering tool designed to help countries in the region assess and improve their resilience to the impacts of climate change. The Index measures the readiness of the six members of the GCC as well as Egypt and Jordan across several areas, such as the effectiveness of their adaptation and mitigation strategies and their ability to finance and implement these strategies. It provides scorecards that can assist governments, investors, and citizens in tracking the performance of the included countries compared to global benchmarks on 37 quantitative and qualitative indicators of climate change readiness.
EY MENA will continue to build upon its legacy and create long-term value for local communities with youth development programmes, entrepreneur mentorships, and by guiding the next generation workforce. This, along with strategic partnerships, sustainability programmes, and an unwavering commitment to quality, reaffirms its position as the largest and most established professional services organisation in the region.
In May 2024, EY announced new tech capabilities and a global AI Assurance framework, part of a multi-year audit transformation programme. The update comprises over 25 new EY Assurance tech capabilities revealed at the Global Assurance Technology Keynote in Washington DC. Aligning with EY’s $1 billion investment in a next-gen Assurance platform, EY integrates tech into a seamless platform, driving transformation with advanced analytics, AI, and a superior user experience.
Name: Abdulla Al Khalifa
Designation: Group CEO
Company: QNB
Country: Qatar
With a diverse business and finance career spanning over two decades, Group CEO Al Khalifa has held numerous posts within the QNB banking group, including chief business officer and executive general manager. Since 2018, he has served as a board member for Ooredoo, Qatar’s multinational telecommunications company. His experience spans risk management, finance, business, M&A, sales and marketing, and strategic planning. Al Khalifa joined the company in March 1996 and in 2007, was appointed to the role of general manager for QNB’s Corporate Banking Group.
He is also the chairman of QNB Capital, a market leader in Qatar in investment banking services and financial advisory, established in 2008, with headquarters in Doha, and European offices in Paris as well as London, UK.
Qatar’s largest bank
Established in 1964, QNB is the largest bank in Qatar with 51.93 percent owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers.
As the largest financial institution in the MEA region, QNB reported its financial performance for the three months ending on 31 March 2024. As of 31 March 2024, the total assets of QNB stood at $340 billion, reflecting a 5 percent rise from the same date the previous year. This increase was primarily fuelled by a solid 7 percent growth in loans and advances, reaching $238 billion.
In April 2024, QNB Group introduced FAWRAN, a cutting-edge payment solution designed to enhance customer payment experiences through innovative technology. This new payment method enables swift and secure transactions to individuals in Qatar using the recipient’s mobile number or alias.
The launch of FAWRAN represents a significant addition to QNB’s expanding array of digital payment solutions. Powered by the real-time payment infrastructure of the Qatar Central Bank, FAWRAN stands as a ground-breaking addition to Qatar’s digital payments ecosystem, offering customers advanced convenience and efficiency.
In May 2024, QNB was awarded for its exceptional milestone in enabling local SMEs and micro-merchants in Qatar to accept digital payments through Visa’s Tap to Phone solution. The award presented by Visa, recognises QNB’s efforts in recording the highest growth in Tap-to-Phone volume and transactions in Qatar for 2023, further reinforcing QNB’s leadership in Qatar and the region in expanding digital payment acceptance network and fostering innovation in line with Qatar Central Bank’s vision for the payments industry.
QNB Tap to Phone is an innovative solution from Visa that allows merchants to use their existing Android mobile devices to accept digital payments via Near Field Communication (NFC), with zero dependency on Point of Sale (PoS) hardware. It is a low-cost, low maintenance and paperless solution for merchants to accept multi-form electronic payments including mobile wallets, contactless cards, and wearables. QNB have been working closely with SMEs and micro merchants in this regard and the response has been extremely encouraging.
Name: Abdulwahab Iesa Alrushood
Designation: Acting CEO
Company: Kuwait Finance House (KFH)
Country: Kuwait
Throughout his career, Alrushood has held senior leadership positions on various banking and non-banking boards and committees, contributing insights and guidance across multiple realms such as credit and investment, audit, risk, governance, remuneration and nomination, and executive board committees within prominent banking and corporate entities. With a career spanning over three decades within the banking sector, which includes significant experience in both conventional and Islamic banks, along with over eight years in executive leadership positions, Alrushood is a successful leader with a proven track record of achievement.
Alrushood holds the position of acting group CEO at Kuwait Finance House Group since October 2020. During the challenging circumstances of the pandemic in 2020, he played an instrumental role in overseeing as well as managing the group’s liquidity and corporate banking operations across various locations. His strategic oversight ensured that clients, the bank, and the group’s subsidiaries maintained robust capitalisation and resilience amidst the crisis, bolstering the local economy from corporate to retail spheres.
His depth of knowledge and expertise extends across a diverse spectrum of treasury and financial institution management functions, showcasing proficiency in areas such as liquidity management, foreign exchange operations, capital markets activities, treasury sales strategies, country limit oversight, liability diversification tactics, funding arrangements, investment strategies, risk mitigation techniques, and asset and liability management practices. His wealth of experience and demonstrated proficiency in a wide array of critical financial functions underscore his ability to drive strategic initiatives and deliver exceptional results in the banking industry.
Demonstrating leadership by example, he brings a proactive, hands-on approach to problem-solving, with a proven track record of driving transformative initiatives and fostering strong market awareness and relationship management skills.
About Kuwait Finance House (KFH)
KFH, established in 1977 as the first Islamic bank in Kuwait, has emerged as a global leader in Islamic finance. Listed on the Kuwait Stock Exchange (KSE) and Bahrain Bourse, KFH offers a comprehensive range of Sharia-compliant products and services across multiple countries, including Kuwait, Bahrain, KSA, UAE, Turkey, Malaysia, Germany, UK, Egypt, Iraq, Oman, and Libya.
In May 2024, Kuwait Finance House (KFH) was recognised for its leading position in the Islamic banking sector by winning five prestigious awards at Euromoney’s Middle East Awards for Excellence 2024, held in Dubai. The awards include Kuwait’s Best Bank, Kuwait’s Best Digital Bank – tam digital bank, Kuwait’s Best Bank for ESG, and Kuwait’s Best Islamic Bank.
Additionally, KFH Capital, the investment arm of KFH Group, won the Islamic Finance Deal of the Year Award in Turkey for its role in the Republic of Turkey’s $2.5 billion Sukuk. These awards recognise Islamic financial institutions that have significantly contributed to the growth of the Islamic banking and finance market while making a positive impact within their markets. Winning these awards further recognises KFH’s successes and achievements in its pursuit of becoming one of the 100 largest banks globally.
Name: Adam Jones
Designation: Executive Vice President, Division President, West Arabia
Company: Mastercard
Country: Saudi Arabia
In his role as Executive Vice President and Division President, West Arabia at Mastercard, Jones is leading the company’s efforts to drive digital transformation, establish a resilient payments ecosystem, and enhance financial inclusivity in the region. As a member of the EEMEA (Eastern Europe, Middle East, and Africa) executive leadership team, he has been instrumental in securing a strategic partnership with Saudi Esports Federation (SEF) to support the development of KSA’s burgeoning gaming sector through innovative financial solutions.
Under his leadership, the former MENA Central cluster at Mastercard has significantly progressed in promoting digital transformation and enhancing the payments infrastructure. Noteworthy achievements include Mastercard’s integral role in fostering collaboration with the Egyptian Banks Company (EBC) and the Central Bank of Egypt to facilitate the adoption of tokenisation by providing essential infrastructure to banks nationwide.
Jones has led an impactful collaboration with the Central Bank of Jordan (CBJ) to formulate a blueprint for the digitisation of the payment ecosystem in the country. His notable contributions extend to leading initiatives in KSA in partnership with prominent banks like Saudi National Bank (SNB), resulting in the introduction of innovative payment solutions such as the Mastercard Touch Card. Jones continues to lead the efforts to enable the growing business-to-business (B2B) payments space. He recently initiated a collaboration with Bahrain Commercial Facilities Company (BCFC) to launch a game-changing commercial card programme.
Previously, Jones served as the Senior Vice President for Travel & Expense (T&E) at Mastercard, where he was responsible for overseeing the company’s strategy and platforms in the commercial T&E sector, and as Country Manager for East Africa. He joined Mastercard as Vice President and Head of Commercial Products for the Middle East and Africa (MEA), where he assumed responsibility for product development and sales.
Earlier in his career, he held the role of Head of Commercial Business at American Express MENA, based in Dubai, following his tenure as a Global Account Manager in London and leadership positions in joint ventures in Belgium and Switzerland.
Mastercard brings flexibility to payments in KSA
In today’s economic climate, budget-savvy consumers are seeking the flexibility of managing a purchase over time without incurring extra costs in the form of interest or hidden charges, a need that installment payments address perfectly. In April 2024, Mastercard partnered with SNB to launch the Flexi credit card, the first of its kind in KSA, marking the debut of the Mastercard Installments programme in the Kingdom. The innovative payment solution allows shoppers to convert their purchases into four interest-free installments securely, conveniently, and with no processing fees. The transparency in budgeting that the programme provides is matched by transparency in lending practices, coupled with strong consumer protections.
Available to all customer segments, the virtual Flexi card brings a wide variety of benefits to lenders, issuers, merchants, and shoppers. It contributes to enhanced financial security by enabling cardholders to make instant purchases, especially for big-ticket items, at no extra expense, offering greater choice, convenience, and peace of mind.
Name: Adnan Chilwan
Designation: Group CEO
Company: Dubai Islamic Bank (DIB)
Country: UAE
Dr. Adnan Chilwan stands as a towering figure in the Islamic banking and finance sector, known for his transformative contributions and visionary leadership. As a pioneer in the field, he has been instrumental in evolving Islamic finance into a globally recognised phenomenon. His career, which spans nearly three decades, showcases an exceptional blend of strategic insight and innovative foresight across both the conventional and Islamic banking sectors in the region.
Stepping into the role of Group CEO of Dubai Islamic Bank, Chilwan now oversees an impressive financial empire, the world’s first Sharia-compliant bank and the largest Islamic Bank in the UAE. He manages an organisation with assets exceeding $80bn, a market capitalisation of over $10bn, and a dynamic workforce of more than 10,000 employees. Under his guidance, the bank has not only expanded its reach across continents but also solidified its position as a leading entity in the world of Islamic finance.
Beyond managing a financial powerhouse, Chilwan’s impact extends to the global stage as he advocates for Islamic banking. He is celebrated globally for his pioneering efforts in reshaping the landscape of Islamic finance. He is a key spokesperson and thought leader, advocating for the integration of Islamic banking into the global finance mainstream. His unwavering dedication to this cause has transformed the industry, earning him recognition as a visionary and influential figure in the financial world.
Beyond his role at Dubai Islamic Bank, Chilwan holds significant positions on the boards of various strategic investments, subsidiaries, and associates. His influence extends to Noor Bank, Deyaar, Liquidity Management Centre, and the International Islamic Financial Market. He serves as chairman of DIB Kenya’s board of directors. He is also known for his consultative role to governments and educational contributions, sharing his expertise at top universities and forums around the world.
While his professional life is marked by numerous achievements, Chilwan also maintains a vibrant personal life, underscored by his passion for sports, particularly cricket. He has a strong academic foundation, holding a PhD and an MBA in Marketing, and is a Certified Islamic Banker (CeIB), all of which reflect his rich academic background. These academic and professional achievements stand as a testament to Chilwan’s commitment to excellence and innovation in the banking and financial industry.
About Dubai Islamic Bank
Established in 1975, Dubai Islamic Bank (DIB) is the largest Islamic bank in the UAE, publicly listed on the Dubai Financial Market as a joint-stock company. Considered a pioneer in the global Islamic finance industry, DIB is the world’s first full-service Islamic bank and the second largest globally. The bank offers a wide range of innovative Sharia-compliant products and services to retail, corporate, and institutional clients. The launch of DIB Pakistan Limited, a wholly owned subsidiary offering Priority & Platinum Banking, demonstrates the bank’s international presence. Additionally, DIB expanded into the Far East with the establishment of Panin Dubai Syariah Bank in Indonesia in 2017, where DIB holds a stake of over 25 percent.
Dubai Islamic Bank’s first quarter 2024 group financial results ending 31 March 2024 reported a 22 percent increase in pre-tax profit to $503 million, attributed to improved performance in new financing and sukuk investments, along with decreased impairment charges. Net financing and sukuk investments also grew by 3 percent to $75 billion. Total income for the year reached $1.5 billion, marking a 26.5 percent increase from the previous year’s $1.2 billion.
During the quarter, the bank launched “SHAMS” Credit Card in partnership with Visa. The SHAMS Visa credit card is tailored for the diverse needs of every segment, including the affluent and emerging affluent. The card goes beyond rewards, offering a comprehensive suite of daily relevance and lifestyle benefits including 5 percent back on dining spends, 5 percent back on travel expenditure, complimentary Fitness First access, Costa Coffee, golf rounds, valet parking, and many more benefits. SHAMS cardholders can also collect Wala’a rewards on their spends, with the flexibility to redeem them against flights, hotels, cash, retail transactions, and more.
Name: Ahmad Abu Eideh
Designation: CEO
Company: Invest Bank
Country: UAE
As the CEO of Invest Bank, Abu Eideh is a seasoned financial services professional with more than three decades of leadership experience in the banking industry. Throughout his career, he has gained extensive expertise in corporate and investment banking at local, regional, and international levels, as well as in corporate turnarounds and digital transformation.
Prior to joining Invest Bank, Abu Eideh served as the Chief Executive Officer of Standard Chartered Bank Middle East (Jordan, Egypt, Iraq, and Lebanon) and held various senior positions at institutions such as HSBC and ABN AMRO. His most recent role was as the CEO of United Arab Bank.
Abu Eideh holds a Bachelor’s Degree in Economics with a minor in finance and banking from Yarmouk University in Jordan. He is widely recognised for his innovative approach to banking, integrating cutting-edge technologies to automate operations and drive digital transformation within the industry. Furthermore, he has served as a Member of the Board of Trustees at the American University of Sharjah since August 2023, and he has been the chairman of the Corporate Governance Committee of the UAE Banks Federation since 2020.
Contributing to Sharjah’s economic development
Invest Bank, a public shareholding company founded in 1975 in Sharjah, has witnessed continuous growth and development over its years of operation. The bank’s shares are publicly traded on the Abu Dhabi Securities Exchange (ADX), further enhancing its transparency and accessibility to investors.
Since its inception, Invest Bank has played a key role in driving economic progress in Sharjah and the broader UAE. Through its innovative financial solutions and unwavering commitment to customer satisfaction, the bank has built a solid reputation and forged lasting relationships with its diverse clientele, comprising both corporate entities and individual customers. With a customer-centric approach that values efficiency and convenience, the success of Invest Bank over its four-decade legacy is a testament to its commitment to building and maintaining trusted relationships.
Invest Bank recently partnered with the Sharjah Department of Human Resources (SDHR) to join the Waffer discount scheme. This alliance aims to benefit over 90,000 individuals who hold the Waffer discount card, offering exclusive promotions and discounts on banking, investment, and credit services provided by Invest Bank.
Through the Waffer programme, Invest Bank seeks to not only add value for its customers but also contribute to the broader strategic objectives of enhancing partnerships between different sectors within the country.
The bank actively supports charitable organisations and community projects and has received awards for its contributions. Organisations such as Sharjah Civil Defense, Sharjah Police, Sharjah Expo Centre, and Sharjah Equestrian and Racing Club have formally recognised the bank’s efforts. Invest Bank participates in Career Fairs by the Emirates Institute for Banking and Financial Studies to promote banking careers for UAE nationals. Invest Bank also sponsors international banking conferences organised by the UAE Central Bank to facilitate dialogue among local/regional banks.
Name: Ahmed Abdelaal
Designation: Group CEO
Company: Mashreq
Country: UAE
With a career spanning over three decades, Abdelaal has established a track record as a veteran banking professional, progressing through senior roles within international and regional banks across key global markets. His expertise showcases proficiency in corporate and banking sectors, including trade finance, real estate finance, payment, and cash management. Additionally, he is skilled in investment banking, covering debt capital markets, equity capital markets, project finance, and advisory services.
Abdelaal also possesses knowledge in Islamic banking, retail banking, and portfolio management. His expertise extends to global market products, structured trade, and supply chain solutions, highlighting his versatile skill set in navigating complex financial environments.
Abdelaal holds an MBA from the University of London, UK, obtained from the London Business School. He is also a graduate of the Harvard AMP Programme and holds a Bachelor’s degree in Economics and Political Science with a major in Economics from the Faculty of Economics and Political Science at Cairo University, Egypt.
About Mashreq
Mashreq is currently implementing artificial intelligence (AI) across its operations, with a particular focus on leveraging AI technologies to drive positive outcomes. A key project within this initiative involves the development of an AI-powered chatbot that will act as a virtual assistant, offering valuable assistance to customers in various banking activities.
As part of its digital transformation journey, Mashreq has achieved a significant milestone with the introduction of Mashreq NEO, a comprehensive digital bank tailored to meet the requirements of the online generation. The NEO platform, complete with a user-friendly app, provides a wide array of banking services aimed at improving user experience and accessibility.
To expand its digital offerings, Mashreq has launched NEOBiz, a specialised platform catering to start-ups and contributing to the advancement of the UAE’s start-up ecosystem. The bank is actively seeking partnerships with fintech companies and technology platforms to ensure that customers have access to cutting-edge services and solutions tailored to their specific needs. Following a global expansion strategy, Mashreq is strategically concentrating on key markets such as Pakistan and KSA to reinforce its digital banking presence and drive long-term growth and digitisation efforts in these promising markets.
Mashreq’s net profit surged to $544 million in the first quarter of 2024, marking a substantial 25 percent increase from the previous year. On a pre-tax basis, the net profit reached $626 million, reflecting a 36 percent year-on-year rise. This growth in operating income and net profit can be largely attributed to a 23 percent increase in net interest income compared to the previous year. Factors influencing this performance include exceptional business expansion, favourable client margins, prevailing interest rate conditions, and low-risk costs.
Furthermore, non-interest income witnessed significant growth, reaching nearly $272 million, representing a noteworthy 29 percent increase year-on-year. Demonstrating the bank’s steadfast commitment to strategic priorities centred on client-centricity, operational and financial efficiency, robust risk management, and a people-first culture, these results reflect Mashreq’s strategic initiatives.
Name: Ala’a Mohamed Atta Khalil Eraiqat
Designation: Group CEO
Company: Abu Dhabi Commercial Bank (ADCB)
Country: UAE
Eraiqat began his journey with ADCB in 2004, marking the start of a distinguished career path within the banking sector. Through the years, he has progressed through the ranks, assuming his current role in February 2009. Drawing on his extensive experience and expertise gained over almost three decades as a banker, he has made significant contributions to the growth and strategic direction of ADCB. With a rich professional history dating back to 1991, Eraiqat’s tenure in the banking industry has been highlighted by notable roles at prestigious financial institutions such as Citibank and Standard Chartered Bank.
In addition to his role as Group CEO, Eraiqat takes on additional responsibilities that demonstrate his multifaceted leadership within the organisation. He serves as the Chairman of the Board of Directors of Al Hilal Bank, further demonstrating his dedication to driving strategic initiatives and overseeing the growth of affiliated entities. Moreover, Eraiqat oversees a range of subsidiaries and committees within ADCB, including key entities such as Abu Dhabi Commercial Properties and Abu Dhabi Commercial Engineering Services.
His leadership extends to chairing key committees within the institution, such as the ADCB Management Executive Committee and the ADCB Management Credit Committee, where his vision and decision-making skills help shape the bank’s operational framework.
Beyond his responsibilities within ADCB, Eraiqat’s influence extends to the wider financial and business landscape in Abu Dhabi. As a board member of the Abu Dhabi Chamber, he plays a crucial role in guiding strategic initiatives that promote economic growth and development within the region. Additionally, he acts as the Chairman of the Abu Dhabi Chamber Audit & Compliance Committee and holds a board membership at Abu Dhabi National Hotels PJSC (ADNH), where his expertise contributes to the organisation’s strategic direction and governance.
About ADCB
ADCB has witnessed a significant surge in its value over the last year, recording an impressive 8.7 percent increase to reach $2.86 billion by the year 2024. This remarkable growth was underscored by a recent report from Finance Brand, a leading global consultancy specialising in brand valuation.
Steered by Eraiqat’s leadership, the bank was acknowledged as one of the top 10 financial institutions in the world. ADCB ranked as the top financial institution for customer experience excellence and the second across all sectors in the latest annual survey conducted by KPMG Lower Gulf. A holistic approach to customer satisfaction, combining excellent services, diverse product offerings, technological innovation, operational efficiency, and a strong focus on security and trust has enabled ADCB to earn the top slot, according to KPMG’s annual Customer Experience Excellence (CEE) report.
The bank has continuously invested in advanced technology to support its growing customer base while recognising the importance of personal interaction with customers. As part of ADCB’s focus on building a future-ready bank, it continues to invest significantly in its digital transformation programme driving scalable growth, higher productivity, and enhanced customer experience.
Name: Christoph Koster
Designation: CEO
Company: Ruya Bank
Country: UAE
The CEO of ruya Bank, the UAE’s digital-first Islamic community bank, Koster has been developing financial services and investment platforms for banks, governments, and tech companies since November 2023. Alongside his team at ruya, he is advocating for a more sustainable world through ethical Islamic banking practices, exemplary customer service, and community engagement.
In October 2021, Koster began his career with G42, a prominent AI & Cloud Computing company in Abu Dhabi, dedicated to improving daily life through people and technology. He served as Vice President of Investment Strategy & Investor Relations, overseeing the division responsible for the group’s proprietary investment strategy, governance, and investor relations. Subsequently, he assumed the role of Vice President of Portfolio Management, where he managed the asset portfolio of the group’s operating businesses. He served as the Chief Operating Officer of G42 Joint Venture, holding a position on the executive committee and overseeing the company’s operational functions.
Before his tenure at G42, Koster held a senior management position at Abu Dhabi Investment Office (ADIO), where his team played a crucial role in enhancing Abu Dhabi’s global investment presence. He led award-winning strategy and customer experience teams within Emirates NBD’s Private Banking, Asset Management, and Retail Banking divisions. During his time at Emirates NBD, the Private Banking sector became the leading wealth management franchise in the region. He commenced his career in the restructuring and turnaround practice at Roland Berger, an international consulting firm, and later worked in the corporate development and M&A team of a renewable energy conglomerate.
A digital-first Islamic bank
Ruya Bank operates without the need for physical documents, embodying social responsibility and supporting the local community. Based in Ajman, UAE, Ruya was established with the vision of modernising Islamic finance by integrating advanced technology with the principles of Islamic banking. Launched in 2024, this innovative player in the financial sector is officially authorised by the Central Bank of the UAE and sets itself apart by delivering a digital banking experience rooted in fairness, transparency, and social responsibility.
With a strong community focus, ruya prioritises assistance for families, entrepreneurs, and small businesses. ruya ensures transparency, fairness, and social responsibility in all its services while promoting inclusivity through policies like no minimum balance and no hidden fees, reinvesting in the communities it serves.
While the digital platform and app are key in attracting the initial clientele, ruya aims to be a ‘digital first bank’, supported by its network of community centres, serving as the physical branches. By positioning ruya as a transparent and community-oriented Sharia-compliant lender, this innovative hybrid banking model leverages the UAE’s status as the world’s fourth-largest Islamic finance hub, with Islamic finance assets accounting for 23 percent of total banking assets in the country. The bank aims to offer ethical Islamic banking services to existing UAE banking customers and cater to young adults transitioning to their first bank accounts.
Name: Dr. Bernd van Linder
Designation: CEO
Company: Commercial Bank of Dubai (CBD)
Country: UAE
Dr. van Linder embarked on his journey with the Commercial Bank of Dubai (CBD) in January 2017, marking a significant milestone in his career trajectory. Prior to his tenure at CBD, he honed his expertise at ABN AMRO in the Netherlands, where he gained invaluable experience in the banking sector. His journey in the GCC region commenced with his role as the General Manager Treasury of Saudi Hollandi Bank, where he demonstrated exemplary leadership and strategic acumen. Recognised for his remarkable contributions, Dr. van Linder was appointed as the CEO of Saudi Hollandi Bank in 2009, a testament to his dedication to the banking industry.
He boasts a wealth of experience in retail, commercial, and corporate banking, as well as a stellar track record in treasury, risk management, and leading strategic change processes. Dr. van Linder holds a PhD in Artificial Intelligence from the University of Utrecht, Netherlands, and a Master of Business Administration degree in Financial Management from the University of Bradford in the UK.
About Commercial Bank of Dubai (CBD)
Commercial Bank of Dubai (CBD) was founded in 1969 via an Emiri Decree issued by the late Sheikh Rashid bin Saeed Al Maktoum. In 1982, CBD achieved a significant milestone by transitioning into a national shareholding company, which entailed a major operational reorganisation and a boost in capital base. This marked a pivotal moment in the bank’s history as the Dubai government emerged as the majority shareholder. Throughout the years, CBD has evolved into a forward-thinking and contemporary banking establishment. Presently, the bank offers an array of retail and commercial banking products and services in both conventional and Shariah-compliant formats.
CBD reported an impressive net profit after tax figure of $190 million for the first quarter of 2024, reflecting a 21.9 percent increase (on a pre-tax basis, the growth stands at 33.9 percent) compared to the corresponding period in 2023. Robust growth in loans and current and savings accounts (CASA) supported a strong net interest result, reinforced by non-funded income that more than offset the corporate tax charge.
In May 2024, CBD broadened its collaboration with Quality Kiosk Technologies (QK), a renowned global provider of reliability engineering solutions, to elevate the bank’s digital offerings for its clientele. QK will team up with CBD to establish CBD’s Testing Centre of Excellence (TCoE), an extensive digital transformation initiative designed to modernise the bank’s technology infrastructure. This strategic partnership aims to enable predictive risk mitigation, enhance quality engineering efficiency, and boost productivity, all in alignment with CBD’s overarching goal of delivering cutting-edge digital banking services.
The partnership was unveiled at the Dubai FinTech Summit 2024 and follows a successful year of cooperation between CBD and QK. The collective achievements of these projects have solidified a strong partnership, leading to Quality Kiosk’s selection as the exclusive quality and reliability engineering partner for CBD’s TCoE.
Name: Elham Mahfouz
Designation: CEO
Company: Commercial Bank of Kuwait (CBK)
Country: Kuwait
With an extensive career spanning over 35 years in the banking industry, Mahfouz’s journey began as a credit analyst and has been marked by illustrious positions within Kuwait’s financial sector. Her tenure includes senior leadership roles such as acting general manager of International Banking, showcasing her acumen for steering strategic initiatives across global operations. Her expertise and leadership prowess led to her appointment as the general manager of International Banking in December 2010, underscoring her adeptness in driving international financial strategies.
Extending beyond organisational boundaries, Mahfouz’s professional trajectory at CBK has been transformative. Assuming the mantle of deputy CEO in April 2012, she exemplified a commitment to excellence and vision that culminated in her promotion to the position of CEO in November 2014. As the visionary leader at the helm of one of Kuwait’s premier financial institutions, Mahfouz has been instrumental in shaping CBK’s trajectory, steering it towards sustained growth and innovation. Her leadership acumen and visionary approach have been instrumental in positioning CBK as a key player in Kuwait’s dynamic financial ecosystem.
Beyond her role as CEO, Mahfouz’s oversight extends to key departments such as retail banking, treasury, and corporate credit, reflecting her multifaceted leadership capabilities and strategic vision. Renowned as one of Kuwait’s most influential women, her robust industry experience and unwavering dedication to excellence have been instrumental in propelling CBK to new heights of success and relevance in the ever-evolving financial landscape.
About Commercial Bank of Kuwait (Al Tijari)
CBK, as one of Kuwait’s largest financial entities, holds a prominent retail and corporate banking presence in the region. Established in June 1960, CBK is a robust corporate and retail banking franchise, providing innovative financial and investment solutions to its expanding clientele. The bank has become a key financial supporter, facilitating loans for numerous power, construction, and prominent infrastructure projects within Kuwait. The bank aims to transition into “the digitised bank of choice, offering innovative banking solutions tailored to customers’ lifestyles, and promoting environmental and social sustainability.”
According to Global Finance’s Safest Bank rankings, the National Bank of Kuwait is the country’s Safest Bank and the fourth Safest Bank in the Middle East. As one of Kuwait’s largest banks with approximately $119 billion in assets, it also ranks 54th among the Safest Commercial Banks worldwide and 17th among the Safest Emerging Market Banks.
In February 2024, CBK and Network International (Network), the leading facilitator of digital commerce across the MEA region, announced an intention to strategically collaborate to significantly enhance CBK’s ongoing digital transformation and payment innovation endeavours.
The partnership signifies a major milestone in the digital transformation journey of Al Tijari. CBK will harness Network’s cutting-edge technology and expertise in end-to-end issuer processing capabilities, encompassing fraud detection and prevention, tokenisation, cardholder self-service application, advanced authentication, and instant issuance. Network International’s local and regional proficiency in digital payments and financial inclusion aligns perfectly with Al-Tijari’s vision.
Name: Fazeela Gopalani
Designation: Head of Middle East
Company: Association of Chartered Certified Accountants (ACCA)
Country: UAE
Since assuming her role in April 2019 as Head of Middle East, ACCA, Gopalani has played a key role in overseeing operations across 11 countries, representing a diverse community of over 20,000 students, affiliates, and members throughout the region. A central aspect of her work involves addressing challenges in the accounting field, highlighting global concerns such as sustainability, audit regulation, digital innovation, and promoting gender diversity in finance.
In a significant step forward in 2023, her leadership facilitated a Memorandum of Understanding (MoU) with the Egyptian Minister of Higher Education and Scientific Research and the Secretary-General of the Supreme Council of Universities. This collaboration aims to innovate the financial accounting curricula across Egyptian universities, setting a new standard in academic excellence.
Before her tenure at ACCA, Gopalani served as a senior manager within PwC’s Academy Middle East. Her exceptional performance and leadership qualities led to her promotion to head of ACCA Middle East in April 2019. Under her guidance, her team has actively engaged with government entities, regulatory bodies, academic institutions, and industry leaders to underscore the critical role and advantages of careers in accounting and finance. In 2021, a collaboration was established with the DIFC Academy to nurture and advance the accounting and taxation professions within the UAE, complemented by PwC’s efforts in training over 8,000 finance professionals in partnership with ACCA.
She is also a board member and finance director across institutions such as the Kings School Al Barsha, where she contributes her expertise to enhance educational standards and foster academic excellence. Moreover, she serves on the advisory boards of the University of Birmingham and LANA Technology, where her financial acumen drives innovation in academia and technology. Additionally, she is involved with the Sparkle Foundation in the UAE, where she actively supports initiatives to empower underprivileged children in Malawi.
About ACCA
Beyond upskilling individuals with professional qualifications, ACCA Middle East has been pushing to encourage more women into the finance and accountancy profession. The Women in Finance programme, which commenced in 2022, aligns with Sheikh Mohammed bin Rashid Al Maktoum’s Gender Inequality Index initiatives.
Globally, ACCA is made up of 49 percent female members and students, but for the Middle East, numbers are lower. However, in December 2023, ACCA opened an office in KSA and recruited its first female Saudi employee to run the office. In 2023, it introduced Women in Finance to Oman, and in 2024, it plans to take a roadshow across the UAE, Oman, Qatar, and Bahrain.
Recently, ACCA global unveiled its latest membership figures of 252,500, taking its membership to above a quarter of a million following decades of strong growth. ACCA has played a leading role in widening the scope of accountancy to encompass strategy, sustainability, and broader professional skills. It also works to share its global insights and expertise to contribute to thriving economies and a more sustainable future for all.
Name: Hana Al Rostamani
Designation: Group CEO
Company: First Abu Dhabi Bank (FAB)
Country: UAE
Appointed to her role as Group CEO at FAB in 2021, Al Rostamani has been driving innovation and transformative initiatives in her distinguished career spanning more than 25 years. She has emerged as a trailblaser and shattered barriers as the first female CEO of a UAE-based bank.
As the head of one of the world’s largest and most reputable financial institutions, with assets exceeding $300 billion, her commitment to fostering a culture of innovation, diversity, and inclusion within FAB is testament to her leadership as a pioneering female CEO in the UAE banking industry.
In her current role as chair of the Global Council on the Sustainable Development Goals, Al Rostamani focuses on development goal 7, ‘Affordable and Clean Energy’. She also serves as a board member of prominent organisations such as Buna, aimed at enhancing investment ties among Arab economies. Additionally, she holds positions on the boards of the Institute of International Finance (IIF), the International Institute for Management Development (IMD), and the executive board of the US-UAE Business Council.
Previously, Al Rostamani served as the Deputy Group Chief Executive Officer and Group Head of Personal Banking at FAB. In this capacity, she led the transformation of FAB’s consumer banking segment, emphasising a customer-centric and digital-first approach. With prior experience in diverse roles within First Gulf Bank, Citibank, and AW Rostamani Group, both domestically and internationally, she brings a wealth of expertise and insight to her current leadership role at FAB.
About FAB
First Abu Dhabi Bank (FAB) has reported a strong net profit of $1.1 billion and revenue of $2.1 billion for the first quarter of 2024, reaffirming the bank’s sustained growth trajectory. The bank’s impressive performance is evidenced by an 18 percent year-on-year increase in revenue to $2.1 billion, driven by core operational expansion, balance sheet growth, improved Net Interest Margin (NIM), and solid non-funded income (NFI) generation.
FAB has been awarded the Best Eco-Loyalty Initiative by the prestigious International Loyalty Awards 2024 for its purpose-driven loyalty programme, in partnership with Collinson Group. Through Collinson’s loyalty engine, customers can engage in initiatives like Give A Ghaf Tree Planting and Project REEFrame coral reef programme, and redeem eco-friendly products from the Green Ecostore in the FAB Rewards Shop. The collaboration between FAB and Collinson ensures a diverse range of rewards programmes that allow users to benefit from a variety of activities, including personal loans, mobile and online banking services, maintaining account balances, and using debit and credit cards.
In January 2024, FAB completed the issuance of a $800 millioin five-year Sukuk at US Treasury +85bps, achieving an all-in yield of 4.779 percent. This landmark Sukuk issuance represents the first globally in 2024 and marks the initial offering in the region for the year. With a focus on diversity, the allocation of this Sukuk saw 76 percent directed toward dedicated Islamic investors and 38 percent toward international counterparts.
Name: Hisham Ahmed AlRayes
Designation: Group CEO and Board Member
Company: GFH Financial Group
Country: Bahrain
Hisham Alrayes, as the Group CEO of GFH Financial Group BSC (GFH), orchestrates the firm’s expansive global investment strategy, setting a benchmark in the financial sector. With a dynamic tenure spanning over 25 years, his strategic vision has propelled GFH into a period of remarkable growth and diversification. Under his leadership, the Group has fortified its presence in critical markets, seizing opportunities and navigating complex challenges with robust strategies.
His expertise is further leveraged through his directorships at various organisations, including Esterad Investment Company, Khaleeji Bank, GFH Capital, GBCorp, and Infracorp. Alrayes holds an MBA with honours from the DePaul University, Chicago (USA), and a Bachelor’s Degree in Engineering with honours from the University of Bahrain.
Accelerating growth
With $20.6 billion in total assets and assets under management (AUM), a $5.1 billion treasury portfolio, and a high calibre team of over 820 professionals, GFH is a dynamic financial group operating in the GCC region, with investments spanning the globe. The Group offers a diverse range of services and boasts a stellar reputation.
Headquartered in Bahrain Financial Harbour and listed on four GCC stock exchanges, GFH is consistently among the region’s most actively traded stocks.
The first quarter of 2024 yielded positive results for the Group, driven by strong performance from its investment banking business, treasury, proprietary investments, and commercial banking activities. Alrayes has mapped out an aggressive growth strategy for 2024, targeting strategic acquisitions and deepening market penetration, especially in the US and key GCC markets like Saudi Arabia. Emphasising sectors aligned with Saudi Arabia’s Vision 2030, GFH is enhancing its investments in healthcare, education and logistics to support regional development.
The Group has also evolved its focus on thematic investing in defensive sectors with strong long-term fundamentals, and its expansion in 2024 will be fuelled by both organic and inorganic growth through new investments and the acquisition of funds, portfolios, and other financial institutions. With an eye towards enriching its investment portfolio and expanding its financial services, Alrayes underscores GFH’s evolution from an investment bank into a leading regional financial group, a transformation that underscores GFH’s commitment to fostering an expansive international footprint and a robust portfolio that promises sustained growth and stability in the financial markets.
Having entered 2024 with a solid foundation, Alrayes is committed to propelling GFH along an upward trajectory, ensuring the delivery of substantial value to shareholders
and investors.
Name: Jayesh Patel
Designation: CEO
Company: Wio Bank
Country: UAE
Patel, a pioneering figure in the fintech and digital banking sector, is leading the charge in revolutionising the digital banking landscape in the UAE. With a razor-sharp focus on customer delivery, uncompromising quality standards, and a relentless drive for innovation, he has helmed the transformation of Wio Bank as its CEO in Abu Dhabi since December 2020.
Renowned for his strategic vision and ambitious mindset, Patel has successfully built and launched one of the fastest-growing digital banks in the UAE. With more than 18 years of experience spearheading cutting-edge consumer-centric innovations across diverse industries, he brings a wealth of regional expertise to his current role.
Having held a series of key senior leadership roles at Emirates NBD for over nine years, including Head of Liv. Digital Bank, Head of Retail Strategy, and Head of Innovation Strategy, Patel boasts extensive experience and a proven track record in the financial industry. His previous roles, such as serving on the Board of European Financial Management Association (EFMA) and as Assistant Director of Strategic Planning and Performance Management at Qatar Telecom, have equipped him with a solid foundation in strategic decision-making and performance management.
Patel holds an MBA from Dartmouth College, Tuck School of Business, complemented by bachelor’s and master’s degrees in Engineering from Illinois. His unwavering commitment to excellence, combined with his superior business acumen and exceptional leadership capabilities, continue to propel Wio Bank to great success in the dynamic and ever-evolving digital banking sector of the UAE.
The UAE digital-only lifestyle bank
Wio Bank PJSC offers digital banking applications, embedded finance, and banking-as-a-service solutions. In September 2022, it introduced its first digital banking application, Wio Business, followed by Wio Personal for retail clients. In July 2023, Wio Bank partnered with ADX to provide users instant digital access to UAE IPOs on ADX through their Wio Personal accounts. ADQ and Alpha Dhabi hold the majority stake at 65 percent, while e& owns 25 percent, and First Abu Dhabi Bank (FAB) holds 10 percent.
As of December 2023, the company had amassed over 90,000 customers. Reporting a revenue of $72.5 million and a net profit of $544,514, Wio Bank has quickly become a leading choice for SMEs. The bank has achieved profitability in its first full year of operations since its launch, a significant achievement in the neo-banking sector. Customer deposits have exceeded $2.9 billion, indicating a growing trust and adoption of Wio’s services.
Wio Business, the bank’s platform for SMEs, has seen remarkable enhancements, attracting over 50,000 customers with features such as Multi-currency Accounts, the Wage Protection System (WPS), and an SME Web App. On the other hand, Wio Personal, launched in July 2023, has gained traction with over 40,000 customers by the end of the year. The platform’s innovative features like fully digital onboarding, multi-currency accounts, and a competitive savings campaign have resonated strongly with retail customers seeking modern banking solutions.
Name: Mohamed Al Marzooqi
Designation: CEO – UAE
Company: HSBC Bank Middle East
Country: UAE
With a career spanning an impressive 22 years at HSBC, Al Marzooqi’s journey reached a new milestone with his appointment as the Chief Executive at HSBC UAE, in May 2023. His extensive experience within HSBC dates back to 2002 when he first joined the bank in the UAE. Backed by a wealth of experience, over the years, he has traversed various sectors including retail, commercial, corporate, and investment banking, playing vital roles in nurturing and leading teams and key client relationships for HSBC in the country.
Before assuming his current position, Al Marzooqi held the distinguished role of Managing Director and Head of Global Banking, UAE. Before that, he served as Managing Director and Head of Coverage for Abu Dhabi Government clients, contributing significantly to HSBC’s engagements within this critical sector. Each of these roles has contributed to his comprehensive understanding of the banking landscape and his ability to nurture client relationships effectively.
International connectivity
In the UAE, HSBC is the largest international bank, custodian to c.70 percent of foreign institutional investor assets, with a comprehensive investment banking and commercial banking platform, and the only full-service onshore and offshore private banking capability. It is the international bank with the longest continuous presence in the country, as it was the first and only bank when it was established in 1946.
Today, the UAE holds significant strategic importance for HSBC globally, and the UAE business achieved a record profit of $1 billion in 2023, making it a major contributor to the Group’s international flows. HSBC has aligned its strategy in the UAE with the country’s ambitious economic transformation plans to unlock growth.
International connectivity is the bank’s greatest strength, and Mohamed and his team have been focused on helping connect UAE clients – including international corporates, Sovereign Wealth Funds, family conglomerates business, retail and private banking customers – with trade, investment and wealth opportunities across key international corridors. The bank’s expertise and market leadership are underscored by major awards including the UAE’s Best International Bank at the Euromoney Awards for Excellence 2024 in May this year.
The bank aims to support its clients as they pursue opportunities presented by economic transformation within the region and across the increasingly busy UAE-Asia trade corridor. As the leading international investment bank, HSBC is the UAE’s Equity Capital Market house of choice having been ranked #1 in ECM and the only international bank to act as Global Coordinator on all the UAE IPOs in 2024 to date.
Supporting clients in the transition to net zero is a priority for HSBC, and the bank was awarded Market Leader in ESG in the UAE by Euromoney in 2023. Additionally, digitisation is a key part of the bank’s growth strategy in the country, and it launched an e-commerce payment platform, Omni Collect, for corporate customers, and a 10-minute account-opening solution on mobile for retail customers this year.
The UAE is among the top five most profitable markets for HSBC’s Wealth and Personal Banking business globally, and the bank is pursuing growth by building out its universal scale franchise focused on growth in core banking, wealth and lending. HSBC was recognised as the UAE’s Best International Private Bank in 2023, and the Best Bank for Succession Planning in 2024 by Euromoney.
Name: Mohamed Abdelbary
Designation: Acting Group CEO
Company: Abu Dhabi Islamic Bank (ADIB)
Country: UAE
Mohamed Abdelbary is the Acting Group CEO of Abu Dhabi Islamic Bank, spearheading initiatives to identify growth opportunities and drive the achievement of ambitious targets aligned with the bank’s long-term strategy and vision.
Prior to his appointment, Abdelbary held the position of Group Chief Financial Officer at ADIB, where he played a key role in significantly enhancing the bank’s financial position. With over 27 years of experience in global banking institutions, Abdelbary brings a wealth of expertise to his current position. He joined ADIB in May 2020 after serving as the Regional Chief Financial Officer for Africa and the Middle East at Standard Chartered Bank. Prior to this, he held positions at Barclays Bank and Citi, contributing to his extensive financial expertise and leadership acumen.
A leading Islamic bank
ADIB is a leading bank in the UAE and one of the-largest Islamic bank globally by assets. Headquartered and listed in Abu Dhabi, ADIB was incorporated in 1997 to serve as the first Islamic bank in Abu Dhabi. Internationally, the bank has a presence in six strategic markets, including Egypt, where it has 70 branches, the kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.
The bank serves more than 1,300,000 customers through 60 branches and more than 500 ATMs, as well as a world-class digital infrastructure network, enabling customers to easily access banking services around the clock. In addition to private banking and wealth management services, ADIB offers a wide range of retail, corporate, and commercial banking products, and services. As a full-fledged financial service provider that offers banking solutions for individuals, corporations, and affluent customers, the wider ADIB Group provides brokerage, real estate and property management, payments, and insurance services.
Over the last two decades, ADIB has demonstrated a consistent track record of growth with assets now totalling $53 billion. The bank currently serves customers through a balanced proposition that combines a highly personalised customer experience with world-class digital banking services.
ADIB’s digital transformation journey has witnessed a substantial rise in customer demand for its digital banking services. This is reflected in the 80 percent of customers who are now digitally active and 94 percent of ADIB’s banking transactions conducted digitally. ADIB is also home to one of the region’s first state-of-the-art digital command centres; ACE (Analytics Centre of Excellence). Making real-time decisions, the command centre focuses on utilising the power of data and artificial intelligence (AI) to drive greater efficiencies, optimise performance, enhance its preventive controls and be even more responsive to the ever-changing market dynamics.
ADIB’s stellar performance last year was reflected in significant tributes to the bank’s commitment in redefining innovation in banking. ADIB secured international titles and major accolades for its record achievements, such as the World’s Best Islamic Bank for ESG, the Middle East’s Best Islamic Bank, the UAE’s Best Domestic Islamic Bank, and the UAE’s Best Bank for Corporate Responsibility from prestigious international organisations including Euromoney, the Financial Times and Global Finance.
Name: Mohammed Mortada Al Dandashi
Designation: Group Managing Director
Company: Al Ramz Corporation P.J.S.C.
Country: UAE
Mohammed Mortada Al Dandashi is a distinguished leader in the financial sector with over 25 years of experience. Through his strategic leadership, Al Dandashi has transformed Al Ramz from a nascent enterprise into a public joint-stock company. He has played a pivotal role in shaping regional capital markets and has been instrumental in significant mergers and acquisitions within the region, including landmark deals.
Under his guidance, Al Ramz has emerged as a leading entity in corporate finance, market making, asset management and brokerage. The group is also at the forefront of quantitative research, driving innovation and excellence. Al Dandashi’s strategic insight, integrity, and dedication continue to propel the company’s success, establishing Al Ramz as a benchmark for financial services in the GCC.
About Al Ramz
Founded in 1998, AI Ramz is a UAE-domiciled public joint stock company listed on the Dubai Financial Market and regulated by the UAE Securities and Commodities Authority and the Dubai Financial Services Authority. Al Ramz provides a broad spectrum of services including asset management, corporate finance, brokerage, security margins, market making, liquidity providing, public offering management and financial research.
Name: Mohammed Qasim Al Ali
Designation: Group CEO
Company: National Bonds
Country: UAE
Al Ali plays an instrumental role in steering the company’s expanding portfolio of enterprises and spearheading innovative savings initiatives. With over 20 years of diverse experience both locally and internationally, his career includes senior management roles within the commercial divisions of the Emirates Group, where he demonstrated strong leadership and strategic acumen.
Notably, he has also held the position of general manager in the UK and Ireland, showcasing his ability to navigate different markets and industries. Additionally, his tenure as the vice president of Customer Service and Operations at dnata at Dubai International Airport further underscores his expertise in delivering exceptional service and operational excellence in a dynamic environment.
About National Bonds
Established in March 2006 with a paid-up capital of $41 million (AED150 million), National Bonds is a private joint stock company fully owned by the Investment Corporation of Dubai (ICD), the investment arm of the Dubai government. The company operates under the regulatory oversight of the Securities and Commodities Authority and undergoes audits by the Dubai Government Financial Audit Authority, Sharia Supervisory Board, and distinguished international external auditors.
National Bonds offer a unique wealth accumulation opportunity through a comprehensive Sharia-compliant Mudaraba-based saving scheme, a pioneering concept globally. Guided by the fundamental belief in the transformative power of savings in fostering a robust economy, National Bonds empowers its clients to attain their financial goals while contributing to a prosperous financial landscape for present and future generations. Serving a diverse clientele that includes retail customers, high-net-worth individuals, and corporations, National Bonds is committed to delivering financial solutions aligned with its clients’ needs.
As a prominent UAE fund manager, National Bonds is in the final stages of developing a tailored pension fund specifically tailored for employers. This strategic initiative aligns with the UAE’s forthcoming framework for utilising funds earmarked for end-of-service payments, catering to UAE-based employers seeking to invest in their end-of-service or gratuity schemes.
National Bonds, the UAE’s premier Sharia-compliant savings and investment firm, has officially been designated as an investment choice within the DEWS (DIFC Employee Workplace Savings Plan). Through this partnership, National Bonds will be integrated as a self-select investment alternative within the DEWS Plan, catering to its extensive network of over 40,000 members.
Emphasising its Sharia-compliant savings programme, the company ensures secure opportunities for wealth accumulation by prioritising diversified managed assets and implementing a robust risk management strategy to safeguard capital and deliver regular returns to programme participants. This collaborative effort is aimed at enhancing the range of sustainable investment options available to employees enrolled in the plan, thereby making a positive impact on their investment portfolios.
Name: Nadir Al Koraya
Designation: President and CEO
Company: Riyad Bank
Country: Saudi Arabia
Al Koraya is the President and CEO of Riyad Bank, a leading financial institution ranked as the fifth largest bank in the GCC region. His significant role in the strategic transformation of Riyad Bank has been instrumental in establishing its reputation as one of the region’s fastest-growing financial entities.
Prior to assuming the position of CEO, Al Koraya excelled as the Chief Treasury and Investment Officer, spearheading comprehensive overhauls in funding mechanisms, capital management, asset and liability management, product development, and investment strategies, driving Riyad Bank’s exceptional expansion. With a wealth of experience spanning over three decades in both KSA and global financial markets, he embarked on his professional journey at Samba Financial Group, honing his expertise in treasury management before transitioning to Riyad Bank as the Chief Treasury and Investment Officer in 2014.
In addition to his distinguished role at Riyad Bank, Al Koraya actively contributes to the broader financial landscape as the Chairman of the Board at Jeel Innovation Digital Company, a board member of Riyad Capital, and a Member of the Mastercard Middle East and Africa Advisory Board. His diverse portfolio demonstrates his commitment to fostering innovation and excellence across various sectors within the financial realm.
About Riyad Bank
Established in 1957, Riyad Bank is recognised as one of the top financial institutions in KSA and the wider Middle East region. With a focus on nurturing local talent, Riyad Bank maintains an impressive national employment rate of 96 percent, positioning them as a significant contributor to the Saudi employment landscape. Acknowledged for their innovative contributions to finance and investment in KSA, as of 31 March 2024, Riyad Bank’s total assets have risen to $107.9 billion compared to $101 billion in the same period last year, marking a 6 percent increase. Customer deposits also show growth, reaching $72.2 billion by 31 March 2024, up 5 percent from $69 billion in the corresponding period last year.
Riyad Bank is a prominent banking and financial entity in the kingdom, with a strong focus on digital transformation initiatives. It serves as a strategic partner to various global innovation platforms, keeping pace with the evolving digital landscape on a global scale. Riyad Capital, a vital subsidiary of Riyad Bank, is a leading and innovative company in asset management and alternative investments.
In May 2024, Riyad Capital announced the introduction of the ‘1957 Ventures’ fund, a closed-end investment fund supported by Riyad Bank to foster transformative growth in KSA’s fintech sector, aligning with the goals of Saudi Vision 2030 and the Financial Sector Development Programme.
The launch of this fund underscores Riyad Capital and Riyad Bank’s determined commitment to advancing the kingdom’s digital transformation. By creating opportunities for innovative fintech models, this initiative contributes to the enhancement of a resilient financial sector, fostering innovation and competitiveness within KSA. The fund aims to expedite the Kingdom’s digital transformation by fostering innovative fintech models.
Name: Patricia Gomes
Designation: Regional Head of Commercial Banking, MENAT
Company: HSBC Bank Middle East
Country: UAE
Gomes brings over two decades of distinguished leadership and banking experience from a career across the key financial centers of Dubai, London, Hong Kong, and New York.
Today, Gomes manages HSBC’s Commercial Banking franchise for the Middle East, North Africa and Turkiye (MENAT). Based in Dubai, HSBC’s regional headquarter, she is responsible for the Bank’s wholesale client coverage, credit & lending and management of its transaction banking capabilities across the region.
Since joining HSBC in 2004, Gomes has held a number of senior roles across Client Coverage, Product and Credit Risk in markets across the Group’s international network. Gomes was Head of Global Trade and Receivables Finance for North America having led the Bank’s coverage of financial institutions in the US, a role built on her experience in Asia Pacific and Europe. Prior to joining HSBC, Gomes worked with Citigroup in London. She holds an MBA from INSEAD and a Masters in Economics from the Universidade Catolica Portuguesa.
Gomes’ extensive industry knowledge, coupled with her proven track record of driving international business growth and fostering strategic partnerships, underscores her instrumental role in advancing HSBC’s commercial banking agenda across the MENAT region. As the co-sponsor of MENAT Balance, HSBC’s Employee Resource Group that aims to promote career development with gender intelligence, Patricia actively champions the establishment of an inclusive workplace by advocating for changes in policies and procedures, as well as building talent programmes that help colleagues develop leadership skills and progress their careers.
Banking giant
HSBC’s scale and heritage in the Middle East, spanning over 130 years, combined with the Group’s global network and international expertise, gives it the ability to connect clients across the world to opportunities in the Middle East.
As the largest international banking organisation in MENAT, HSBC operates across 9 markets through a universal banking model, processing over $1.4 trillion of payments and supporting over $70 billion of trade annually in the region.
Its expertise across products and services are market leading; HSBC was named the Middle East’s Best Investment Bank, Best Bank for Financing and Best Sustainable Finance Bank by the Euromoney Awards for Excellence 2024, and it is the only bank to have topped the Middle East League Tables for ECM and DCM activity in three consecutive years.
HSBC is uniquely placed to help its clients navigate the inbound and outbound opportunities presented by the region’s economic transformation plans; as the largest bank at either end of the growing Middle East-Asia corridor and with more than a century of history in each, is directly supporting clients to capitalise on new business and investment.
Name: Randa Sadik
Designation: CEO
Company: Arab Bank
Country: Jordan
Sadik has an extensive career history in the banking and financial services sector, with over three decades of experience and a track record of significant achievements in leadership roles. Before becoming the CEO at Arab Bank in February 2022, she served as the deputy CEO for more than 10 years at Jordan’s largest financial institution. She has held diverse leadership positions for 24 years, including her role as Group General Manager of the International Banking Group at the National Bank of Kuwait.
In guiding Arab Bank towards expansion and sustainable growth, Sadik’s strategic vision and leadership skills have been crucial. Her direction has not only enhanced the bank’s reputation locally and regionally but has also solidified its position as a top financial institution. She has led the bank’s involvement in the Women’s Economic Empowerment project, supporting women through initiatives that promote financial stability and improve their quality of life.
Beyond her CEO role, Sadik is actively engaged in leadership positions within the Arab Bank Group. She serves as a board member for Oman Arab Bank, the chair of the Arab Tunisian Bank board, and leads the management committee of the Al-Arabi Investment Group, demonstrating her commitment to strategic decision-making and oversight. Additionally, she holds key positions as Vice Chairman at Arab Bank Australia, Chairman of the Arab Tunisian Bank, and Vice Chairman of Arab Bank Australia.
About Arab Bank
Backed by a commitment towards innovation and digital transformation, highlighting the bank’s ongoing investment in technology and its strategic focus on customer-centric innovations, Arab Bank Group reported solid results for the first quarter of 2024, with 17 percent increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year.
The group maintained its strong capital base with a total equity of $11.3 billion. Arab Bank achieved strong results in the first quarter of 2024, with the bank’s net operating profit increasing by 10 percent due to growth in core banking income across multiple sectors and markets. The emphasis was on enhancing non-interest income contribution and diversifying revenue streams. At constant currency, the group’s loans grew by 7 percent to reach $37.1 billion, and deposits grew by 6 percent to reach $49.8 billion.
Arab Bank continues to support the Queen Rania Foundation’s Read! project, aimed at promoting a reading culture in Jordan by improving school libraries. The initiative provides books and training for students in grades 1-6. The project is a collaboration between the Queen Rania Foundation and the non-profit group Room to Read, which focuses on children’s literacy worldwide.
Since its launch, the Read! project has renovated 43 libraries, trained 250 teachers, and distributed 50,000 books, encouraging reading in schools. Arab Bank actively engages in the community through its Together programme, participating in initiatives related to healthcare, poverty reduction, environmental protection, education, orphan support, and women’s empowerment.
Name: Rola Abu Manneh
Designation: CEO UAE, Middle East and Pakistan
Company: Standard Chartered
Country: UAE
Abu Manneh, the first Emirati woman to lead an international bank in the UAE, Middle East, and Pakistan, assumed the role of CEO of Standard Chartered UAE in August 2018. Under her leadership, the UAE business became one of Standard Chartered Group’s top three markets globally. She was later appointed as a director on the boards of Standard Chartered banks in Pakistan and Uganda in January and May 2023, respectively. Abu Manneh also serves as a board member at MyZoi, a Standard Chartered subsidiary incubated through SC Ventures.
Recognised for her directorship on the board of the Dubai International Chamber in 2021, Abu Manneh is a staunch advocate for women’s empowerment and female entrepreneurship. She initiates mentorship programmes for university students, equipping them with the necessary skills for success. Her global impact extends to roles such as a member of the Global Council for Sustainable Development Goal 5 – Gender Equality (SDG5), a UAE delegate in G20Empower, and a member of the NYUAD Vice Chancellor’s Leadership Council. Abu Manneh is also a director on the Board of Make-A-Wish Foundation UAE and provides advisory services for both the Global Summit of Women and the Fortune Global Forum.
Before her role at Standard Chartered, Abu Manneh served as Head of Corporate & Investment Banking for Abu Dhabi at First Abu Dhabi Bank (FAB). Before this, she held the position of general manager of FAB’s Wholesale Banking Group, overseeing Project Finance Syndications, Financial Institutions Group, and Global Transaction Banking. Abu Manneh holds a Bachelor of Science in Mathematics & Operational Research from the University of London, Royal Holloway, and Bedford New College.
About Standard Chartered
Standard Chartered’s purpose is to fuel commerce and prosperity through its unique diversity. The bank’s strategic priorities translate this overarching goal into action, aligning its activities with key economic and social trends in the markets it serves. This approach shapes the bank’s engagement with customers and society, driving its growth by responding to these shifts.
Moreover, Standard Chartered has committed to supporting the UAE’s sustainability objectives, with a dedicated team focusing on environmental, social, governance, and sustainable finance. The bank is strategically positioned to allocate its resources to assist the UAE in reaching its 2050 net-zero target.
Priority Private, Standard Chartered’s newest wealth management service for the UAE’s affluent population, is designed to connect high-net-worth clients with exceptional financial opportunities. This exclusive service offers a range of tailored solutions to meet the diverse needs of affluent individuals including priority servicing, custom investment solutions, and lifestyle perks.
Looking to the future, Priority Private plans to introduce new enhancements and developments. To maintain its position as a leader in wealth management innovation, Standard Chartered is committed to helping the UAE’s affluent clients achieve their financial objectives.
Name: Saeeda Jaffar
Designation: Senior Vice President and Group Country Manager – GCC
Company: Visa
Country: UAE
Visa’s Senior Vice President and Group Country Manager – GCC, Jaffar has a rich career history in financial services, payment systems, and digital technologies, having held leadership positions in private and investment banks, private equity firms, and sovereign wealth funds. Throughout her robust 20-year career, she has excelled in strategic, M&A, and performance-driven projects across different industries.
Noteworthy accomplishments at Visa include pioneering initiatives such as sponsoring the FIFA World Cup and launching the Visa Masters of Movement NFT Collection. She played a crucial role in introducing the She’s Next programme in the UAE, supporting local women entrepreneurs through networking, mentoring, and funding opportunities.
With extensive experience in the Middle East, Europe, as well as the US, Jaffar provides valuable strategic insights and expertise to clients in the financial services sector, covering various institutions such as universal banks, investment banks, private banks, private equity firms, sovereign wealth funds, government entities, and family businesses.
Additionally, she serves as a trusted board member at the American University of Kuwait (AUK), leveraging her financial services knowledge and expertise. Before her current role, Jaffar held leadership positions at United Arab Bank, Bahrain FinTech Bay, and McKinsey and Company, drawing on her experience as the managing director for the Middle East at Alvarez and Marsal.
A global leader in digital payments
Visa, a global leader in digital payments that operates in over 200 countries, connects consumers, businesses, financial institutions, and governments through a secure payment network, facilitating seamless transactions. Since 2020, Visa has committed over $3 million to support women-owned businesses in over 30 countries through grants and the She’s Next initiative, demonstrating their dedication to advancing women’s entrepreneurship.
In March 2024, Visa released the results of the independent study titled ‘Value of Acceptance’, focusing on merchants’ attitudes towards digital payments and the impact of digital commerce on small businesses and retailers in the UAE. The study showed that 68 percent of surveyed merchants view accepting card and mobile wallet payments as an essential investment for growth. While merchants are aware of the costs associated with digital payment acceptance, 95 percent believe that the value and benefits outweigh these costs.
On 13 May 2024, an impactful survey by PYMNTS Intelligence and Visa Acceptance Solutions revealed that the UAE ranks second globally in shopping satisfaction, with 71 percent of consumers utilising digital features to enhance their shopping experiences. The 2024 Global Digital Shopping Index: UAE Edition surveyed 1,392 consumers and 212 merchants, highlighting the rise of Click-and-Mortar™ shopping experiences in the UAE.
Despite the high reliance on digital features, there is a gap between consumer demand and market supply, presenting an opportunity for merchants to tailor digital offerings to meet consumer preferences and enhance shopping experiences. The implementation of digital features can lead to increased consumer satisfaction, especially among Millennials and Generation Z consumers embracing Click-and-Mortar™ strategies.
Name: Shayne Nelson
Designation: Group CEO
Company: Emirates NBD
Country: UAE
Nelson, a seasoned banker with over 30 years of industry experience, currently holds the esteemed positions of Group CEO and Director at Emirates NBD, one of the largest banks in the UAE. Under his stewardship spanning eight years, Emirates NBD has witnessed remarkable expansion in both operational reach and digital prowess.
Before assuming his roles at Emirates NBD, Nelson amassed a wealth of experience in various senior capacities across the Asia Pacific and the Middle East. Notably, he served as the CEO of Standard Chartered Private Bank in Singapore for three years, concurrently chairing the Islamic advisory board. Stationed in Dubai, he held the role of Regional CEO at Standard Chartered Bank for the Middle East and North Africa from 2006 to 2010.
His career also encompasses leadership roles such as CEO and Managing Director at Standard Chartered Bank Malaysia, Regional Head of Corporate and Institutional Banking Audit for Asia Pacific and India, and Regional Head of Credit for Hong Kong, China, and Northeast Asia. He spearheaded Corporate and Institutional Banking at Westpac Banking Corporation in Western Australia.
Under his strategic direction, Emirates NBD’s market capitalisation has soared from $4.3 billion (AED15.8bn) to approximately $24.5 billion (AED90 billion), while assets surged from $84 billion (AED308 billion) to $190 billion (AED700 billion). Noteworthy acquisitions, including the successful $2.7 billion purchase of DenizBank in Turkey, have bolstered the bank’s standing.
In addition to his instrumental role as Group CEO, Nelson holds directorships in various Emirates NBD subsidiaries and affiliated entities. He is a distinguished member of esteemed bodies such as the International Monetary Conference and the Advisory Board of the University of Wollongong in Dubai. His three-decade journey navigating the intricacies of the Asia Pacific and Middle Eastern banking landscapes underscores his unparalleled expertise and leadership in driving corporate growth.
About Emirates NBD
Emirates NBD continues to transition to data-driven, digital operations while expanding its focus on ESG and renewable energy finance. The branch presence in KSA more than doubled to 18 branches over the last year and the bank has refreshed its Egyptian franchise, as their enhanced international footprint and digital capabilities drove further growth.
Emirates NBD’s profit surged 67 percent to a record $1.8 billion (AED6.7 billion) in the first quarter of 2024 compared to the previous quarter and up a strong 12 percent year on year, propelled by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries.
In May 2024, Emirates NBD announced a long-term strategic partnership with Miral, the premier creator of immersive destinations and experiences in Abu Dhabi. As part of this exceptional collaboration, Emirates NBD will serve as the Official Banking Partner across multiple Miral attractions, including Ferrari World Yas Island, Abu Dhabi, Yas Waterworld Yas Island, Abu Dhabi, Warner Bros. World™ Yas Island, Abu Dhabi, CLYMB™ Yas Island, Abu Dhabi, and SeaWorld Yas Island, Abu Dhabi.
Name: Sheikh Waleed Khamis Al Hashar
Designation: CEO
Company: Bank Muscat
Country: Oman
In 2004, Al Hashar began his professional journey with Bank Muscat, marking the inception of a career that would culminate in his current role in 2019. Over the span of more than three decades, he has significantly influenced both the banking sector and the oil and gas industries, earning recognition for his wealth of expertise and insightful leadership.
Before his tenure at Bank Muscat, Al Hashar held senior roles at renowned organisations such as Petroleum Development Oman and HSBC Bank Middle East. These experiences provided him with valuable insights into strategic leadership and equipped him with the necessary skills to navigate the complexities of financial and energy landscapes with precision.
Al Hashar holds a Bachelor of Science degree and a Master of Business Administration from California State University in Sacramento, USA. Additionally, his pursuit of excellence led him to attain a postgraduate diploma in General Management from Harvard Business School, enhancing his leadership capabilities and strategic outlook.
About Bank Muscat
Established in 1982, Bank Muscat has solidified its presence as a leading financial institution in Oman, boasting a widespread network comprising 181 branches across the Sultanate. Additionally, the bank extends its services with two branches in Kuwait and KSA, strategically positioning itself in key markets. Complementing its physical footprint, Bank Muscat operates three representative offices in the UAE, Singapore, and Iran.
With a commitment to serving its customers, Bank Muscat has cultivated a loyal customer base exceeding 2.6 million individuals. This extensive customer network underscores the bank’s dedication to providing comprehensive financial solutions and fostering enduring relationships within the communities it serves.
Through its robust network and dedication to enhancing financial services accessibility, the bank plays an instrumental role in empowering a broad and diverse customer base throughout the country. Across corporate banking, personal banking, investment banking, Islamic banking, treasury, private banking, and asset management, Bank Muscat boasts the largest branch network and electronic channels in Oman. Additionally, it maintains branches in KSA, Kuwait, and representative offices in Dubai, Iran, and Singapore.
On 15 April 2024, Bank Muscat unveiled its preliminary unaudited financial results for the three-month period ending on 31 March 2024. During this period, the bank reported a net profit of $141 million, reflecting a commendable increase of 5.7 percent compared to the corresponding period in 2023.
In May 2024, Bank Muscat was honoured with the Sustainability Award in the ESG category at the Oman Sustainability Week Award ceremony held at the Oman Convention and Exhibition Centre (OCEC). This recognition underscores the bank’s commitment to implementing sustainable practices in alignment with Oman Vision 2040 and the United Nations’ Sustainable Development Goals (SDGs).
Throughout its more than 40-year journey, Bank Muscat has demonstrated a strong presence in sustainability and corporate social responsibility (CSR). The bank continues to devise strategic plans aimed at further enhancing its role in CSR and actively engages in sustainable initiatives that benefit the community.
Name: Shirish Bhide
Designation: CEO
Company: United Arab Bank
Country: UAE
Bhide is a highly accomplished banker with a track record of delivering results across various disciplines and geographies. His career began at Citibank in India, where he spent nearly 12 years playing key roles in both the Consumer and Corporate segments. In early 2003, he moved to head Citibank’s NPC and corporate business in Sub-Saharan Africa, overseeing operations in 32 countries.
Based in South Africa, he later became the Chief Executive Officer of Citibank Uganda in 2006. Bhide subsequently transitioned to the National Commercial Bank in Jeddah, KSA, in 2009, assuming the role of Head of Risk Management for its international businesses, providing global risk oversight for Treasury, Investments, and Project Finance.
Joining FGB as the Chief Credit Officer, Bhide was later promoted to Acting Head of Wholesale & International Banking in June 2016, before the merger of FGB and NBAD. Following the merger, he was appointed as Group Chief Credit Officer (GCCO) at First Abu Dhabi Bank (FAB).
In this capacity, he was directly responsible for all credit underwriting activities globally, overseeing group-wide credit administration, credit restructuring, and legal departments. In April 2021, he was appointed as Group Head of Corporate, Commercial and International Banking at FAB, a position he held until May 2022.
Bringing over 30 years of robust banking expertise, particularly in corporate banking, credit risk, and risk management, Bhide assumed the role of CEO at United Arab Bank (UAB) on 1 June 2022. This appointment aligns with the bank’s digital transformation strategy, expansion into new business opportunities, and commitment to enhancing shareholder value. Bhide holds a postgraduate diploma in accounting and finance from the London School of Economics (UK) and an MBA in Marketing from the University of Pune, India. He has also been a member of the Board Audit Committee at Wataniya SA since April 2022.
About United Arab Bank
United Arab Bank (UAB) is recognised as one of the oldest and most innovative banking and financial services providers in the UAE. With its headquarters in Sharjah, UAB operates through 6 branches and 21 ATMs/CCDMs across the UAE, offering retail and corporate banking services.
In April 2024, UAB disclosed its financial results for the three months ending 31 March 2024, reporting a net profit after tax of $18 million for the first quarter of 2024, marking an increase from $15 million in the corresponding period of 2023, which signifies a year-on-year growth of 25 percent.
On 20 May 2024, UAB entered into a partnership with Network International (Network), the MEA region’s prominent facilitator of digital commerce solutions, to avail Network International’s omnichannel payment solutions in the UAE.
This collaboration will enable UAB to offer to its corporate clients Network’s merchant acquiring, card acceptance, payments services, and a complete suite of technology-driven payments solutions through a secure and integrated omnichannel strategy.
Name: Stefan Kimmel
Designation: CEO
Company: M2
Country: UAE
CEO of M2, Stefan Kimmel’s career in the fintech space is defined by senior leadership roles, where he has demonstrated a keen aptitude for integrating digital innovations with traditional financial services. As a highly experienced executive in fintech and crypto, Kimmel has centred his work around developing and championing the UAE, as well as the region more broadly, as a credible global hub of crypto innovation.
In his current role as CEO at M2, the exchange has become known for its regulatory compliance, successfully navigating sophisticated regulatory frameworks to secure necessary licenses across multiple jurisdictions. Central to M2’s global ambitions is Kimmel’s understanding that the UAE’s regulatory sophistication and maturity are providing clear and secure guardrails for entrepreneurs and users alike. He sees M2 as the leading edge of the next generation of crypto exchanges, focused on building a foundation of regulatory compliance that propels them to global scale and growth.
Kimmel’s leadership has been central to guiding M2’s product innovation and has focused on providing users with intuitive, accessible, and efficient trading experiences, prioritising customer satisfaction and ease of use in every aspect of the platform’s operations. He has led the development of high-yield investment products that utilise cutting-edge technology to maximise returns and ensure superior security for clients’ investments in the crypto space.
Before joining M2, Kimmel served as the Chief Commercial Officer at Kraken MENA, where he played a pivotal role in expanding the company’s market presence across the Middle East and North Africa, enhancing its product offerings, and significantly boosting user engagement and satisfaction.
His tenure as Chief Operating Officer at the Commercial Bank of Dubai further underscores his versatility and strategic acumen. In this capacity, Kimmel was instrumental in driving major digital transformation initiatives, which significantly enhanced the bank’s operational efficiencies and customer service standards. Under his leadership, the bank introduced several ground-breaking digital banking products that set new benchmarks for the industry.
Kimmel’s formative years in the industry were shaped by significant stints at prestigious institutions, such as PWC, IBM, and Oliver Wyman in the Middle East. These roles provided him with a robust foundation in financial consulting and technology solutions, where he led numerous projects focused on strategic growth, operational restructuring, and technology deployment. His work helped redefine client strategies and operational frameworks, setting the stage for sustained growth and profitability.
Throughout his career, Kimmel has been a fervent advocate for digital transformation and innovation. His deep insights into the dynamics of digital currencies and blockchain technology have established him as a respected thought leader in the fintech arena.
Name: Waleed Al Mogbel
Designation: Managing Director, CEO and Board Member
Company: Al Rajhi Bank
Country: Saudi Arabia
With a career spanning more than 24 years in the financial and banking sector, Al Mogbel has showcased extensive expertise in areas such as auditing, tax, financial management, and strategic consultation. His successful tenure at Al Rajhi Bank has been highlighted by significant accomplishments and leadership positions, demonstrating his strategic vision and operational excellence.
Al Mogbel has held key executive roles within the organisation, including serving as the Chief Financial Officer in 2010, overseeing financial planning and performance management to drive sustainable growth. Subsequently, his appointment as the Chief Operations and Information Technology Officer in 2014 positioned him at the intersection of operational efficiency and technological advancement, leading transformative initiatives to enhance the bank’s digital capabilities. In 2019, Al Mogbel was appointed Deputy CEO by the bank.
Throughout his time at Al Rajhi Bank, he has played a vital role in leading multiple transformational projects that have propelled the bank to new heights of success and competitiveness in the dynamic financial landscape. In addition to his duties at Al Rajhi Bank, Al Mogbel serves as a board member at Al Rajhi Takaful, contributing strategic insights to the insurance sector. Furthermore, his roles as Chairman of Emkan Finance and Neoleap underscore his dedication to fostering innovation and growth across diverse financial sectors.
About Al Rajhi Bank
Al Rajhi Bank, firmly rooted in Islamic banking principles and values and headquartered in Riyadh, serves as a leader in harmonising modern financial requirements with Sharia compliance. In a strategic move in March 2024, Al Rajhi Bank collaborated with flynas to introduce an exclusive co-branded credit card. This joint venture aims to provide customers with unique benefits and rewards tailored to their travel and lifestyle needs.
The Al Rajhi Bank flynas co-branded credit card offers a variety of features aimed at enhancing the travel experience for cardholders. Cardholders can enjoy up to 60,000 complimentary welcome bonus Nasmiles, a complimentary upgrade to nas Prime membership, access to airport lounges, and a range of lifestyle benefits and offers on their daily transactions using the card. This partnership is intended to strengthen customer loyalty and enhance the overall banking and travel experience for cardholders.
In May 2024, Al Rajhi Bank announced the signing of a supplier financing contract worth $433 million with Zain Saudi Arabia, the predominant provider of communication and digital services in the Kingdom. This financing agreement aims to support Zain in expanding its fifth-generation (5G) network and upgrading its infrastructure to cater to the business sector.
Through this investment, Zain Saudi Arabia plans to substantially enhance its qualitative investments in its 5G network nationwide, enriching its portfolio with cutting-edge digital solutions and applications tailored to individual customers and the business sector. This initiative is expected to offer the most advanced and latest digital experiences. This recent agreement further solidifies the strategic partnership, underscoring the mutual dedication to advancing the digital landscape in KSA.
Follow us on
