Shuaa Capital names new chairman for Saudi unit

Kamel Almunajjed named as Dubai-based investment bank's latest senior appointment
Shuaa Capital names new chairman for Saudi unit
By Reuters
Sun 07 Apr 2013 10:36 AM

Shuaa Capital has named Kamel Almunajjed as chairman of its Saudi Arabia subsidiary, the Dubai-based investment bank's latest senior appointment as it tries to turn around sustained losses following the global financial crisis.

Almunajjed has previously held senior roles at Banque Saudi Fransi and IBM Saudi Arabia and has been the managing partner of Urjuan Real Estate Development Co since 2005.

Also joining Shuaa Capital Saudi Arabia's board as non-executive directors are the group's chief executive Colin Macdonald and Chief Investment Officer Sabah al-Binali.

"The appointments follow the successful completion of Shuaa's restructuring," the company said in a statement on Sunday.

Shuaa's shares were unchanged on the Dubai bourse at 0606 GMT. The stock has fallen 93 percent from a 2008 peak.

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