Shuaa names credit finance chief
Dubai, January 16, 2012
Dubai-based Shuaa Capital has appointed Dr Sabah Hamad al-Sabah al-Binali as the new vice chairman of its wholly-owned credit finance unit, Gulf Finance Corporation.
Shuaa maintains a leadership position in investment banking, asset management, brokerage, private equity, finance, and research.
On the appointment, Sheikh Maktoum Hasher Al Maktoum, chairman of Shuaa Capital and Gulf Finance said: “Dr Al-Binali's addition to the Shuaa team will help enhance our credit business locally and grow it regionally in line with our new strategy."
Prior to this, Dr Al-Binali was the principal and chief investment officer of Saffar, a position held since May 2007.
Saffar, which Dr Al-Binali helped found, is a financial services company specializing in growth stage private equity opportunities throughout the Middle East.
Michael Philipp, CEO of Shuaa Capital pointed out that Gulf Finance had consistently generated a profit throughout the economic cycle and was looking to take the next step in its growth plan. "This entails diversification of the credit portfolio and geographic expansion starting with Saudi.
Dr Al-Binali, he said, consequently joins the business at a moment when his vast experience, business development skills and regional network will prove invaluable to further develop this business.
Commenting on the new role, Dr Al Binali said, "It is a privilege for me to join Gulf Finance. Building on its over 10 year track record of successful innovation in finance, Gulf Finance is in an excellent position to provide access to capital for corporates in the region."
Dr Al-Binali’s experience includes founding and overseeing regional financial services companies. He served as chairman of Zawya for ten years and three years as founding managing director of Credit Suisse Saudi Arabia.
He also held the position of head of Treasury & Investments at Union National Bank. He holds a BSE in Computer Science from Princeton University, and a Ph.D. in Computational Finance from Columbia University. He was trained at JP Morgan & Co. in New York.-TradeArabia News Service