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Kuwait's Kipco names new group treasurer

KUWAIT CITY, May 26, 2019

Kuwait Projects Company (Kipco) said it has appointed Eric Schumacher as its new group treasurer replacing Declan Sawey, who recently retired after working with the group for 12 years.

One of the biggest holding companies in the Middle East and North Africa (Mena) region, the Kipco Group has consolidated assets worth $33 billion as of March 31, 2019.

The group has significant ownership interests in over 60 companies operating across 24 countries with special focus on financial services, real estate, media and manufacturing.

Schumacher has close to 30 years of experience in corporate and investment banking, and a proven track record of managing regional and global commercial banking businesses.

Prior to joining Kipco, Schumacher held leading positions with HSBC, Bank FAB and Citi, and was based in Abu Dhabi, Kuwait and Riyadh over the last decade.

He holds a Bachelor of Commerce and an MBA from Concordia University in Canada. He is also a Chartered Financial Analyst.

Commenting on the move, Vice Chairman (Executive) Faisal Al Ayyar, said: "We are delighted that Schumacher has joined the company. As we continue to implement our long-term strategy of diversifying our investor base to provide financial flexibility to the company, his expertise and knowledge of the regional financial players will be valuable for us moving forward."

"I would like to take this opportunity to thank Sawey for his many years of dedicated service," he added.

On the new role, Al Ayyar said: "Kipco is one of the region’s renowned investment companies, and I am excited to be given the opportunity to work across the many businesses it operates."

"I look forward to working with my new colleagues to support the company’s strategy and create greater value for our shareholders," he added.-TradeArabia News Service




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