Family-owned business group Yusuf Bin Ahmed Kanoo (YBA Kanoo) has announced the launch of a new group structure which it said would prepare the firm “for future growth and an IPO in 3 to 5 years”.
The company, which is one of the biggest family-owned businesses in the Gulf, with operations across Bahrain, Oman, Saudi Arabia and the United Arab Emirates, has created seven executive committees to oversee company business lines, each of which will be overseen by a family member, and appointed Jeffrey Singer - a former CEO of Dubai International Financial Center and Nasdaq Dubai - as group CEO.
The seven divisions overseen by family members are: Kanoo Travel, Kanoo Industry & Energy, Kanoo Shipping & Logistics, Kanoo Real Estate, Kanoo Capital and Kanoo Innovations.
In a press statement announcing the new structure, group chairman Khalid Kanoo said: “The board has appointed executive committees to oversee each of the business division(s). The presidents and vice-presidents of these committees are family members and others are from the senior group management with divisional CEOs to run each of the operations.”
He added: “I also set out my longer-term goal, to become IPO ready and transition to an investment-focused organisation rather than an operator in various fields.”
According to its website, YBA Kanoo is a 129 year-old family business with a workforce of around 4,000 people.
(Writing by Michael Fahy; Editing by Gerard Aoun)
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