|15 October, 2019

Mashreq appoints new chairman, CEO

Abdullah Ahmed Al-Ghurair steps down from his position as Mashreq's chairman

Abdul Aziz Al Ghurair has been elected chairman of the oldest local bank in the United Arab Emirates, Mashreq.

Abdul Aziz Al Ghurair has been elected chairman of the oldest local bank in the United Arab Emirates, Mashreq.

Mashreq/ Handout via Thomson Reuters Zawya

Dubai – Mubasher:Mashreq, one of the leading financial institutions in the UAE, said it has elected Abdul Aziz Al Ghurair as the chairman of the board after Abdullah Ahmed Al-Ghurair decided to step down.

After serving for 23 years as the chairman of Mashreq Bank, Abdullah Ahmed Al-Ghurair will continue to be a board member, according to a press release.

The private banking company has also appointed Ahmed Mohamed Abdelaal as the new chief executive officer (CEO) after accepting Abdul Aziz Al Ghurair’s resignation from the CEO position.

Abdul Aziz Al-Ghurair has been the CEO of Mashreq for nearly the past 30 years and as the bank’s chairman he will continue to provide strategic counsel and guidance to the executive leadership.

Abdul Aziz Al-Ghurair commented: “For over 30 years I have had the privilege to serve as the leader of UAE’s oldest financial institution. It is with great humility I will be taking up the new role, building on the legacy of my father’s work. We had planned this transition some time ago and Ahmed was brought onto the leadership team two years ago with that in mind.”

As for the new CEO Ahmed Mohamed Abdelaal, he has been working for the bank as head of corporate and investment banking group for the last two years.

Abdelaal has over 25 years of experience in the banking sector as he held senior roles at many international banks in the region.

Abdelaal said: “It gives me great honour and pleasure to serve as the new CEO of Mashreq bank. […] Mashreq’s focus on innovation its agility-led business model has enabled it to remain a market leader in the UAE and we will continue to leverage the latest technological solutions to deliver a seamless banking experience to our customers.”

Source: Mubasher

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