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Kuwait City: KIPCO – the Kuwait Projects Company (Holding) – announced the appointment of Mr Eric Schumacher as Group Treasurer.
Mr 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, Mr 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.
Mr Schumacher is replacing Mr Declan Sawey, who recently retired after working with KIPCO for 12 years.
Commenting on the appointment, Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“We are delighted that Eric 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, Eric’s expertise and knowledge of the regional financial players will be valuable for us moving forward. I would like to take this opportunity to thank Declan for his many years of dedicated service.”
Mr Schumacher 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.”
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The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33 billion as at 31 March 2019. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
The conversion rate used is US$1 to KD 0.30420
Further information:
Eman Al Awadhi
Group Communications Director
Corporate Communications Department
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
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