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Egypt's CIB Appoints Chairman Ezz al-Arab as CEO

A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's CIB Appoints Chairman Ezz al-Arab as CEO

A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)

Commercial International Bank (CIB), Egypt's biggest private bank, has appointed long-serving chairman and former CEO Hisham Ezz al-Arab as its chief executive, it said in a statement on Monday.

Board member Neveen Sabbour will replace him as chairman, the statement said. Ezz al-Arab replaces current CEO Hussein Abaza and will occupy the position for three years, according to Reuters.

The new appointments are part of a process "to lead the bank's multifaceted business transformation and continue its program to support recognized potential future leaders," the statement said.

Ezz al-Arab, chairman and managing director since 2002, was ordered to step down in October 2020 by the central bank, which cited "compliance concerns".

The central bank governor at the time, Tarek Amer, resigned in August 2022 during a currency crisis, a year before his term ended. Ezz al-Arab was asked to return as chairman in the December that followed.

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Saudi Minister of Commerce Meets with British Counterpart to Strengthen Trade Ties

The Saudi and British delegations meet in Riyadh. (SPA)
The Saudi and British delegations meet in Riyadh. (SPA)
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Saudi Minister of Commerce Meets with British Counterpart to Strengthen Trade Ties

The Saudi and British delegations meet in Riyadh. (SPA)
The Saudi and British delegations meet in Riyadh. (SPA)

Saudi Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council Dr. Majid Al-Qasabi held talks in Riyadh on Monday with British Secretary of State for Business and Trade Jonathan Reynolds and his delegation.

The meeting reviewed Saudi Arabia's Vision 2030, as well as economic and development reforms. Discussions focused on boosting economic partnerships in priority sectors, encouraging British companies to expand their operations in Saudi Arabia, and promoting the growth of startups in research and innovation-driven sectors.

This marks Reynolds' first official foreign visit since assuming office in July, reflecting ongoing efforts to strengthen economic ties between Saudi Arabia and Britain.

The goal is to boost mutual trade and investment across several promising sectors, aligning with the vision of the Saudi-British Strategic Partnership Council, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and UK Prime Minister Keir Starmer.

Al-Qasabi highlighted the progress of 79 initiatives across 13 economic sectors to strengthen the Saudi-British partnership. He noted that bilateral trade between the two countries grew by more than 30% from 2018 to 2023, reaching $103 billion. Currently, 1,139 British investors operate in Saudi Arabia, benefiting from recent economic and business reforms.

Riyadh previously hosted the GREAT Futures Initiative Conference in May, a key event under the Saudi-British Strategic Partnership Council. The conference attracted around 450 British business leaders and facilitated over 20 bilateral ministerial meetings, resulting in the signing of 13 agreements.

Following the meeting, Reynolds was introduced to the Saudi Center for Economic Business, where he learned about the services provided to facilitate business operations in the Kingdom.