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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 Arabia, Major Tech Companies Discuss Expanding Future AI Partnerships

Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos
Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos
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Saudi Arabia, Major Tech Companies Discuss Expanding Future AI Partnerships

Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos
Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos

The Saudi Minister of Communications and Information Technology (MCIT) Eng. Abdullah Alswaha has held meetings with leaders of leading global companies during his participation in the World Economic Forum (WEF) in Davos.

The meetings discussed prospects for strategic investments and expanding future partnerships in artificial intelligence (AI), cloud computing, and modern technologies, highlighting the Kingdom's position as a hub for technology and innovation in the region.

To enhance Amazon Web Services' investments in Saudi Arabia, Alswaha met with the CEO of Amazon Web Services (AWS), Matt Garman, to discuss enhancing the strategic partnership in cloud computing, AI, and AWS investments in the Kingdom. This will support the growth of the digital economy and affirm Saudi Arabia's regional position as a center for innovation and advanced technical solutions.

In the context of strengthening global partnerships in AI, Alswaha engaged in discussions with founder and CEO of Scale AI Alexandr Wang, focusing on enhancing AI and data solutions and developing the Kingdom's capabilities to achieve its aspirations and develop the digital economy.

Alswaha also discussed with IBM CEO Arvind Krishna opportunities for high-quality investments in Saudi Arabia, expanding IA and big data partnerships, and developing national capabilities in modern technologies.

He met with Sony's Chairman and CEO Kenichiro Yoshida to expand partnerships in technology and innovation, develop strategic partnerships, and exchange expertise to support the digital economy and develop capabilities in online gaming.

Additionally, MCIT Vice Minister Eng. Haitham AlOhali discussed with OpenAI's Chief Product Officer Kevin Weil ways to enhance partnerships in developing AI technologies and invest in their promising potential to drive the growth of the digital economy and achieve sustainable development.