Dubai's Mashreq Announces Appointment Of New CEO And Chairman

Dubai-based banking major Mashreq on Monday announced the appointment of a new CEO and chairman.

The move comes as Abdullah Ahmed Al Ghurair has decided to step down after serving for 23 years as chairman and will be replaced by Abdul Aziz Al Ghurair who resigned from the CEO position of the bank.

Ahmed Mohamed Abdelaal has been appointed the new CEO, the bank said in a statement.

Under Al Ghurair's leadership, Mashreq has grown from a small local bank to a leading financial institution in the region. As chairman, he will continue to provide strategic counsel and guidance to the bank’s executive leadership.

He will also remain active in other leadership roles in the UAE financial and business sector and will focus more on philanthropic initiatives, including the Abdulla Al-Ghurair Foundation for Education.

The new CEO, Ahmed Mohammed Abdelaal, has been with the bank for last two years as head of corporate and investment banking group.

Al-Ghurair said: “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.”

Abdelaal added: “It gives me great honour and pleasure to serve as the new CEO of Mashreqbank... we will continue to leverage the latest technological solutions to deliver a seamless banking experience to our customers.”