REG - Kuwait ProjectCo SPC - KIPCO appoints Group CEO

Hindustan Oil ExplorationAnnouncement

13/12/2021 08:00

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RNS Number : 3546V  Kuwait Projects Co SPC Limited  13 December 2021

 

Immediate Release

 

 

Faisal Al Ayyar retires; Sheikha Dana Nasser Sabah Al Ahmad appointed KIPCO
Group CEO

 

'Al Ayyar's efforts grew KIPCO into a regional powerhouse; Al Sabah will
implement a vision of sustainability, agility & excellence' says company's
Chairman

 

 

Kuwait City, 11 December, 2021: The Board of Directors of KIPCO - the Kuwait
Projects Company (Holding) - has approved Mr Faisal Al Ayyar's request to be
relieved of his duties as Executive on account of retirement after more than
30 years with the company. The Board announced that it has appointed Sheikha
Dana Nasser Sabah Al Ahmad as the company's Group Chief Executive Officer,
effective January 1, 2022.

 

Mr Al Ayyar joined KIPCO in 1990 when it was a US$ 220 million regional
investment company. Under his stewardship, KIPCO developed into one of MENA's
leading holding companies with interests in financial services, media, real
estate, manufacturing and education, with operations in 24 countries and
consolidated assets of over US$ 30 billion. He will continue to serve as Vice
Chairman.

 

KIPCO's Chairman said:

 

"I would like to take this opportunity to thank my life-long business
companion, Faisal, for his efforts over the course of three decades, which
have led KIPCO's growth into the regional powerhouse it is today. We are happy
that he will continue to serve on the Board of Directors of KIPCO and several
of its Group companies."

 

He added:

 

"The Board of Directors is delighted that Dana has accepted the position of
Group CEO, bringing with her both strategic and operational experience that we
are confident will lead KIPCO forward as it realizes its vision of
implementing a model of sustainability, agility and business excellence across
the Group."

 

Sheikha Dana Nasser Sabah Al Ahmad is the Founder and Chair of the Board of
Trustees of the American University of Kuwait (AUK). She is also Chairperson
of United Education Company. She was formerly the CEO of Al Futtooh Holding
Company and has been a KIPCO Board Member since 2020. She holds Board
positions in Gulf Insurance Group, OSN and Kamco Invest.

 

Sheikha Dana holds an Honorary Doctorate of Humane Letters from Dartmouth
College, USA, and a BA in English Literature from Kuwait University. She also
studied at Indiana University in Bloomington, USA.

 

On his part, Mr Faisal Al Ayyar said:

 

"On this occasion, I would like to extend my gratitude to the Chairman and the
company's shareholders for the trust they place in me for three decades. I
would also like to thank the executive team and employees of KIPCO for their
dedication in serving the organization and its shareholders, and I am
confident that they will take the company to greater horizons."

 

Meanwhile, Sheikha Dana Nasser Sabah Al Ahmad said:

 

"I thank the Chairman and the Board of Directors for their trust, and I look
forward to working with them to implement a new strategy that will take us
forward while serving to enhance value for our shareholders. KIPCO's
reputation and status drives us to exert great efforts to elevate our position
in the sectors in which we operate, and also to explore new investment areas.
I am confident of the expertise and capabilities of the executive team, and I
am delighted to be working with them in this phase."

 

-  Ends -

 

 

Notes to Editors:

The KIPCO Group is one of the biggest holding companies in the Middle East and
North Africa, with consolidated assets of US$ 33.5 billion as at 30 September
2021. 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, manufacturing and education.

 

 

Further information:

Eman Al Awadhi              Group Communications Director

Corporate Communications Department

T: +965 2294 3416

                                    M:+965
6033 6399

Eman.Alawadhi@kipco.com (mailto:Eman.Alawadhi@kipco.com)

 

 

 

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