Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as chairman. (Reuters)
Updated 21 April 2019
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Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.


Saudi Aramco signs US LNG deal with Sempra

Aramco, the Saudi state oil giant plans to become a major global gas player while the US market is undergoing a shale boom. (File/AP)
Updated 42 min 21 sec ago
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Saudi Aramco signs US LNG deal with Sempra

  • Aramco has been developing its own gas resources
  • The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains

DUBAI: Saudi Aramco has entered into a 20-year agreement with US-based Sempra Energy to purchase liquefied natural gas (LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday.
The Saudi state oil giant plans to become a major global gas player while the US market is undergoing a shale boom.
Aramco has been developing its own gas resources and eyeing gas assets in the United States, Russia, Australia and Africa.
The two companies are also finalizing a 25 percent equity investment in the phase 1 of Port Arthur LNG, they said in a joint statement.
The sale-and-purchase agreement is for 5 million tons per annum (mtpa) of LNG from phase 1 of the Port Arthur LNG export project under development, the firms said.
The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities which should enable the export of about 11 mtpa on a long-term basis.
“Port Arthur LNG could be one of the largest LNG export projects in North America, with potential expansion capabilities of up to eight liquefaction trains or approximately 45 mtpa of capacity,” the statement said.
Aramco’s trading arm sold its first LNG cargo on the spot market in late March to an Indian buyer, according to sources familiar with the matter.
Aramco plans to boost its gas production to 23 billion standard cubic feet (scf) a day from about 14 billion scf now.