NCB Capital appoints Sarah Al-Suhaimi as CEO

Updated 04 March 2014

NCB Capital appoints Sarah Al-Suhaimi as CEO

NCB Capital, a major Saudi investment bank and the Kingdom's “largest asset manager,” has appointed Sarah Al-Suhaimi as CEO and member of the board subject to CMA (Capital Market Authority) approval. Tariq Linjawi, who had been acting CEO, is leaving the firm having successfully managed the organization through a transition period.
Al-Suhaimi joins, following CMA approval, from Jadwa Investment where she was head of asset management and CIO, managing over SR17 billion of assets in public and private equity, real estate and fixed income. Having joined Jadwa in 2007, she was previously head of portfolio management and prior to that had spent five years at Samba Financial Group, where she played a senior role in their asset management team managing high-net worth and institutional portfolios.
Commenting on her appointment, Mansour Al-Maiman, chairman of NCB Capital, said: "Sarah is a highly-experienced investment professional, with a proven track record of successful leadership in the industry. She has played a pivotal role in launching award-winning funds and growing asset management businesses. We are delighted that she is joining us. We would also like to thank Tariq Linjawi for his commitment to managing the firm through a period of transition."
Sarah is the vice chairperson of the advisory committee to the CMA and is a graduate of King Saud University, with a Bachelor of Administrative Science degree in accounting.
NCB Capital is described as the largest asset manager in Saudi Arabia, with SR46 billion ($12 billion) and offers its client the full range of investment services, including award-winning funds. It was recently voted No. 1 in economic research and in five sectors by Euromoney and also Wealth Manager of the Year by Global Investor magazine.


Arabtec Holding said to hire AlixPartners for debt advisory

Updated 25 September 2020

Arabtec Holding said to hire AlixPartners for debt advisory

DUBAI: Dubai-listed contractor Arabtec Holding has hired advisory firm AlixPartners to help it restructure the company’s debt, two sources familiar with the matter said.

AlixPartners is assessing the company’s debt profile, before any potential discussions with Arabtec’s creditors, according to the sources, who declined to be named as the matter is not public.

Arabtec did not respond to a query for comment when contacted on Thursday. AlixPartners declined  to comment.

Arabtec Holding is due to hold a shareholder meeting on Thursday afternoon to decide whether to continue operating or liquidate and dissolve the firm after the pandemic hit projects and led to additional costs.

FASTFACT

 

Arabtec last month posted a first-half loss of 794 million dirhams ($216.18 million).

The company, which last month posted a first-half loss of 794 million dirhams ($216.18 million) and total accumulated losses of 1.46 billion dirhams, said on Sept. 9 that it was calling a general assembly under an article of UAE company law.

The law requires companies to vote on whether they should continue operating if their accumulated losses reach half of their issued share capital.

Shares of Arabtec Holding, which helped to build the Louvre Abu Dhabi and the world’s tallest skyscraper, the Burj Khalifa in Dubai, have plunged 56.7 percent this year. They were down almost 5 percent when a suspension of trading was triggered at 1 p.m. local time ahead of the meeting, which was being held in Abu Dhabi.

Several UAE companies have sought to extend debt maturities or agree better terms in recent years to avoid defaults, after an oil price crash hit energy services and construction.

This week, creditors started to enforce claims against Abu Dhabi-based Al Jaber Group, which has struggled since building up debt in the wake of a UAE real estate crisis and began talks with creditors in 2011.

Dubai-listed construction firm Drake & Scull is working under the UAE bankruptcy law to reach an agreement with its creditors in an out-of-court process.