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06 December 2023

GIH appoints first CEO, shares rise

Bader Al Sumait (SUPPLIED)

By Agencies

Kuwait's Global Investment House (GIH) yesterday said it had appointed its first chief executive as part of its restructuring plan, pushing its shares up by as much as 3.8 per cent.

The firm said its board of directors approved a new organisation structure, which includes appointing executive vice-president Bader Al Sumait as the CEO of Global Kuwait, the main headquarters of the firm. The chief executive of Global Kuwait is a new post.

Under the plan, executive vice-president Omar El Quqa is now the advisor to the chairperson and managing director Maha Al Ghunaim.

"The new structure supports the plan Global had presented to the banks as part of the company's restructuring process," Ghunaim said in a statement.

Last week, Global, the country's biggest investment bank, said it was confident of reaching a "long-term financing solution" in coming months after making significant progress with its creditors on restructuring and rescheduling its debt.