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The CEO of Abu-Dhabi based First Gulf Bank, Sayegh has an impressive list of contacts.
December 28, 2008 9:35 by kippreport
A member of the ruling family of Abu Dhabi and the national security advisor of UAE, Sheikh Hazza bin Zayed Al Nahyan is the chairman of First Gulf Bank. He was appointed to the post in 2006.
The bank has been growing; it recently reported a net profit of AED850 million for the 3rd quarter of 2008, an increase of 68 percent over the same quarter of the last year. Its net profit for the first nine months of this year was AED2.3 billion, again 68 percent higher than the same period in 2007.
In November 2008, the First Gulf Bank board decided on a share buyback program for up to 10 percent of the bank’s shares issued and traded in the market. “Due to the global financial turmoil, which has negatively affected the local shares valuation and led to the irrational trading of our shares, the board of directors has decided to step in to proactively protect our shareholders’ assets,” said Sheikh Hazza.