Esam Janahi elected Chairman of Gulf Finance House Investment Bank

He succeeds Dr. Fuad Al-Omar who resigned from the bank's board of directors to concentrate on the Chairmanship of Khaleeji Commercial Bank. Esam Janahi has been the CEO of the investment bank from its inception. Dr. Al-Omar will continue in his existing role as Chairman of Khaleeji Commercial Bank (KHCB), a subsidiary established by GFH.

Commenting on these moves, Dr Al-Omar said

"With the secondary London GDR listing in June and its first entry into the international sukuk capital market in July, GFH Investment Bank has become a strong regional business whose capability and business model is being recognized in the international capital markets. At the same time earlier this year we capitalized Khaleeji Commercial Bank at USD 265 million to position it to become a major force in Islamic commercial banking in the region in the near future.

These strategic moves led to my request to the Board that in the best interest of both institutions, I relinquish my chairmanship of GFH Investment Bank, a role I have held since the banks' inception, and devote more time to the challenges of a growing bank in my continuing role as Chairman of KHCB, in addition to working with Esam Janahi who is Vice Chairman of Khaleeji Commercial Bank.

I congratulate Esam Janahi on his election to the Chairmanship of GFH Investment Bank. This recognizes the vital role he has played in building the bank since it started in 1999 and his contribution in developing and implementing the bank's strategy. We are confident that in his hands, with the Board of Directors guidance, GFH will establish international leadership in its core business of economic development. I would also like to thank the members of the Board and all shareholders and investors for their continued support for the outstanding work undertaken by the Bank thus far.

Esam Janahi commented

"On behalf of the Board of GFH I would like to thank Dr Al-Omar for his dedication to GFH and all his hard work. I wish him continuing success as Chairman of KHCB. I will work closely with the Board of GFH to direct the banks strategy to ensure its continuing success for many years to come. In the meantime, I have asked Mr. Peter Panayiotou, who is currently Deputy CEO, to assume the role of acting CEO of GFH effective immediately, until the next board meeting.

Commenting on GFH's strategy for the future, Mr. Janahi remarked that, "GFH will remain focused on its core business, principally in the MENA region, of accelerating economic development through the conception and implementation of unique projects based around economic drivers. GFH will also build its profile and reputation in the international capital markets to supplement its client base in the GCC, in addition to its focus on successfully developing many new investments in Asian countries such as China and India, amongst other high growth countries.

A seasoned investment banker and recognized leader at the forefront of Islamic banking; Mr. Janahi is the recipient of a number of international accolades which include 'Islamic Banker of the Year, Young CEO of the Year' and 'Young Global Leader'. He is one of the founders of GFH and holds numerous directorships including Chairman of Bahrain Financial Harbour, Chairman of Energy City Qatar and Chairman of Bayan Holding Company. Mr. Janahi is also a member of the Shura Council of the Kingdom of Bahrain.