Dubai Bank appoints Ziad Makkawi as new CEO

Commenting on the appointment of the new CEO, the Bank's board said: "Ziad Makkawi has a wealth of invaluable experience in both the regional and international financial sectors and in particular as a merchant banker. He is perfectly positioned to drive the bank from the establishment phase to the consolidation one."

For his part, Makkawi said that he was honoured to have been chosen to take the bank forward. "Dubai Bank has positioned itself as a first class financial institution and the platform put in place by the establishment team is well suited to take the Bank to the next level. The Financial Services industry in the GCC in general and the UAE in particular is transforming itself quickly, and Dubai Bank will position itself to lead this drive and build on its solid foundations to become a benchmark Merchant Bank in the UAE and the GCC."

With 17 years of rich financial sector experience, Makkawi joins the Bank from SHUAA Capital where he served as Executive Managing Director. Prior to moving to the UAE to establish SHUA'A's financial services business, Makkawi was a Founding Partner and Managing Director of Middle East Capital Group in Lebanon the first regionally focussed Investment Bank. Earlier Makkawi served as Vice President with JP Morgan in New York and Elf Trading in Switzerland.

Makkawi's appointment comes in the aftermath of a highly successful first 18 months of operations during which Dubai Bank launched a range of new and innovative products and services to establish benchmarks for the rest of the industry to follow.

These milestones include the launch of the bank's Children's Plan which has had a successful uptake and assisted UAE local women in taking more control of their children's futures.

The Dubai Bank credit card, which, because of the suite of innovative and unique products and services has seen more than 20,000 cards being issued in the market, making Dubai Bank, one of the fastest issuers in the UAE banking industry.

The bank has also embarked on a branch expansion programme that has seen additional branches open in Abu Dhabi and an operation inside Jebel Ali Free Zone.

Further products such as the bank's credit card rewards programme which is offering 50% more than other credit cards and its auto and personal loans have seen an impressive take-up as has the bank's retail investment products which have been sourced from a range of international funds. The bank has also successfully marketed its corporate banking facilities with unique financing deals such as the one with Emirates Trading Agency.