NBK and Dabdoub honoured by Euromoney

At the same function, Ibrahim Dabdoub, CEO, was given a "Lifetime Achievement Award".

National Bank of Kuwait's award was based on its performance over the past year, a period in which the bank posted record profits and acquired a controlling stake in the International Bank of Qatar. The Bank's network now reaches Bahrain, Jordan, Lebanon, Saudi Arabia and Iraq, with plans to include China in the near future. The bank's performance was also judged on market share, profitability, productivity and innovation.

Accepting the award, Isam Al Sager, Deputy CEO, said: "Making NBK Kuwait's pre-eminent bank and keeping us in that position within an increasingly competitive and globalizing environment has required a clear vision and a strong commitment to adapting to a changing landscape.

At NBK we appreciate that the road ahead will require continued leadership. We are committed to expanding in the region to sustain our growth and enhance our position as a regional player," he continued.

In a separate award, Ibrahim Dabdoub, CEO of NBK, was presented with a "Lifetime Achievement" award, in recognition of his 40 years with the bank.

"I am proud to accept the Best Bank award on behalf of all my colleagues at NBK," said Mr Dabdoub. "The Euromoney Award is a great honour, and recognises the hard work and dedication of our people throughout the region."

Presenting Mr Dabdoub with his Lifetime Achievement award, the host of the event, Esam Janahi, Chairman of Bahrain Financial Harbour, said: "Ibrahim Dabdoub is an inspiration to the industry. A career of forty years with NBK, including 25 as CEO, is testament to his loyalty, while the commercial achievements and track record of the bank under his stewardship speak for themselves, from his well-documented management of the bank during the occupation of Kuwait, to last year's record breaking results."

In an acceptance speech, Dabdoub painted an optimistic future for the banking industry in the Arab world, saying:"[Arab banks and businesses] have moved their activities up the value chain, adding value and developing local expertise. They have developed competitive businesses. More importantly, they have attracted part of the Arab and foreign capital traditionally invested in industrialized countries, providing the strongest evidence that the tide is turning in the region. The successes I see around me make me optimistic about future growth, not only the survival, of Arab banking."

Euromoney is one of the world's most respected and best-read banking magazines. Its annual awards are highly coveted by the banking industry, since they represent the recognition by a bank's peers of its professionalism and success.