Dubai Bank CEO commended on his achievements at the bank

Ziad Makkawi CEO of Dubai Bank announces his departure to pursue a personal career in the regional investment banking and asset management arenas. Mr. Abdulaziz Al Muhairi one of Dubai Bank's new Board Members, will take over from Ziad Makkawi as the Bank's new Chief Executive Officer.

Ziad Makkawi who steps down at the end of the month, joined the bank in February 2004 and strengthened the foundations of the organization with an impressive list of initiatives. In addition to overseeing the continued growth of the bank into its initial retail and corporate banking activities, he structured and implemented the new Merchant Banking business, which has become a key contributor to the bank's revenues and profitability.

Under Mr. Makkawi's leadership Dubai Bank broke even in 2004, two years ahead of schedule. By the end of the 2005 financial year the Bank reported a growth of 97% in its total assets, reaching AED 4.8 Billion compared to AED 2.4 Billion at end of year 2004, with a net profit of AED 102.8 million. Shareholder Equity grew a solid 29% and Operating income of Dubai Bank for 2005 was AED 270 Million, including non-interest income of AED 146 Million. Mr. Makkawi also positioned Dubai Bank as a regional player with initiatives, transactions and investors in the rest of the GCC, Turkey, India, and Pakistan.

Mohammed Al Shaibani, Dubai Bank Chairman, Head of the Dubai Office and Chief Executive of the newly established Investment Corporation of Dubai commented that, "Ziad's contribution to the bank over the last two years has helped transform Dubai Bank into a fast growing and competitive institution with solid foundations. I commend his leadership skills and business acumen which have paved the way for us to become a financial powerhouse championing Dubai's role as a regional financial centre. Ziad will surely be missed by all of us at the bank. The board and myself wish him all the very best in his future endeavors, and we are certain he will continue to be an asset to the thriving financial sector; Equally we are confident that under Mr. Al Muhairi's leadership Dubai Bank will thrive and achieve all of its objectives as we embark on new and aggressive initiatives."

Ziad Makkawi commented, "Going forward and in addition to contributing in an advisory capacity to Mr. Al Shaibani's efforts, I will personally be looking to re-direct my focus towards investment banking and asset management which will continue to be, especially in the area of Shari'a compliant finance, the fastest growth areas in our region and even across many other Emerging Markets."

Ziad thanked, HH. Sheikh Hamdan Bin Mohammed Al Maktoum, the previous Chairman of Dubai Bank, Mohammed Al Shaibani, and the directors of both the new and previous Board for their unwavering support. He especially thanked all the staff and management at the bank for their commitment, dedication and perseverance without which the banks success would not have been possible.

In conclusion Ziad Makkawi added: " I wish to congratulate Mr. Abdulaziz Al Muhairi on his new appointment, he brings to Dubai Bank tremendous experience and knowledge together with a strong track-record in banking and Shari'a compliant finance, with him the bank will undoubtedly thrive and prosper, I wish him and the Dubai Bank team all the best."