Banking & Finance HSBC appoints former Turkey chief as Middle East CEO By Chris Hamill-Stewart November 25, 2024, 4:44 PM Alamy/Dinendra Haria via Reuters HSBC's Middle East operations will be overseen from Hong Kong Selim Kervanci takes Mena post HSBC undergoing reorganisation Shares rise 5% in six months British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss who has led the bank’s regional operations from Dubai since April 2021. London-based HSBC is undergoing a major operational transformation, with its profitable ‘Eastern markets’ — including operations in Asia and the Middle East, North Africa and Turkey — to be overseen from Hong Kong. HSBC is one of the world’s largest banking and financial services organisations with assets of $2,975 billion on 30 June 2024. HSBC’s Middle East unit increases lending in Q4 HSBC Oman’s final day on Muscat bourse draws near Frank Kane: Georges Elhedery, ‘one of our own’ at helm of HSBC The bank’s share price is up over 5 percent in the past six months, with shares currently trading at £727.42 ($91.49). The sweeping changes to HSBC’s business are being led by new Group CEO Georges Elhedery, who has previously spoken of trimming middle management in the bank. “The changes will reduce the duplication of processes and decision making,” Elhedery said in the statement in October.
Real Estate Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Aviation PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 4 hours ago
Economy Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme. The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding that […] 4 hours ago
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 3 hours ago
