View Full Version : BAHRAIN: FIRST SAUDI WOMAN APPOINTED BANK CHIEF
Pearl of the Gulf
December 21st, 2005, 09:15 PM
Riyadh, 21 Dec. (AKI) - The first Saudi woman has been appointed CEO of a bank in the Gulf region. Dr Nahed Taher will head the Gulf One Investment Bank, which has 100 million dollars in capital, is headquartered in Bahrain, and will become operational in the second quarter of 2006, the Saudi newspaper Arab News reports. Taher was previously a senior economist at the National Commercial Bank, which made her the first woman to hold such a position at a bank in Saudi Arabia.
The new bank, which the newspaper says is being initiated and promoted by Taher and Saudi banking and finance executive Ziyad Omar, will focus on mega-energy and infrastructure investments worth one trillion dollars over the next 15 years. It will also provide services in restructuring and mergers and acquisitions, a potentially lucrative segment in regional corporate finance since Saudi Arabia's recent accession to the World Trade Organization.
"Our banks are retail. They focus on commercial activities and not on investing in projects that are both beneficial and profitable to society, such as water treatment and [other] infrastructure projects," Taher told Arab News.
"It is time for the region to focus on its natural strengths, and to direct its wealth to promising real investments that will grow and protect its wealth while building our society. The key to success in banking is in attracting highly talented and experienced human resources and creating an environment that will nurture success."
The Gulf One Investment Bank will follow Islamic principles while focusing on wealth creation, the newspaper says.
December 22nd, 2005, 12:28 AM
Great news, happy for her and women in general. Bein saudi, this should be a great motivation for other saudi women and others in the gulf to work even harder :).
Pearl of the Gulf
December 22nd, 2005, 10:39 AM
Thursday, December 22, 2005
Bahrain’s position as the leading international banking centre in the Middle East was emphasised yesterday when a Saudi woman was appointed Chief Executive Officer of its newest bank.
Gulf One Investment bank has appointed Dr Nahed Taher, Saudi Arabia’s leading female banker as Chief Executive Officer.
Gulf One, which received its licence from the Bahrain Monetary Authority two weeks ago, has hired Dr Taher to spearhead its investment programme in the $1 trillion energy and infrastructure market that it sees providing opportunities over the next 15 years.
When it begins operations towards the middle of next year it will be guided by a Saudi banker who has been tearing up the rule book and opening opportunities for women across the region.
She has combined a meteoric rise in the Saudi business world with bringing up a family and is not only one of Saudi Arabia’s leading businesswoman, but also a mother of three who has campaigned to bring more women into the workforce in a paternalistic society.
Dr Nahed Taher, who completed her PhD at Lancaster University in the UK currently works as Chief Economist for the National Commercial Bank in Saudi Arabia.
She was the first female economist – and the first senior female employee – to work for the bank. Following her success in the role, the bank’s chairman decided to hire more women for jobs traditionally undertaken by men. The bank now employs many women at its headquarters, working in insurance, anti-money laundering, trade finance, retail and corporate banking and audit.
Outside of Dr Taher’s work for the bank, Prince Abdulmajeed bin Abdulaziz recruited Dr Taher to join the economic committee of the Makkah region. She has also worked with the daughter of the Crown Prince, Princess Adela bint Abdulaziz, in setting up the first official “businesswoman committee” in the Kingdom at the Jeddah Chamber of Commerce. Dr Taher was also elected as a female member of the board to the Jeddah Chamber of Commerce.
She has been a member of the board of the Saudi-German Business Group. In addition, she works with the British and American consulates in arranging business delegations to the Kingdom, and giving visitors perspectives on local investment opportunities. She has represented the bank and the country at many global and regional conferences and seminars on banking and economic issues inside and outside Saudi Arabia.
Outlining her perspective at an economic summit some time ago she said: “The truth is that I feel that time has changed. Before, poverty required the families to prefer boys to girls in education, health and even food for they were considered the essential source of revenue. But today, the situation has changed. I feel that we women have made a good deal of progress. True, we are still at the beginning but there is a very significant change in the attitudes towards women participation in developing their country and citizens.”
Dr Taher considers that not only the government is responsible for women’s progress and development, but also social change is very important. She said: “I consider the public institutions nowadays should better understand that women have greater knowledge of the policies that satisfy their needs. As an economist, I know that the economic policies related to economic changes and objectives like imports and exports and balance of payments show little difference between male and female in providing the essential factors for total change. The countries where women contribute to the national product have a low consumption requirements and high savings ratios. This leads to enhance the investments and increase the economic growth. In other words, the decrease of the women participation contributes to increase in the economic dependence of citizens.”
December 22nd, 2005, 10:44 AM
So, who owns this bank?
Pearl of the Gulf
December 22nd, 2005, 10:51 AM
So, who owns this bank?
from arab news:
The bank is being initiated and promoted by Nahed, a leading Saudi banker and economist, and Ziyad Omar, a Saudi banking and finance executive. Regional investors have come on board to back the initiative. A final list will be announced before the bank begins operation. The Bahrain Monetary Authority (BMA) approved the bank’s license on Dec. 6.
The Game Is Up
December 27th, 2005, 11:46 AM
Saudi is being dragged into the 20th Century. It'll take a long while more to reach the 21st.