HSBC names Mohammed Fannouch co-head of capital markets and advisory for MENAT region
Fannouch, who joined HSBC in 2008, will continue to be based in Saudi Arabia's capital Riyadh, where he most recently served as co-head of the investment banking franchise in the kingdom.
He will lead the CMA business with Samer Deghaili, who is based in the United Arab Emirates.
"With our MENAT CMA leadership now based in two key financial hubs, the UAE and Saudi Arabia, we will be even better placed to partner with our clients and support them as they navigate the region's growth potential," Adam Bagshaw, HSBC's global head for CMA, said in the statement.
HSBC has been scaling back its worldwide operations as part of a global overhaul started last year that left the operation more focused on M&A and equity capital market capabilities in Asia and the Middle East.
Under the restructuring, the Asia-focused bank started winding down its M&A and some equities businesses in Europe and the Americas earlier this year.
(Reporting by Federico Maccioni Editing by Mark Potter)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
13 hours ago
- The National
Turkey starts first shipments of natural gas from Azerbaijan to Syria
Turkey has started the first shipments of natural gas from Azerbaijan to Syria through the Turkish province of Kilis on Saturday, as Damascus seeks to rebuild war-battered infrastructure and boost power supply. The initiative will help bolster Syria's energy security, Syrian Energy Minister Mohammad Al Bashir told Syria's state news agency Sana. The ceremony to mark the start of the gas flow on Saturday was also attended by Azerbaijan's Economy Minister Mikayil Jabbarov, Turkey's Energy Minister Alparslan Bayraktar and official representatives from Qatar. "The inauguration of the regional gas transmission line linking Syria to Azerbaijan, passing through Turkish territory, is a strategic step on the path to enhancing energy security in Syria, and contributes directly to improving the electrical supply and increasing operating hours in generating stations, which reflects positively on the economic reality and living conditions, and supports the efforts of the displaced to return to their areas," Mr Al Bashir told Sana. In the first phase of the project, Syria will begin receiving 3.4 million cubic metres of gas daily, which will enable the country to increase energy production by 750 megawatts, he added. Ankara, which supported rebel forces in neighbouring Syria throughout the 13-year civil war that ended in December with the ousting of former president Bashar Al Assad, has now become one of the current Syrian government's main foreign allies while positioning itself as a major player in Syria's reconstruction. Syria is suffering from severe power shortages, with state-supplied electricity available for only for a few hours a day in most areas. Damascus used to receive the bulk of its oil for power generation from Iran before Hayat Tahrir Al Sham took power in December. Gas that will come from Azerbaijan will be exported to Aleppo via Kilis. Qatar will finance part of the project. Mr Bayraktar told the state-owned Anadolu news agency on Saturday that up to 2 billion cubic meters of natural gas can be exported annually to Syria, generating electricity to power five million households. Electricity exports to Syria currently flow through eight different points, with capacity set to increase by 25 per cent initially and then more than double, the Turkish energy minister said. Addressing the event, Mr Jabbarov said that the export of Azerbaijani gas from Turkey to Syria was launched in a short period of time based on the agreements reached during the meetings between Azerbaijani President Ilham Aliyev and Syrian Transitional President Ahmed Al-Sharaa on April 11 in Antalya and July 12 in Baku, the Azerbaijan state news agency Azertac reported on Saturday.
Arabian Business
13 hours ago
- Arabian Business
Abu Dhabi's IHC to invest $500mn in reinsurance premiums with RIQ
RIQ, the AI-native reinsurance platform launched earlier this year by IHC, in partnership with BlackRock and Lunate, has entered into a preferred reinsurance partnership with IHC, anchored by a targeted allocation of over US$500 million in risk coverage within the coming decade. The partnership represents IHC's commitment to pioneering intelligent capital deployment and transformative risk transfer solutions. By leveraging RIQ's AI-powered infrastructure, IHC aims to enhance the resilience and operational agility of its group companies. The collaboration also aligns with Abu Dhabi's ambition to lead globally in structured reinsurance and financial innovation. 'A strategic investment' Syed Basar Shueb, CEO of IHC, called it 'a strategic investment in the future of resilient infrastructure and industrial agility'. 'This partnership reflects IHC's conviction in the transformative power of intelligent capital and data-driven risk transfer. By aligning with RIQ, we are catalysing the next chapter of Abu Dhabi's evolution as a global center for reinsurance innovation. This is not just a financial commitment, it is a strategic investment in the future of resilient infrastructure and industrial agility,' Shueb said. Headquartered in Abu Dhabi Global Market (ADGM), RIQ will offer a full suite of reinsurance solutions, working closely with IHC and its portfolio companies to structure capital-efficient coverage across complex Specialty and Property and Casualty (P&C) risk classes. Leveraging advanced data modelling and AI-augmented underwriting, the platform is purpose-built to meet the demands of a rapidly evolving risk environment. Seeking regulatory approvals The company is currently in the process of getting regulatory approvals with the Financial Services Regulatory Authority (FSRA) of ADGM, as it moves toward formal authorisation as a reinsurer. Final preparations are also underway for the execution of the reinsurance transaction between IHC and RIQ, which remains subject to regulatory clearance. This transaction will mark a foundational step in RIQ's operational rollout. Mark Wilson, CEO of RIQ, added: 'We are proud to collaborate with IHC in this milestone partnership. RIQ's platform is engineered to deliver intelligent risk solutions at pace, fusing advanced analytics, underwriting discipline, and strategic capital. This announcement marks a defining step in our mission to reshape global reinsurance from Abu Dhabi outward.' RIQ has promised more updates in the coming months, as it executes on its global buy-and-build strategy. With over US$1 billion in equity commitments from IHC and strategic partners BlackRock and Lunate, RIQ aims to ultimately write US$10 billion per year.
Khaleej Times
13 hours ago
- Khaleej Times
UAE: Want to become a finfluencer? Applications for financial literacy programme open
Registration is now open for the Youth Financial Advisors Programme, a four-month intensive training targeting UAE nationals aged 25-32 years old to become certified financial advisors with deep knowledge in financial literacy. Launched by the Federal Youth Authority in partnership with the Central Bank of UAE and Securities and Commodities Authority, the programme comes as financial literacy among UAE residents stands at just 30.7 per cent, significantly below other international players. "Promoting financial literacy among young people is a primary element of our national strategy," said Dr Sultan bin Saif Al Neyadi, UAE Minister of State for Youth Affairs, in a statement. "Enhancing participants' knowledge and capabilities is fundamental to ensure their ability to manage finances, laying foundations for a stable future." Recent studies indicate that 50 per cent of UAE residents spend more than they earn, while over 60 per cent are in debt, primarily due to credit card and personal loan expenses. Young Emiratis, in particular, are facing the brunt of it with males spending around Dh2,000 monthly and females Dh1,656 — significantly higher than their expatriate peers at Dh1,152 and Dh606, respectively. The Youth Financial Advisors Programme addresses these challenges through seven core modules, including financial literacy fundamentals, monetary economics, entrepreneurial finance, and investment strategies. Participants will complete 30+ hours of education over four months, featuring hands-on workshops, financial institution visits, and hackathons designed to inspire innovative solutions. Khaled Mohamed Balama, governor of the Central Bank of UAE, emphasised the initiative's importance, noting in a statement that 'the programme reflects ongoing commitment to train young Emirati professionals, enabling them to actively contribute to establishing a knowledge-based economy." Requirements and how to apply Eligibility requires UAE nationality, university degrees in business, finance, economics, or law, plus a minimum of one year of relevant experience. Candidates without specified degrees need three years of financial services experience. Strong communication skills and Arabic-English proficiency are mandatory. Upon completion, craduates will receive three credentials: a Federal Youth Authority certificate of completion, registration as a Financial Influencer by the SCA, and a Central Bank Financial Literacy Trainer certification. They'll then conduct volunteer training sessions 'to spread the message and build a national network of qualified financial consultants'. Applications are being accepted now through the Federal Youth Authority website, with selection based on academic qualifications, experience, and demonstrated commitment to community financial education.
