Fintech PR

OCI Global Announces Leadership Changes

Published

1 month ago

October 15, 2024

AMSTERDAM, Oct. 15, 2024 /PRNewswire/ — OCI Global (Euronext: OCI) (“OCI” or the “Company”) a leading global producer and distributor of hydrogen products today announced that Mr. Ahmed El-Hoshy has informed the Board that he will resign as CEO of OCI after more than four years in the role, and that he will continue as the CEO of Fertiglobe on a full-time basis, to lead it through its next phase of growth. Mr. Hassan Badrawi, OCI’s current Chief Financial Officer will assume responsibility as Chief Executive Officer of OCI. Mr. Beshoy Guirguis, OCI’s current Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI US Nitrogen will assume the role of Chief Financial Officer of OCI. All changes will become effective immediately.

Nassef Sawiris, Executive Chairman of OCI commented: “I want to express my appreciation for Ahmed’s significant contribution over the last 15 years, for his leadership and dedication, and to wish him continued success in his onward journey with Fertiglobe. Looking to OCI’s future, we are entering a new development phase with a refocus on investments and M&A, facilitated by a multi-billion-dollar equity investment capacity (excluding incremental dividend distributions to be announced), an exceptional management team and a superior track record. Since 2000, OCI has returned approximately USD 20 billion of capital¹ to its shareholders, or an equivalent approximate 40% IRR². Going forward, OCI as a listed vehicle will continue to deploy its entrepreneurial, intellectual and financial capital in the same pursuit of creating shareholder value. I very much welcome Hassan’s appointment as CEO, a 23-year OCI veteran who brings with him a wealth of directly relevant experience to this new stage of growth in his prior capacity as CFO and Head of M&A having been responsible for OCI’s recent strategic review, its successful outcome and having overseen our USD 15 billion cement exit in 2008. I am very confident that under Hassan’s leadership, OCI will continue to create long-term value for our shareholders, advancing an extraordinary legacy and track record to date.”

Ahmed El-Hoshy, Chief Executive Officer of OCI commented: “Over the past 15 years, I have witnessed OCI emerge as a global leader in fertilizers and chemicals. I am honored to have been a part of this incredible journey and to have contributed to OCI’s success on behalf of all our stakeholders. It has been a privilege to lead OCI and I am extremely proud of what we have built together, and of the enduring value and goodwill that has been created. I am grateful to my colleagues, to the Board and to all our shareholders for their unwavering commitment and support over the years. I look forward to the next chapter with Fertiglobe and am certain that OCI is poised for continued success.”

In his Chief Executive role, Mr. El-Hoshy has led the Company’s strategy to prioritize value accretive decarbonization growth across its global portfolio to become an industry leader in the ammonia and methanol sectors. Over the last year, Mr. El-Hoshy has played an integral role in the successful divestment of several business to strategic buyers to unlock significant value for shareholders. Previously, Mr. El-Hoshy led the growth of OCI’s US and European businesses, as well as being heavily involved in the creation and subsequent initial public offering of Fertiglobe in 2021. Since joining OCI in 2009, Mr. El-Hoshy has held several positions across the Group including Global Chief Operating Officer, Chief Executive Officer of OCI Americas, and Director of Business Development and Investments.

In his capacity as Group Chief Financial Officer reporting into the Executive Chair and the Board of Directors, Mr. Badrawi has been instrumental in directing OCI’s M&A activities, in leading OCI’s financial and capital markets strategy, and in assuming responsibility for the Finance, Investor Relations and Communications functions. Since joining OCI in 2001, Mr. Badrawi has held various leadership positions across Finance, Investor Relations, M&A, Corporate and Business Development, Strategy and Project Management. Mr. Badrawi also served on the Board of OCI Global and Fertiglobe.

Mr. Guirguis currently serves as Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI’s US Nitrogen business. Previously, Mr. Guirguis was Chief Financial Officer of OCI Americas, including OCI Partners prior to its delisting. Since late 2011, Mr Guirguis has been a key part of the leadership team responsible for OCI’s growth and build out in North America, undertaking various roles including project development and financial management, and has extensive experience in the financial, industrial, and petrochemical industries.

¹ Includes the announced EUR 14.5 per share distribution and ~USD 2.4 billion of non-cash returns
² Management estimate

About OCI Global

Learn more about OCI at www.oci-global.com. You can also follow OCI on LinkedIn.

Contact Details

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Sarah Rajani CFA, Global Vice President Investor Relations and Communications
Email: [email protected]

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Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

2 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html

Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

2 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg

View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

15 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.