First Energy Bank Appoints New Chairman
Bahrain-based First Energy Bank (FEB) held its first Board Meeting for the year on the 9th of February, 2011, during which the board discussed the Bank’s recent performance as well as the Bank’s plans for 2011 and beyond. Additionally, the board of directors unanimously appointed Khadem Abdulla Al Qubaisi as the Bank’s new chairman, following the recent departure of the Bank’s former chairman, Esam Janahi.
The appointment of Khadem Al Qubaisi falls in line with FEB’s strategic vision, and is a testament to the Board’s trust in both Al Qubaisi’s abilities and his vast experience in the banking and finance sector. Al Qubaisi’s appointment adds a solid and fresh outlook to the Bank’s future plans.
Al Qubaisi comes to FEB with breadth of experience in the field. He has served as a key figure on many management teams throughout the financial industry, including serving currently as the Managing Director of International Petroleum Investment Company (IPIC) in Abu Dhabi, as well as serving as Chairman for each of Aabar Investments (PJSC), Abu Dhabi Chemicals Co. (Chemaweyaat), National Central Cooling Co. (Tabreed), Abu Dhabi National Takaful Co. (Takaful), and I-Media Newspaper (Alrroya Aleqtisadiya). Al Qubaisi is also a board member for a number of international companies, including Chairman of;Borealis AG (Austria), Nova Chemicals (Canada), Falcon Bank (Switzerland), and as Deputy Chairman at OMV Group (Austria), and Compañía Española de Petróleos, S.A. (CEPSA) (Spain). Additionally, Al Qubaisi was honoured as the ICIS No. 1 Chemical Industry Power Player for 2009 and the 2009 Arabian Businessman of the Year.
FEB, which was established in the Kingdom of Bahrain in June of 2008, is the first Islamic investment bank to focus solely on the global energy sector with a particular focus on the Middle East and North Africa region. FEB has an authorized share capital of US$ 2 billion and a paid up capital of US$ 1 billion, and the Bank’s shareholders include investors from Bahrain, the United Arab Emirates, Libya, Saudi Arabia and other countries in the region.
FEB has been a major player in a number of significant projects, including the completion and rental of two offshore drilling rigs for its inaugural project MENAdrill. FEB is also working to establish Saudi Polysilicon, a major polysilicon production facility in Saudi Arabia. Additionally, FEB successfully acquired a 9% stake in the Al Dur Independent Water and Power Production project in Bahrain, as well as successfully completing the purchase transaction of 40% of Arab Drilling and Workover Company (ADWOC) – Libya, one of the leading oil and gas onshore contract drilling and workover companies.