FIRST ENERGY BANK ELECTS ESAM JANAHI AS CHAIRMAN
First Energy Bank has officially elected Esam Janahi, known worldwide for his contributions to the energy field, as the Chairman to the Board of Directors for First Energy Bank during the Bank’s first Board meeting on July 6, 2008 in Dubai.
Designed to capitalize on the ever increasing demand for investment in the global energy industry, First Energy Bank is the region’s first Investment Bank tailored to services in the energy field.
Commenting on his appointment Mr. Esam Janahi said, “According to the International Energy Agency (IEA) estimates, world energy demand is expected to increase by 1.8% annually through to 2030. As the first bank to offer exclusively tailored investment, financing, and services solutions within the energy industry, we expect First Energy Bank to have a profound impact on the oil and gas industry for years to come. It is an honor to be elected as Chairman to the Board after contributing a great deal of my professional and personal life to the industry”.
With the recent announcement of an increase in its private placement offering due to an unprecedented demand from investors, the paid up capital for FEB now stands at US$1 billion, up from the initially planned US$ 750 million.
H.E. Hamad Rashed Nehail Al Neaimi, representing H.H. Shaikh Dhiab Bin Zayad and Mustafa Zarti representing the Libyan Investment Authority, were also officially elected as Vice Chairmen of the Bank during the board meeting.
Additional board members from the U.A.E. officially announced during the meeting included; H.E. Ahmed Saif Al Darmaki, representing Abu Dhabi Water and Electricity Authority, (ADWEA); H.E. Khadim Al Qubaisi, representing Tasmeem; Abdulla Showaiter of Emirates Islamic Bank and H.E. Khalid Jassim Mohd. Bin Kalban, representing Dubai Investments.
From the Kingdom of Saudi Arabia, the board members will include Sadoun Bargash Hamoud Al Sadoun, representing Shaikh Mohammed Hussain Al Amoudi, and Adel Al Jaber, representing Al Jabr Trading Co.
Along with Mr. Janahi, the other Kingdom of Bahrain Board members are Khalid Najeebi, representing Capital Management House/Bahrain Islamic Bank, Mehran Jamsheer, representing Gulf Finance House, Hisham Al Emadi, representing Gulf Finance House and Ebrahim Hussain, representing Khaleeji Commercial Bank. All appointments are subject to Central Bank of Bahrain confirmation.
It is expected that energy projects conceptualized and implemented by private developers who would benefit from additional capital and extensive development expertise, will be among the core audience benefiting from the services provided by First Energy Bank. FEB uniquely has a range of investors experienced in both the fields of development and acquisition in the energy sector.
Concluding the day, Mr. Janahi said, “As demonstrated from the track records of the board members and investors who span across the Middle East and North Africa, these world renowned individuals and institutions bring with them a diversified shareholder base. FEB will be able to capitalize on their network of associated companies and partners in the broader MENA region.”