CEO of Al Ahli Bank in Kuwait steps down; new Acting CEO named

Al Ahli Bank, a leading bank in Kuwait, has announced the resignation of its Chief Executive Officer, Loai Fadel Muqames, effective June 6, 2023.

The bank also announced that Ahmed Khalid Al Duwaisan, currently serving as the General Manager of Corporate Banking, will act as CEO. Ahmed will assume Loai's responsibilities in addition to his current duties until a permanent successor is appointed.

In a filing on June 4, the bank stated, “Al Ahli Bank of Kuwait would like to disclose the resignation of Mr. Loai Fadel Muqames from his current position as Chief Executive Officer – Kuwait as of June 6, 2024. Further, the Board of Directors decided that Mr. Ahmed Khalid Al-Duwaisan (General Manager of Corporate Banking Department) will assume the duties of Chief Executive Officer - Kuwait (Acting), in addition to his current duties, with effect from this date.”

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Loai, who joined the bank in 2020, has not disclosed the reason for his resignation. In his previous roles, he served as CEO of Kuwait International Bank and played a pivotal role in Kuwait's national development plan, including infrastructure, oil and gas, energy, and real estate sectors.