The National Bank of Abu Dhabi (NBAD) appointed a new chairman yesterday with strong ties to the Government.
Nasser Ahmed al Sowaidi, the chairman of Abu Dhabi Department of Planning and Economy (DPE), replaces Khalifa al Kindi to head NBAD's board of directors. NBAD did not provide a reason why Mr al Kindi resigned on Monday.
In addition to his position at the DPE, Mr al Sowaidi is also a member of Abu Dhabi Executive Council, a board member of Mubadala Development, the chairman of both the Abu Dhabi Ports Company and Abu Dhabi Securities Exchange, the vice chairman of Aldar Properties and a board member of International Petroleum Investment Company.
NBAD is the nation's second-largest bank by assets and the emirate's biggest bank. The move comes at a time when the emirate is spending heavily on infrastructure.
NBAD's stock rose for the fifth consecutive day yesterday, ending up 6.78 per cent at Dh10.40. Last year, the stock dropped by 52.69 per cent.
One UAE-based banker said the change was unexpected, but may not signal a dramatic shift in NBAD's management strategy. "It's a government bank, so whoever is in charge, he will probably follow the bank's same overall strategy," the banker said.
Mr al Kindi remains chairman of Abu Dhabi Investment Company and a board member of the Abu Dhabi Investment Council, a sovereign wealth fund that owns 70.48 per cent of NBAD.
* additional reporting by Travis Pantin
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Killing of Qassem Suleimani
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
Why the Tourist Club?
Originally, The Club (which many people chose to call the “British Club”) was the only place where one could use the beach with changing rooms and a shower, and get refreshments.
In the early 1970s, the Government of Abu Dhabi wanted to give more people a place to get together on the beach, with some facilities for children. The place chosen was where the annual boat race was held, which Sheikh Zayed always attended and which brought crowds of locals and expatriates to the stretch of beach to the left of Le Méridien and the Marina.
It started with a round two-storey building, erected in about two weeks by Orient Contracting for Sheikh Zayed to use at one these races. Soon many facilities were planned and built, and members were invited to join.
Why it was called “Nadi Al Siyahi” is beyond me. But it is likely that one wanted to convey the idea that this was open to all comers. Because there was no danger of encountering alcohol on the premises, unlike at The Club, it was a place in particular for the many Arab expatriate civil servants to join. Initially the fees were very low and membership was offered free to many people, too.
Eventually there was a skating rink, bowling and many other amusements.
Frauke Heard-Bey is a historian and has lived in Abu Dhabi since 1968.
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The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
