As the newly appointed governor of Lebanon's central bank, Karim Souaid has become a key player in the daunting task of plotting Lebanon's path to economic recovery and leading a much-maligned state institution.
Mr Souaid is the founder and managing partner of Growthgate Capital, a private investment firm established in late 2006.
He is regarded as being favoured by the banking lobby in Lebanon and garnered the support of President Joseph Aoun for the role of central bank governor. Prime Minister Nawaf Salam was opposed to his appointment.
Before founding Growthgate, Mr Souaid was the managing director of Global Investment Banking at HSBC Middle East from 2000. He has also been involved in privatisation initiatives in a number of Arab countries.
He studied law at Lebanon's St Joseph University and has a Master of Law degree from Harvard University. He has also worked as a corporate finance attorney in New York, and is a member of the New York State Bar Association, according to his official biography.
Mr Souaid is a Maronite Christian, the sect for whom the post of central bank chief is reserved under Lebanon's confessional system. The appointment is made by cabinet decree for a six-year mandate that can be renewed multiple times, based on the finance minister's recommendation.
A number of prominent figures in Lebanese finance sit on the board of directors of Growthgate including Varouj Nerguizian, described as an independent director, who is a financial affairs adviser to Mr Aoun. Also on Growthgate's board is Maher Mikati, whose billionaire father Najib was Lebanon's previous prime minister.
Opponents of Mr Souaid's appointment point to such links as evidence that he is not the clean break from the past that Lebanon needs.
The central bank chief's role is regarded as crucial for Lebanon as it works to implement much-needed economic reforms and address the deep financial losses incurred since the onset of an economic crisis in 2019 – described as one of the worst in modern history.
The collapse – widely blamed on corruption and financial mismanagement by Lebanon's ruling class – plunged much of the population into poverty. The life-savings of many Lebanese evaporated almost overnight as the local currency plummeted.
Mr Souaid's predecessor, Riad Salameh, is one of Lebanon’s most controversial figures and had held the governor's role for three decades following the 1975-1990 civil war. Initially regarded as a genius and saviour, Mr Salameh's stock plummeted in recent years. He stepped down from the post in 2023 and was arrested in Lebanon last year over embezzlement, money laundering, and fraud allegations. The US and UK are among the countries that have sanctioned him.
Lebanon's problems have been greatly exacerbated by the year-long war between Israel and the Lebanese Iran-backed militant group Hezbollah. The World Bank recently estimated the cost of reconstruction and recovery at $11 billion.
Lebanon's new government under Mr Salam, who was appointed in January, has shown interest in renegotiating the $3 billion staff-level agreement reached with the International Monetary Fund in April 2022.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
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RESULTS
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FORSPOKEN
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Starfield
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THREE
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more from Janine di Giovanni
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
