Tamim Jabr will join Kingdom Holding later this year, he is Deutsche Bank’s first hire in Saudi Arabia and had been with the lender for 16 years.
Sunday 07, July 2019
Prince Alwaleed bin Talal’s Kingdom Holding has hired Deutsche Bank’s Chief Executive Officer in Saudi Arabia as Head of International Investments.
Before becoming CEO of Deutsche Securities Saudi Arabia in 2017, Jabr was Head of Corporate and Investment Banking in the Kingdom.
Kingdom Holding’s international portfolio includes stakes in ride-hailing firm Lyft and hotels chain Accor.
The company is also set to become an investor in Uber Technologies as a result of its cash and stock offer to acquire Dubai-based ride-hailing app Careem, in which Kingdom Holding is an investor.
Since Q1 2018, Kingdom Holdings has invested $250 million into Snap and $267 million in music streaming service Deezer.
Jabr’s departure comes as CEO Christian Sewing prepares to announce the latest in a series of turnaround plans to cut cost and boost profitability.
The revamp may include a headcount reduction of as many as 20,000 positions, the scaling back of some investment banking businesses, as well as assets disposal, reported Bloomberg.