Abdul Aziz Al Ghurair
Encyclopedia
Abdul Aziz Al Ghurair of the United Arab Emirates
, is the Chief Executive Officer
of the publicly traded Mashreq Bank, and billionaire. As of 2011 his net worth was estimated by Forbes
to be $2.7 billion, making him the 420th richest person in the world.
Al-Ghurair is currently the head of Mashreq Bank, a leading United Arab Emirates commercial bank
founded by his father during the Gulf's first oil boom in the 1960s. Bank profits were down across the region this year, but his family's diverse holdings in real estate, cement, contracting, publishing, residential care and petrochemicals, among others, has helped soften the blow. The food division of his holdings, headed by his brother Essa, includes the Middle East's second-largest flour mill and ubiquitous Masafi mineral water. Al Ghurair chairs the Arab Business Angels Network, an organisation that seeks to match angel investment funding with startups by Arab entrepreneurs. His wife is the major shareholder in Four Seasons Health Care LTD
, the largest private health care group in the United Kingdom
.
Abdul Aziz Al Ghurair is Speaker of the House of the Federal National Council
(FNC) in the United Arab Emirates (the UAE Parliament).
Al Ghurair is also the CEO of Mashreq Group. He was appointed to the role in 1990 and has since steered the bank into becoming a world-class financial services institution. Under his 17-year tenure the bank’s assets have risen to AED 72.6 billion as of June 2007—a 50.3 per cent increase from 2006.
Driven to lead the UAE banking industry, innovative milestones include Mashreq being the first to launch automated teller machine
s (ATMs); debit and credit cards; travellers' cheques; consumer loans; Point of sale
(POS) terminals; Bancassurance products; mortgages, digital chip enabled credit cards; and the widely popular Mashreq Millionaire rewards-based savings programme.
His endeavours have earned the bank many international accolades, including the ‘Best Bank in the UAE’ Award 2006 from Euromoney
magazine and the MasterCard
Product Award for Mashreq UAE E-Gate Prepaid MasterCard card.
Al Ghurair trained as an industrial engineer and gained an honours degree from California Polytechnic State University
. He joined Mashreq in 1977. He worked in various capacities till 1988 and he took over responsibility for the bank’s international operations, setting up branches in New York—US, London—UK, Bahrain, Qatar, Egypt, India and Pakistan. He was appointed Executive Director in 1989 and became CEO the following year.
Abdul Aziz Al Ghurair is also the Chairman of Al Ghurair, a diversified industrial group with core focus on Foods, Commodities, Construction and Properties and additionally on Energy, Printing, Retail and Education. Furthermore, he sits on the Board of Directors of the Dubai International Financial Centre, Emirates Foundation
and Dubai Economic Council. Mr. Al Ghurair is a member of the Governing Council of the UAE Higher Colleges of Technology
and is Chairman of Masafi, RAK Petroleum
and the Endowment Fund. He previously sat on the Board of Directors of companies such as Emaar, Dubai Investments, Visa International and MasterCard and Dubai Chamber of Commerce and Industry
.
Al Ghurair is a continuing supporter to many charitable organizations and initiatives in the local and international arenas such as the UNICEF, UNISCO, Planet Finance and the UAE Disabled Sports Federation.
Al Ghurair was part of the highest-level official delegation from the United Arab Emirates ever to visit the Vatican met with Pope Benedict and Cardinal Bertone, on the 21st October 2008. He also has been honoured with a special Lifetime Achievement Award, at the CEO Middle East Awards.
Al Ghurair has a son, Saood, who graduated from the University of San Diego in Finance with an emphasis in Business Administration, and plays an active role in his father's business activities.
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
, is the Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the publicly traded Mashreq Bank, and billionaire. As of 2011 his net worth was estimated by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
to be $2.7 billion, making him the 420th richest person in the world.
Al-Ghurair is currently the head of Mashreq Bank, a leading United Arab Emirates commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
founded by his father during the Gulf's first oil boom in the 1960s. Bank profits were down across the region this year, but his family's diverse holdings in real estate, cement, contracting, publishing, residential care and petrochemicals, among others, has helped soften the blow. The food division of his holdings, headed by his brother Essa, includes the Middle East's second-largest flour mill and ubiquitous Masafi mineral water. Al Ghurair chairs the Arab Business Angels Network, an organisation that seeks to match angel investment funding with startups by Arab entrepreneurs. His wife is the major shareholder in Four Seasons Health Care LTD
Four Seasons Health Care
Four Seasons Health Care is an independent provider of both health and social care services and it owns or operates 440 care homes, nursing homes and other specialist units across the United Kingdom. Four Seasons employs over 21,000 staff and cares for more than 15,000 people. Four Seasons also...
, the largest private health care group in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Abdul Aziz Al Ghurair is Speaker of the House of the Federal National Council
Federal National Council
The Federal National Council , is the federal authority of the United Arab Emirates formed to represent the general emirati people. The FNC consist of 40 members with advisory tasks in the house of legislative council...
(FNC) in the United Arab Emirates (the UAE Parliament).
Al Ghurair is also the CEO of Mashreq Group. He was appointed to the role in 1990 and has since steered the bank into becoming a world-class financial services institution. Under his 17-year tenure the bank’s assets have risen to AED 72.6 billion as of June 2007—a 50.3 per cent increase from 2006.
Driven to lead the UAE banking industry, innovative milestones include Mashreq being the first to launch automated teller machine
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s (ATMs); debit and credit cards; travellers' cheques; consumer loans; Point of sale
Point of sale
Point of sale or checkout is the location where a transaction occurs...
(POS) terminals; Bancassurance products; mortgages, digital chip enabled credit cards; and the widely popular Mashreq Millionaire rewards-based savings programme.
His endeavours have earned the bank many international accolades, including the ‘Best Bank in the UAE’ Award 2006 from Euromoney
Euromoney (magazine)
Euromoney magazine, a monthly periodical, is the flagship publication of business and financial publisher Euromoney Institutional Investor....
magazine and the MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
Product Award for Mashreq UAE E-Gate Prepaid MasterCard card.
Al Ghurair trained as an industrial engineer and gained an honours degree from California Polytechnic State University
California Polytechnic State University
California Polytechnic State University, or Cal Poly, is a public university located in San Luis Obispo, California, United States. The university is one of two polytechnic campuses in the 23-member California State University system....
. He joined Mashreq in 1977. He worked in various capacities till 1988 and he took over responsibility for the bank’s international operations, setting up branches in New York—US, London—UK, Bahrain, Qatar, Egypt, India and Pakistan. He was appointed Executive Director in 1989 and became CEO the following year.
Abdul Aziz Al Ghurair is also the Chairman of Al Ghurair, a diversified industrial group with core focus on Foods, Commodities, Construction and Properties and additionally on Energy, Printing, Retail and Education. Furthermore, he sits on the Board of Directors of the Dubai International Financial Centre, Emirates Foundation
Emirates Foundation
Emirates Foundation is an Abu Dhabi-based foundation established by Amiri decree in 2005 by order of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi Crown Prince. The foundation describes itself as...
and Dubai Economic Council. Mr. Al Ghurair is a member of the Governing Council of the UAE Higher Colleges of Technology
Higher Colleges of Technology
The Higher Colleges of Technology was established in 1988, and is the largest institution of higher learning in the United Arab Emirates with over 19,000 students. During the 2011 - 2012 academic year there were 12,217 female and 7,298 male students enrolled at 17 campuses and 92 programs...
and is Chairman of Masafi, RAK Petroleum
RAK Petroleum
RAK Petroleum is a private oil and gas company based in the United Arab Emirates. It was formed in 2005, focusing on exploration and production in the MENA region.-References:*...
and the Endowment Fund. He previously sat on the Board of Directors of companies such as Emaar, Dubai Investments, Visa International and MasterCard and Dubai Chamber of Commerce and Industry
Dubai Chamber of Commerce and Industry
Dubai Chamber of Commerce & Industry was established in 1965 by a decree issued by Late Sheikh Rashid bin Saeed Al Maktoum, who realized the important role that a chamber of commerce could play in supporting the national economy of Dubai. Thereby, Dubai Chamber started its activities with 450...
.
Al Ghurair is a continuing supporter to many charitable organizations and initiatives in the local and international arenas such as the UNICEF, UNISCO, Planet Finance and the UAE Disabled Sports Federation.
Al Ghurair was part of the highest-level official delegation from the United Arab Emirates ever to visit the Vatican met with Pope Benedict and Cardinal Bertone, on the 21st October 2008. He also has been honoured with a special Lifetime Achievement Award, at the CEO Middle East Awards.
Al Ghurair has a son, Saood, who graduated from the University of San Diego in Finance with an emphasis in Business Administration, and plays an active role in his father's business activities.