In Recognition of His Contributions to the Growth of the Banking Industry in Kuwait and the Region
In a testament to his exceptional leadership and remarkable contributions to the banking industry, Mr. Adel Abdul Wahab Al-Majed, Vice-Chairman & Group Chief Executive Officer of Boubyan Bank, has been honored with the prestigious title of "MENA CEO of the Year" by MEED, a globally recognized publication. This recognition was bestowed upon him as part of the 2024 MENA excellence awards, acknowledging his significant role in steering Boubyan Bank's growth trajectory over the years.
The accolade was presented to Al-Majed during a special ceremony held in Dubai, attended by esteemed figures including Boubyan Bank’s CEO for Private, Consumer, and Digital Banking, Mr. Abdullah Al-Tuwaijri, and Mr. Ahmed Al-Fahad, General Manager and Secretary to the Board of Boubyan Bank. The event brought together elite bankers, economists, and leaders from various economic sectors to celebrate institutions that have excelled at the Middle East level.
Al-Majed's illustrious career spans over four decades, marked by notable achievements that have significantly contributed to the advancement and reinforcement of the banking industry in Kuwait and beyond. Beginning his journey at the National Bank of Kuwait, where he rose through the ranks to become Deputy CEO, Al-Majed joined Boubyan Bank in 2009, embarking on a new chapter of success and innovation.
What sets this accolade apart is its distinction as the first-ever recognition of visionary CEOs who have demonstrated the ability to effect substantial change, not only within their respective institutions but also across the MENA banking landscape as a whole.
Expressing his gratitude upon receiving the award, Al-Majed remarked, “I am proud and grateful for receiving this award, which crowns the efforts of a journey spanning over 40 years of ongoing work in overcoming challenges." He extended his thanks to his colleagues and the professional team at Boubyan Bank for their unwavering support and contributions to the institution's success.
Under Al-Majed's leadership, Boubyan Bank has undergone significant transformations, evolving from a position at the bottom of the local banking sector to solidifying its place among the top three banks in Kuwait. Key financial indicators have seen remarkable growth, with assets increasing from approximately USD 7.1 billion (KD 2.2 billion) to around USD 27.4 billion (KD 8.4 billion) over the past decade. Operating profits have surged from USD 270.0 million (KD 83.0 million) to approximately USD 349.7 million (KD 107.5 million) in the last five years alone.
Moreover, Boubyan Bank has expanded its presence regionally and internationally, establishing subsidiaries and strategic partnerships to bolster its global footprint. As part of its 20th anniversary celebrations, Boubyan has evolved into a group comprising three banks and three companies, including Boubyan Takaful Insurance Company and Boubyan Capital Investment Company. Notably, Boubyan Bank's digital arm, Nomo Bank, stands as the world's first Islamic digital bank, poised for further expansion into GCC markets.
Al-Majed's leadership has been instrumental in driving Boubyan Bank's growth and success, positioning the institution as a beacon of excellence in the MENA banking arena. With a steadfast commitment to innovation and strategic expansion, Boubyan Bank continues to chart new territories and redefine the standards of excellence in the banking industry.
