Kuwait’s $33bn holding firm Kipco appoints Sheikha Dana as CEO

Kuwait Projects, the holding company with assets of about $33bn, appointed Sheikha Dana Nasser Sabah Al Ahmad as its chief executive officer, in another senior appointment for a woman in the Gulf.

Sheikha Dana was previously the CEO of Al Futtooh Holding and on Kuwait Projects’ board since 2020, according to a statement. She holds board positions in Gulf Insurance Group, OSN and Kamco Invest and her appointment is effective January 1.

Boards all over the world are under mounting pressure to increase diversity, in gender and race, and of late Gulf states have been pushing toward that. The UAE, home to Dubai and Abu Dhabi stock markets, now requires listed companies to have at least one woman on their boards. First Abu Dhabi Bank, the nation’s biggest lender, appointed a woman as its CEO in January.

In neighbouring Saudi Arabia, Sarah Al-Suhaimi became the first woman to chair the Saudi Arabian stock exchange, known as Tadawul, in 2017. The kingdom’s sovereign wealth fund has also appointed Rania Nashar as head of compliance and governance, making her one of the most senior women at the kingdom’s $450bn Public Investment Fund.

Kuwait Projects, also known as Kipco, said Faisal Al Ayyar will retire as an executive after more than 30 years with the company. He will, however, continue to be the vice chairman.