Kuwait’s NBK Capital Hires Hamad As CEO, Spins Off Unit

NBK Capital, the investment arm of National Bank of Kuwait, on Wednesday said it hired Faisal al-Hamad as its new chief executive and would separate one of its businesses into a new unit.

Hamad was previously managing director of brokerage and research at NBK Capital and replaces Salah al-Fulaij, who was hired on Tuesday as head of NBK’s domestic business, an emailed statement said.

Nabil Nayef Maroof has also been named deputy CEO of NBK Capital, the statement said. He was previously senior managing director of asset management at the firm.

In addition to the management changes at NBK Capital, the Alternative Investments Group will be separated into a new entity and be named NBK Capital Partners.

The new entity, from its Dubai base, will manage Middle East and North Africa private equity and mezzanine funds, which invest in debt that can be converted into ownership or an equity interest in case of non-payment by the borrower.