Faisal Al-Ayyar retires; Sheikha Dana Nasser Sabah Al-Ahmad new KIPCO Group CEO

Faisal Al-Ayyar retires; Sheikha Dana Nasser Sabah Al-Ahmad new KIPCO Group CEO

KUWAIT: The Board of Directors of KIPCO – the Kuwait Projects Company (Holding) – has approved Faisal Al-Ayyar’s request to be relieved of his duties as executive on account of retirement after more than 30 years with the company. The board announced that it has appointed Sheikha Dana Nasser Sabah Al-Ahmad as the company’s Group Chief Executive Officer, effective January 1, 2022.

Al-Ayyar joined KIPCO in 1990 when it was a $220 million regional investment company. Under his stewardship, KIPCO developed into one of MENA’s leading holding companies with interests in financial services, media, real estate, manufacturing and education, with operations in 24 countries and consolidated assets of over $30 billion. He will continue to serve as Vice Chairman.

KIPCO’s Chairman said: “I would like to take this opportunity to thank my life-long business companion, Faisal, for his efforts over the course of three decades, which have led KIPCO’s growth into the regional powerhouse it is today. We are happy that he will continue to serve on the Board of Directors of KIPCO and several of its Group companies.”

He added: “The Board of Directors is delighted that Dana has accepted the position of Group CEO, bringing with her both strategic and operational