Saudi British Bank, better known as Sabb has reappointed prominent Saudi businesswoman Lubna Olayan as chair of its board of directors for another three years, with the term effective from January 1.
The bank also reappointed Hassana Investment Company's chief executive Saad Al Fadly as vice chairman.
The non-executive appointments were made after Sabb received a notice of no objection from the Saudi Arabian Monetary Authority, the lender said on Wednesday in a filing to the Tadawul bourse, where its shares are traded.
Sabb is the fourth-biggest lender in the kingdom and had a market value of $21.4 billion as of Wednesday.
The bank was founded in 1978 as a Saudi joint stock company, with HSBC retaining a minority stake in it.
It reported a net profit of $926 million in the first nine months of 2022, up 26 per cent annually from the same period in 2021.
Sabb was the first organisation in the kingdom to have a green deposit, with the funds deposited with HSBC in the UAE and used entirely for the purpose of financing green initiatives.
The lender issued the first $3.76 billion green loan for the Red Sea Development Company, now Red Sea Global, in 2021.
It entered into a $5 billion merger with Saudi competitor Alawwal Bank in June 2019. Ms Olayan was appointed chairwoman of Sabb in January 2020, after the merger.
She holds a master's degree in business administration from Indiana University in the US and an honorary doctorate in law from Trinity College in Dublin.
In 2004, Ms Olayan became the first woman to join the board of a listed Saudi company when she was elected to the board of Alawwal Bank and served as deputy chairwoman, according to Sabb's website.
She also served as chief executive of Olayan Financing Company for more than 35 years, and presently heads its executive committee.
Saudi Arabia is working to increase women’s participation in the labour force as part of Crown Prince Mohammed bin Salman's Vision 2030 plan to reduce the economy's dependence on oil revenue.
The workforce participation of Saudi women has been steadily rising.
Unemployment among Saudi women fell to 20.5 per cent in the third quarter of 2022, from 21.9 per cent in the same period in 2021, according to the latest data by the General Authority for Statistics.
Saudi women made up 37 per cent of the kingdom's labour force in the third quarter of 2022, up from 34.1 per cent in the same period of 2021, the Gastat data shows.
Giving women driving licences and better access to the workforce will improve mobility and unlock an underutilised resource.
It is also expected to boost productivity, income and economic growth, and drive the expansion of Saudi Arabia's non-oil private sector, analysts have said.
Sabb's latest appointments come amid a strong performance by banks in Saudi Arabia.
The aggregate net profit of Saudi Arabia's 10 largest banks increased by 9.3 per cent on quarterly basis in the third quarter of 2022, driven by higher interest rates and lower impairment charges, according to professional services consultancy Alvarez & Marsal.
The banks' cumulative net income for the three months to the end of September rose to 16.5 billion Saudi riyals ($4.4 billion), the consultancy said in its latest Saudi Arabia Banking Pulse report.
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
More from Rashmee Roshan Lall
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Killing of Qassem Suleimani
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Killing of Qassem Suleimani
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Mohammed bin Zayed Majlis
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
THREE
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
