Annual Report 2024 Corporate Governance Report
Chairman Statement CEO's Statement
Sheikh Faisal bin Thani Al Thani

Chairman's Statement

In the name of Allah, the Most Compassionate, the Most Merciful.

May peace and blessings be upon our Prophet Muhammad (PBUH), his family, and companions.

Dear Shareholders,
It is my honor to present to you Lesha Bank’s Annual Report, marking another year of growth and innovation. The year 2024 was guided by our theme, “Building Scale, Creating Value,” which reflects our firm commitment to strategic expansion, operational excellence, and creating value for our stakeholders. This theme underscores our achievements in navigating a dynamic global financial landscape, focusing on resilience, and supporting our position as a leader in Shari’a-compliant investment banking.

Governance and Strategic Oversight
This year, we further strengthened our governance framework with the election of three new board members, whose diverse expertise enriches the Bank’s strategic direction. Transparency, accountability, and regulatory alignment remain the cornerstones of our governance practices, ensuring we maintain the trust of our stakeholders. Notable initiatives, such as addressing unclaimed dividends, demonstrate our commitment to protecting shareholder rights and maintaining robust operational efficiency.

Strategic oversight has been integral to Lesha Bank’s success in 2024. Our focused efforts to potentially capitalize on emerging opportunities in Shari’a-compliant investments, expand into high-growth markets, and strengthen risk management frameworks have positioned the Bank for potential success. Over the past year, our goal has been to fortify our business with strong fundamentals, a forward-looking approach, and strategically diversified investments. These efforts have aided the Bank in targeting profitability, optimizing liquidity, and maintaining a robust balance sheet.

Our business strategy prioritizes developing high-value products tailored to client needs, ensuring the growth of our fee-based income model. Lesha Bank’s 2024 financial results underscore the contributions from different business lines and reflect the successful execution of a long-term strategy off targeting high-growth regional and developed market investments. This approach positions us for further expansion across different sectors and underpins our adaptive nature in navigating evolving market conditions. As we advance, our commitment remains on leveraging core strengths to deliver growth and value for stakeholders.

Advancing Forward: 2024 in Perspective
This year has been a milestone for Lesha Bank, marked by significant achievements across financial and operational indicators. For the full year 2024, Lesha Bank reported a net profit of QAR 128.2 million, reflecting a 36% year-over-year increase. Total Assets Under Management (AUM) grew to QAR 8.6 billion, alongside growth in total assets, total investments, and total income, demonstrating the success of our diversified investment strategies and prudent management practices.

Our business lines continued to perform to expectations, delivering solid results. The exit from David Morris further exemplified our strategic focus on optimizing the portfolio for long-term value creation. The acquisition of Bereke Bank in Kazakhstan diversified our portfolio and solidified our international footprint, reflecting our commitment to geographic and sectoral growth. Similarly, the acquisition of five Boeing 777-300ER aircraft leased to a leading airline highlighted our renewed focus on aviation and aircraft leasing.

Additionally, the introduction of two new business lines—asset management and investment banking advisory—strengthened our product offerings, reinforcing our position as a dynamic, client-focused institution. Our advisory team successfully acted as Joint Lead Manager for two key Sukuk issuances, further establishing our capability to execute meaningful transactions in Shari’a-compliant finance.

On the technological front, Lesha Bank continued to prioritize innovation and operational efficiency. With the implementation of advanced digital tools and process optimizations, we have enhanced client service capabilities and streamlined internal operations. Our sustainability initiatives also took a leap forward, as several of our U.S.-based real estate investments achieved Leadership in Energy and Environmental Design (LEED) certifications, aligning with global sustainability standards. Furthermore, improved ratings on the Qatar Stock Exchange Sustainability and ESG Dashboard underscored our commitment to responsible investing. along with ISO 14001 accreditation that emphasize our commitment to sustainability and reducing environmental impact.

Strategic Direction
Looking forward, Lesha Bank’s strategic priorities are firmly rooted in diversification, innovation, and sustainability. We are focused on expanding our geographic footprint to capitalize on emerging markets, diversifying our product portfolio to address evolving client needs, and pursuing asset-light investment strategies to maximize returns. Our business operations aim to achieve safe investments supported by robust risk management and compliance frameworks, ultimately driving shareholder value.

The achievements of 2024 demonstrate how these strategic goals are embedded in our operations. For instance, the acquisition of Bereke Bank and the addition of two new business lines align with our focus on geographic and product diversification. Similarly, our prudent investment strategies—spanning real estate, aviation, education and hospitality—reflect a balance of maximizing returns while managing risk. By maintaining a client-centric approach and adhering to Shari’a-compliant principles, we continue to position Lesha Bank for growth and success.

Acknowledgment
On behalf of the Board of Directors, I extend our deepest gratitude to His Highness, the Amir, Sheikh Tamim bin Hamad Al Thani, for his wise leadership and vision. I also thank our regulators, including the Qatar Financial Centre (QFC), Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Stock Exchange (QSE), and Qatar Financial Market Authority (QFMA), for their guidance and support. I would also like to express my heartfelt thanks to our shareholders for their trust and confidence, our clients and business partners for their loyalty, and our employees for their dedication and exceptional contributions in achieving the milestones of 2024. Together, we will continue driving Lesha Bank toward a future of growth, innovation, and value creation.

Sincerely,

HE Sheikh Faisal bin Thani Al Thani
Chairman of the Board of Directors
Mohammed Ismail Al Emadi

CEO's Statement

In the name of Allah, the Most Compassionate, the Most Merciful.

Dear Shareholders,
It is my privilege to present to you Lesha Bank’s Annual Report. This year, under the theme “Building Scale, Creating Value,” we have achieved significant milestones, reaffirming our commitment to achieving growth and value creation for our clients, shareholders, and stakeholders.

Key Financial Highlights
In 2024, Lesha Bank delivered record-breaking financial performance, achieving a net profit of QAR 128.2 million, reflecting a 36% year-over-year increase. This growth underscores our disciplined approach to cost management and our focus on diversified revenue streams. Key financial indicators demonstrated strong, positive trajectories, showcasing our ability to consistently generate value fo our shareholders while maintaining a robust balance sheet.

Operational Overview
Across our business lines, we demonstrated unwavering commitment to the Bank’s growth. We successfully closed several strategic Shari’a-compliant investment deals, leveraging our extensive global network to capitalize on opportunities within the global investment landscape. These investments reflect our disciplined approach to balancing risk and return while fostering growth.

Our teams remained focused on building a dynamic transaction pipeline to target different income streams. Growth in Assets Under Management (AUM) and our portfolio performance highlight the success of our forward-looking strategy. The heightened demand for our bespoke investment products underscores our ability to offer diversified, client-focused solutions. Additionally, we strengthened our financial position and operational efficiency through innovative approaches, targeting adaptability and resilience. Despite market volatility and geopolitical uncertainties, Lesha Bank ended the year on a high note, closing 2024 with substantial momentum and optimism for the future.

Business Highlights
This year, Lesha Bank achieved significant progress across its business lines, underscoring our commitment to innovation and diversification.

Private Wealth Management
Lesha Bank expanded its private wealth offerings to meet the evolving needs of High Net Worth (HNW) and Ultra High Net Worth (UHNW) clients. Enhanced digital platforms, including an advanced mobile app that provide real-time portfolio insights and tailored updates, elevating our service standards and reinforcing our position in wealth management.

Asset Management
In 2024, we launched our Asset Management division which is a new business line led by a highly experienced team. This division focuses on managing liquid assets, particularly equities and fixed income, to meet rising demand for active asset management among institutional, HNW, and investors. Our philosophy integrates fundamental research with a macroeconomic view, ensuring superior risk-adjusted returns.

Investment Banking Advisory
Launched this year, our Investment Banking Advisory division made a notable impact, acting as Joint Lead Manager for two landmark Sukuk issuances: Qatar International Islamic Bank (QIIB) $300 million Additional Tier 1 capital Sukuk and Estithmar Holding’s QAR 500 million Sukuk. These key deals underscore the division’s early success, showcasing its ability to identify and capitalize on market opportunities across diverse industries and product categories.

Private Equity
Lesha Banks structured its aviation portfolio with the acquisition of five Boeing 777-300ER aircraft leased to a leading global airline. This strategic transaction aligns with our renewed focus on aviation and aircraft leasing, establishing this sector as a key growth pillar.

Additionally, the Bank made progress in the education and hospitality sectors, which are becoming pivotal to ourprivate equity strategy. Furthermore, we completed the exit of David Morris, yielding proceeds of £35 million from our 50% stake in the company. This exit reinforces our strategic focus on realigning investments for long-term value creation.

Real Estate Investment
In January 2024, we added Alta Federal Hill, a Class A multifamily residential property in Baltimore, Maryland, USA and AP21 property in Pearl Qatar to our portfolio. Alongside pursuing regional acquisitions in Qatar and the GCC, our real estate team focused on managing existing assets, while considering sustainability and Shari’a-compliant principles.

Treasury
The Treasury division has played a critical role in maintaining Lesha Bank’s financial resilience. Treasury managed and optimized our liquidity, supporting both short-term obligations and long-term investments. The division also expanded Shari’a-compliant treasury instruments, such as Sukuk enhancing our ability to serve a diverse client base. Additionally, our focus on Murabaha placements ensured efficient cash management while considering a low-risk profile.

Digital Transformation and Efficiency
This year marked a significant leap in our digital transformation journey. A key milestone was the successful implementation of a state-of-the-art Enterprise Resource Planning (ERP) system on the Azure cloud platform, integrating critical functions such as finance, procurement, and human resources. Additionally, we enhanced our cloud-based Customer Relationship Management (CRM) system, improving client engagement, scalability, and reliability. These initiatives collectively reinforce operational efficiency and future-readiness.

Sustainability and ESG Progress
Lesha Bank’s unwavering commitment to Environmental, Social, and Governance (ESG) principles remains central to our strategy. In 2024, we improved sustainability disclosures and achieved LEED certifications for key real estate investments. Enhanced ratings on the Qatar Stock Exchange Sustainability and ESG Dashboard reflect our consideration for responsible investing and environmental stewardship. These efforts align our operations with global sustainability standards. Our recent ISO 14001 accreditation highlights our commitment to proactive environmental stewardship, focusing on minimizing our environmental footprint and ensuring compliance with applicable legal requirements.

Awards and Recognition
Lesha Bank’s achievements were recognized with numerous awards this year. Notably, the bank was ranked among Forbes Middle East’s Top 30 Asset Managers for 2024, showcasing our growing presence in the GCC. Additionally, we were honored as Qatar’s Best Real Estate Investment Manager at the Euromoney Real Estate Awards 2024, reinforcing leadership in the sector.

The Road Ahead
As we look to the future, Lesha Bank remains steadfast in its mission of Building Scale and Creating Value. Expanding business lines, enhancing offerings, and adhering to Shari’a-compliant principles to guide us as we navigate challenges and seize new opportunities. Our focus on operational excellence, innovation, and sustainability is part of our mission for long-term growth.

Closing
I extend my deepest gratitude to our shareholders, the Board of Directors, clients, and employees for their trust and support. Together, we will continue driving Lesha Bank towards a future of sustainable growth and lasting value for all stakeholders.

Sincerely,

Mohammed Ismail Al Emadi
Chief Executive Officer
Financial Snapshots

Total Assets

QAR 6.8 Billion
+8 %
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Assets Under Management

QAR 8.6 Billion
+39 %
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Total Investment

QAR 3.3 Billion
+12 %
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Total Equity

QAR 1.3 Billion
+9 %
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Capital Adequacy Ratio

17.16 %
19.45 %
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Book Value

QAR 1.20
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Net Profit

Attributable to the equity holders of Lesha Bank
QAR 128.2 Million
+36 %
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Total Income

QAR 270.6 Million
+39 %
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Income from Placements

QAR 190 Million
+43 %
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Fee & Dividend Income

QAR 85.1 Million
+4 %
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Profit on Sukuk Investment

QAR 109.3 Million
+50 %
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Return on Average Equity

9.94 %
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Return on Average Assets

1.95 %
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Financial Snapshot Financial Snapshot نبذة مالية نبذة مالية نبذة مالية

Advancing Forward 2024 in Perspective
JANUARY
Acquisition of Alta Federal Hill multifamily residential building in US
Exit from the real estate property in Al Messila, Qatar
FEBRUARY
New Business Domain:
Asset Management
Co-investment in a large education platform in the UK & Europe
Annual and Extraordinary General Meeting
MARCH
‘Great Place to Work’ Certification™ for the second consecutive year
APRIL
Ranked among the Forbes Middle East Top 30 Asset Managers 2024
MAY
Appointment of three new board members during the Annual Ordinary Meeting
Co-investment in a leading provider of payment integrated technology
New Business Domain:
Investment Banking Advisory
JULY
Most Effective Investment Service Offering
AUGUST
Exit from David Morris International Limited
Acquisition of residential building in the Pearl, Qatar
SEPTEMBER
Ranked among The Banker Top 100 Arab Banks 2024
Joint Lead Manager for Estithmar Holding’s QAR 500 million Sukuk issuance
Joint Leader Manager for QIIB’s Additional Tier 1 US$300 million Sukuk issuance
OCTOBER
Acquisition of the entire share capital of Bereke Bank in Kazakhstan
Signing two MOUs with Barwa Real Estate and its subsidiary Waseef
NOVEMBER
Best Real Estate Investment Manager - Qatar
DECEMBER
Acquisition of five Boeing 777-300ER Aircraft on-lease to a leading airline
Business Review
Private Wealth Asset Management Fixed Income
Money Market Investment Banking Advisory Private Equity Real Estate Investment

In 2024, Lesha Bank’s Private Wealth Management (PWM) division continues to redefine client-centric financial services for High and Ultra-High Net-Worth Individuals, as well as corporate clients. At the core of PWM is a commitment to building enduring relationships while delivering tailored solutions for wealth and asset management, portfolio optimization, and treasury services. This comprehensive approach ensures that our clients’ diverse financial needs are viewed with precision and care.

Our PWM offerings include exclusive access to Real Estate structured products, Asset Management, and Private Equity, providing Shari’a-compliant investment opportunities that may align with our clients’ ethical and financial goals.

In line with our dedication to excellence, the PWM team conducted an annual client satisfaction survey to gather valuable feedback, enabling us to continually refine our services and address evolving client needs. We also focused on expanding the accessibility of international financial opportunities by leveraging our business lines’ expertise in asset and fund management to develop innovative products. This collaboration supports our clients to benefit from world-class opportunities while maintaining flexibility and convenience in targeting financial growth and security.

Additionally, PWM reinforced its commitment to transparency and client empowerment by introducing quarterly and semi-annual investor reports. These detailed reports provide certain clients with clear insights into the performance of their investments, fostering greater understanding and confidence in their financial strategies.

By seamlessly blending luxury banking with advanced technology and personalized service, Lesha Bank’sPrivate Wealth Management division continues to raise the bar in delivering a truly unique and client-focused banking experience in 2024.

In 2024, Lesha Bank launched its Asset Management division, marking a significant milestone as the first new business department introduced this year. The division focuses on managing liquid assets, particularly equities and fixed income, to target the increasing demand for active asset management among institutional, High Net-Worth Individuals (HNWIs), and retail investors in the region.

Led by a team with decades of experience in regional investment management, the division targets risk-adjusted returns across varying market conditions.

In its inaugural year, the division prioritized building a robust operational foundation, refining its investment philosophy, and setting clear goals for portfolio construction.

The Treasury function at Lesha Bank is central to targeting financial stability, liquidity, and effective capital management, all while adhering to the principles of Islamic finance. By supporting the Bank’s day-to-day operations, the Treasury team provides essential funding, manages both short-term and long-term liquidity needs, and ensures alignment with the bank’s risk appetite.

The Assets and Liabilities Management (ALM) Desk has been instrumental in contributing to the bank’s Net Funded Income by effectively managing liquidity and profit rate gaps across varying time horizons. Over the past year, the Treasury team skillfully navigated a highly volatile rate environment, maintaining operational resilience and financial performance.

A key highlight of 2024 was the management of the Bank’s Sukuk portfolio. Despite shifting market conditions and rising rates, the Treasury team successfully balanced risk and return through strategic monitoring and adjustments. With rates now beginning to ease and expected to decline further, the Bank is seemingly well-positioned to leverage opportunities in the Sukuk market. The portfolio remains optimally structured to benefit from lower rates.

The Treasury team also delivered strong performance in Foreign Exchange (FX) management, attempting to address market volatility and client needs. By employing hedging strategies and offering customized solutions, the Bank helped mitigate currency risks and protect against unfavourable exchange rate movements. This approach has supported client interests and enhanced the Bank’s reputation as a trusted partner in FX risk management.

Furthermore, the Bank expanded its network of counterparty banks and financial intermediaries, strengthening its treasury dealings and optimizing transaction execution. This diversification of counterparties improved pricing, enhanced liquidity, and reduced concentrating allows for risks, enabling more efficient cash flow and funding management.

These efforts have reinforced the Bank’s relationships with global financial institutions and positioned it to capitalize on emerging opportunities in an increasingly dynamic market environment.

In 2024, Lesha Bank launched its Investment Banking Advisory division, marking an important expansion of its complementary business lines. This division provides a comprehensive suite of services for clients across industries, including advice on strategic corporate finance matters, Mergers and Acquisitions (M&A), Private Debt Advisory and Debt Capital Markets (DCM), Equity Capital Markets (ECM), and Restructuring Advisory.

The Investment Banking Advisory team has already made significant strides in its first year, by securing various capital raise, M&A and ECM mandates across sectors, and has acted as a Joint Lead Manager on two high-profile DCM transactions.

Strategic Focus and Future Growth
The division’s early success is a testament to its ability to identify and capitalize on market opportunities across a variety of industries and products.

The team is in active advanced dialogue with various clients/prospects across sectors in Qatar for imminent new potential mandates, with a growing pipeline of engagements across M&A, capital markets, and restructuring services.

To sustain its momentum, the division is also focusing on expanding its team of professionals, whilst also capitalizing on synergies inherent to Lesha Bank by working closely with the other divisions of the firm to create bespoke structured financial solutions for corporates in Qatar.

Joint Lead Manager

Additional Tier 1 $300 million Sukuk issuance

September 2024

Joint Lead Manager

QAR 500 million Sukuk issuance, the first corporate Sukuk issued in Qatari Riyal

September 2024

Private Equity remains a cornerstone of Lesha Bank’s core strategies, focusing on investments in private markets and co-investments alongside other leading limited partners.

In 2024, the Private Equity team concentrated on building investment platforms across three strategic pillars: Aviation, Education, and Hospitality. The team actively sourced and reviewed global investment opportunities with a vision to create standalone platforms while remaining agile in pursuing other potentially attractive prospects.

QAR 3.9 billion

2024 Achievements at a Glance

The year marked several milestones for Lesha Bank’s Private Equity team:

  • Co-investment in one of the largest education platform in the UK and Europe: A strategic partnership to capitalize on growth in the education sector.
  • Investment in a leading provider of payment integrity technology: Demonstrating a focus on innovative financial technologies.
  • Acquisition of five Boeing 777-300ER Aircraft on lease to a leading airline: a significant step in its renewed focus in aviation and aircraft leasing.
DAVID MORRIS EXIT

Lesha Bank successfully exited its investment in David Morris International Limited, a premier international luxury jewelry brand, in a transaction valued at GBP 70 million. The exit yielded proceeds of GBP 35 million, representing a substantial return on investment for Lesha Bank, which had acquired a 50% stake in the company in 2014.

David Morris International, founded in 1962 and headquartered in the UK, is celebrated for its exquisite jewelry collections and elite clientele, including royalty and high-net-worth individuals across Europe, Asia, and the Middle East. Over the years, Lesha Bank supported the company in expanding its footprint, including flagship locations in London’s New Bond Street, additional stores in France and the UAE, and franchises in Qatar and Kuwait. The successful divestment reflects Lesha Bank’s ability to identify and nurture premium investment opportunities, delivering strong results for stakeholders.

BEREKE BANK ACQUISITION

Lesha Bank successfully completed the acquisition of the entire share capital of Bereke Bank in Kazakhstan.

Bereke Bank is a multipurpose bank, offering services to both individuals and businesses across Kazakhstan with a network of 18 branches. This acquisition marks a strategic step in strengthening the investment portfolio of the Bank.

In 2024, Lesha Bank’s Real Estate Investment division adopted a dynamic strategy to diversify its portfolio, potentially optimizing asset performance, that may deliver long-term value to stakeholders. The division attempts to acquire high-quality, income-generating assets and enhancing the operational efficiency of its existing portfolio through proactive asset management.

REAL ESTATE INVESTMENT FIGURES

(As of 31 December 2024)

QAR 5.4
billion
AUM since inception
QAR 4.5
billion
Current AUM
QAR 2.5
billion
Equity raised since inception
QAR 2.1
billion
Current Investors equity
North Corporate Campus 90
SEATTLE

Acquired: February 2020

Healthcare Technology Company (Phase 1)
OHIO

Acquired: April 2021

Healthcare Technology Company (Phase 2)
OHIO

Acquired: November 2022

Sports HQ Building
TEXAS

Acquired: August 2020

Fourteen555
TEXAS

Acquired: September 2021

Alta Federal Hill
MARYLAND

Acquired: 2024

The Grand II at Papago Park Center
ARIZONA

Acquired: December 2020

Ten West Corporate Center One
TEXAS

Acquired: November 2021

Waterway Plaza I
TEXAS

Acquired: January 2021

Gateway Plaza
VIRGINIA

Acquired: June 2022

AP 21
DOHA

Acquired: August 2024

Awards
Great Place to Work TM Certification

First and Only Bank in Qatar to receive the ‘Great Place to Work’ certifications for the second

Euromoney Real Estate Awards 2024
Top 30 Asset Managers 2024 Forbes Middle East
MEED’s MENA Banking Excellence Awards 2024
ESG

Lesha Bank remains deeply committed to advancing its Environmental, Social, and Governance (ESG) practices as part of its broader mission to create sustainable value. In 2024, we have made notable progress across several ESG initiatives, demonstrating our dedication to transparency, accountability, and environmental stewardship.

Enhanced ESG Reporting
Lesha Bank has elevated the quality of its ESG disclosures by incorporating both qualitative and quantitative data, ensuring greater transparency for stakeholders. This enhancement aligns with international best practices and reinforces our accountability.
Sustainability in Operations
Comprehensive waste management and recycling initiatives have been rolled out across the Lesha Bank office. These programs ensure efficient use of resources and support sustainable practices throughout our operations.
Recycled Materiels Quantity recycled (tonnes) Co2 E saved (tonnes)
Paper / cardboard 0.095 0.34
Plastic 0.07 0.10
BSN Sport HQ
BSN Sport HQ
BSN Sport HQ
BSN Sport HQ

Qatar Stock Exchange - Sustainability and ESG Dashboard Rating

Lesha Bank continues to be recognized for its ESG excellence, as reflected in the Qatar Stock Exchange (QSE) Sustainability and ESG Dashboard. The Bank maintained a strong overall rating of 88% in 2023, with consistent performance across key area. These ratings highlight Lesha Bank’s unwavering commitment to ESG excellence, particularly in environmental initiatives, where the Bank has consistently achieved a perfect score.

Annual and Extraordinary General Meeting

Lesha Bank held its Annual and Extraordinary General Meeting (meeting’) on Monday 24 February 2025 and approved all items listed on its agenda. Chaired by Lesha Bank’s Chairman, HE Sheikh Faisal bin Thani Al Thani, the meeting took place at The NED Doha, attended by Lesha Bank’s Board members, shareholders, and senior management team.

The Annual General Meeting covered key agenda items, including the presentation of the Chairman’s report for the financial year ending December 31, 2024, and the 2025 work plan. Additionally, several reports were presented and approved, such as the Shari’a Supervisory Board Report, Audited Financial Statement, External Auditor’s Report, Corporate Governance Report (in compliance with QFMA Governance Code for Companies and Legal Entities listed on the Main Market), and Internal Control Over Financial Reporting (ICOFR).

Moreover, the meeting approved the Lesha Bank 2024 Annual Report and adopted the Board of Directors’ recommendation to distribute cash dividends of QAR 0.05 per share, representing 5% of the nominal value. Major transactions were also approved, and the Board members were discharged from liabilities. Additionally, KPMG was appointed as the Bank’s external auditor for the financial year 2025, with their fees duly approved.

During the meeting, seven Board members (four independent and three non-independent) were elected in accordance with applicable rules and regulations. Mr. Mohamed Yousef Al Mana, Mr. Meshaal Mohamed Al-Mahmoud, Eisa Mohamad Al-Mohannadi, Mr. Nasser Abdullah Al Misnad, Shaha Company for Investment and Real Estate W.L.L. represented by Mr. Hamad Ali Al Mannai, Azum Real Estate Investment Company represented by Mr. Mohammad Ali Al-Sulaiti, and Shift Company W.L.L. represented by Mr. Abdulrahman Totonji, were elected as new board members. The appointment of the remaining two Board members made by the Bank’s Strategic Shareholders in accordance with article 34.2 of the Bank’s Articles of Association was ratified during the Annual General Meeting: HE Sheikh Faisal bin Thani Al Thani appointed by Al Zubara Real Estate Investment Company W.L.L. and Mr. Nasser Ali Al Hajri appointed by Broog Trading Company W.L.L. They will serve until the end of the current Board term in February 2028. Following their election, the Board now consists of a total of 9 members.

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