DOHA: Five senior managers at QInvest, the Qatari investment bank forming a joint venture with Egypt’s EFG-Hermes, have left the firm following the departure of its former chief executive last week, QInvest said in a statement yesterday.
The heads of investment banking, financial institutions and structured finance, placement and wealth management, corporate services and risk management and compliance are no longer with the company, a spokesman said.
Last week QInvest said it had appointed Tamim Al Kawari as its chief executive officer, replacing Shahzad Shahbaz. Kawari was previously QInvest’s deputy CEO and before that served as Goldman Sachs’ country head for Qatar.
Last month, QInvest completed a deal with EFG Hermes where the Egyptian investment bank would hive off its investment banking business to create a joint venture in which the Qatari bank would control 60 percent.
Al KHOBAR: Saudi Arabia’s first aluminium smelter will reach full production more slowly than planned due to long delays to a power plant it needs to run flat out, one of the owners of the $10.8bn complex said yesterday.
Saudi Arabian Mining Company (Maaden) expects to begin operations at the aluminium smelter it shares with US-based Alcoa in December and has secured some of the huge amounts of electricity it will need.
But it will be unable to ramp up to 740,000 tonnes per year of smelting capacity because the 2,400-megawatt (MW) power plant due online in October will not be ready until late 2013.
“The (power) project halt may cause shortage in the supply of electricity required by the Maaden Aluminum Company (MAC) at Ras Al Khair,” the company said in a stock market statement.