Saudi tycoon Saleh Kamel has become the new head of the Saudi side of the Saudi-Egyptian Business Council (SEBC), the council announced today.
According to the council, Kamel would succeed Abdullah Bin Mahfouz, who has served as the head of Saudi side of SEBC since 2013 but has recently stepped down from his office.
Saleh Kamel is the founder and chairman of Dallah Albaraka, a conglomerate with interests in Islamic banking, real estate development and food production.
He is also the chairman of the General Council for Islamic Banks. He is estimated to be worth about $2.9 billion, ranking 5th in Saudi Arabia and 587th on Forbes 2013 list.
Kamel is known as “the Father of Contemporary Islamic Finance”, receiving Malaysia’s Royal Award for Islamic Finance in November 2010.
In this respect, Essam Nas – SEBC’s Vice Chairman and Chairman of al-Nas Real Estate Development – wished that Saleh would contribute to solving problems facing the stumbling Saudi companies in Egypt alongside boosting bilateral investments between the two countries.