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Abraaj Capital appoints CEO for Pakistan operations

DUBAI - Abraaj Capital, the largest private equity company in the Middle East and North Africa, appointed Farrukh Abbas to head up its operations in Pakistan where South Asia's second-largest economy is expected to grow at six per cent or more for the next five years. Farrukh, 46, has 22 years of professional experience, at least 13 of them in Pakistan.

Since joining Dubai-based Abraaj in 2005, Farrukh has played a key role in implementing post-acquisition strategy in several of Abraaj's holdings. In Saudi Arabia, he helped guide National Air Services (NAS) in setting up the kingdom's first low-cost carrier, as well as developing its all business-class carrier, and a unit offering fractional ownership and leasing of business jets.

By a staff reporter

Citibank hired as depositary for CBQ's GDR programme

By a staff reporter

DUBAI - Citi announced that Citibank, N.A. was appointed the depositary bank for the Commercial Bank of Qatar's (CBQ) Global Depositary Receipt (GDR) offering listed on the London Stock Exchange (LSE).

The GDR issue of nearly $700 million, originally priced at $7.50 per GDR, was the primary tranche of a total capital raising of $900 million. CBQ is the State of Qatar's second largest bank by assets, loans and deposits. This capital raise represents the second largest GDR offering from the Middle East or Northern Africa ever. Citi will be providing the CBQ with the means to diversify their shareholder base and increase their liquidity.

Tam joins as Cathay's Country Manager for UAE and Oman

By a staff reporter

DUBAI - Clement Tam shall take charge as Cathay Pacific's Country Manager for UAE and Oman on August 24 2008. He joined Cathay Pacific eight years ago in the Hong Kong head office. Since then, he has worked in a variety of departments in Hong Kong, Tokyo, Indonesia and Middle East that included Airport Management, Business Improvement and Cathay Pacific Loyalty Programme that manages the airline's Frequent Flyer Programme, Asia Miles. The last position held is that of Country Manager Bahrain and Saudi Arabia managing business in the two Kingdoms and also the offline Middle East region.