a day ago
Abu Shukri, Türkiye & Özal
My friend and colleague, the banker Ibrahim Dabdoub, known affectionately as Abu Shukri, is perhaps the most renowned bank manager in Kuwait. Abu Shukri led the National Bank of Kuwait (NBK) under the most difficult circumstances, delivering outstanding results for shareholders and mentoring a remarkable generation of leaders, including NBK's CEO Issam Al- Saqr and CEO of Boubyan Bank Adel Al-Majed.
He began his career at NBK after completing his studies at a Turkish institute in Kuwait in 1961. Thanks to his exceptional skills, he quickly rose to become Director of the Loan Department.
In 1980, he was appointed Deputy Chairman of the General Managers, and three years later, he became the CEO. After more than thirty years at the helm, he stepped down from daily management to serve as Secretary of the bank's Board of Directors for a period.
In 2014, he graciously invited me and others to a celebration honoring his retirement. During his tenure as CEO, Abu Shukri skillfully steered the bank through two of the most severe crises any financial institution could face.
The first came in 1982 during the stock market collapse, known as the 'Souq Al-Manakh' crisis, and the second during the devastating invasion of Kuwait by Saddam Hussein in August 1990. At the time, he was leading a workforce of over 1,500 employees, overseeing 50 local branches and a wide international network that extended across the Gulf, Hong Kong, Lebanon, London, New York, Geneva, and beyond.
He rightfully earned numerous accolades for his leadership, most notably the 'Best Banker of the Year' award in 1995, presented by both the Arab Bankers Association and the Union of Arab Banks. Speaking about Abu Shukri is not merely a tribute to someone I have always enjoyed knowing, but also to his deep experience, sharp wit, and ever present smile, even in the face of difficult personal and family circumstances.
I sincerely hope he is doing well. What prompted today's discussion is an old interview that recently resurfaced online. It highlighted our mutual friendship with the late President of Türkiye Turgut Özal, the architect of Turkiye's modern renaissance after Atatürk. I first met Özal when he was Turkiye's ambassador to Kuwait. At the time, he lived near our old family home.
During his ambassadorship in the early 1980s, Özal actively encouraged me and a group of Kuwaiti businessmen, including Yaqoub Al-Jouan, Yassin Al-Enezi, and Abdulaziz Al- Mukhaizeem to invest in Türkiye. He later returned to Türkiye where he went on to serve as Minister of Planning, Prime Minister, and ultimately President of the Republic. During his rise, Özal extended an invitation to us, offering free government land in exchange for building tourism projects. He also proposed buying back Türkiye's European loans at a 45 percent discount and using the proceeds, converted into lira, to fund local construction materials and labor costs. It was an enticing offer. I traveled to Türkiye with one of the investors to explore the opportunity.
However, we couldn't agree on a plot of land due to security concerns. The available sites were either next to the presidential palace, near the army commander's residence, or overlooking the intelligence headquarters. Compounding our hesitation were Türkiye's precarious economic conditions at the time, debt defaults, soaring inflation, and banks offering deposit interest rates nearing 90 percent. These factors led us to decline the offer. In hindsight, it became clear that our decision was a missed opportunity.
Under Özal's leadership, Turkey rose, advanced, and achieved remarkable economic transformation. In the interview, Abu Shukri recalls meeting Turgut Özal at the Turkish ambassador's residence during Özal's official visit to Kuwait. At the time, Özal appealed for support to help ease Türkiye's economic hardship, as global banks had ceased lending to the country. While Abu Shukri declined direct investment, he proposed purchasing Kuwaiti oil with financing provided by the National Bank of Kuwait. That is exactly what happened.
The initial purchase order amounted to $60 million, which Türkiye repaid a few months later. The contract was renewed several times. NBK's initiative was highly appreciated by the Turkish government and played a pivotal role in restoring confidence among international banks in the Turkish economy.
