Latest news with #NoelQuinn
Arab News
21-05-2025
- Business
- Arab News
Saudi Arabia's PIF halts Swiss financial market investments over Credit Suisse fallout
RIYADH: Saudi Arabia's Public Investment Fund will no longer allocate capital to Switzerland's financial markets, two years after suffering losses from the collapse of Credit Suisse. During the FII PRIORITY Europe Summit in Albania, PIF Gov. Yasir Al-Rumayyan said that the decision was driven by the manner in which Swiss regulators handled the 2023 government-backed rescue of Credit Suisse by UBS Group, reported Bloomberg. The abrupt deal was executed without shareholders' approval, impacting investors across the Middle East. PIF, one of the world's largest sovereign wealth funds, is reassessing its investment strategy amid growing concerns over regulatory stability and investor protection. The fund's decision to halt investments in Switzerland's financial markets marks a significant shift in its approach, underscoring the long-term impact of the 2023 Credit Suisse collapse on regional and institutional investor confidence. PIF also continues to expand its footprint across Europe, signaling a redirection of capital. 'We're not going to invest in the financial markets in Switzerland. If you change something overnight and wipe out all of your investors, this is a big red flag,' Al-Rumayyan said, as reported by Bloomberg. The remarks were made during an on-stage discussion with Noel Quinn, newly appointed chairman of Zurich-based Julius Baer Group Ltd. Quinn responded: 'As the chairman of a Swiss bank as of 10 days ago, that concerns me.' The 2023 acquisition of Credit Suisse was finalized rapidly following a sharp decline in its stock price. The plunge became worse after former chairman of the Saudi National Bank, Ammar Al-Khudairy, said the bank would 'absolutely not' be open to further investments in Credit Suisse. 'The deal didn't receive approval from either Credit Suisse or UBS shareholders as regulators and lawmakers rushed to contain a crisis of confidence that was spreading across global markets,' according to Bloomberg. At the time, shareholders from the Middle East, including SNB and the Qatar Investment Authority, collectively held around 20 percent of Credit Suisse. SNB, which was the largest shareholder in the Swiss lender, had called on Credit Suisse to reject the offer from UBS, Bloomberg reported. Other investors had cautioned that the Swiss government's decision to override standard merger procedures and sideline shareholder votes could deter institutional investors. Legal analysts also warned that the rushed nature of the transaction had undermined Switzerland's standing as a reliable investment destination where the rule of law is safeguarded. Al-Rumayyan's remarks came as PIF announced plans to open a subsidiary office in Paris and committed to doubling its investments in Europe to $170 billion by the beginning of the next decade. The fund has already deployed approximately $85 billion across the region between 2017 and 2024, making strategic investments in key European economies, including the UK, France, and Italy.
Mid East Info
09-05-2025
- Business
- Mid East Info
OMNIYAT GROUP ANNOUNCES FORMATION OF STRATEGIC ADVISORY BOARD TO SUPPORT NEXT PHASE OF GROWTH - Middle East Business News and Information
Prominent local and international leaders including Mr. Noel Quinn, Dr. Habib Al Mulla, Mr. Abdulmohsen Al Rashed, Dr. Mark Machin, Rt. Honorable Nadhim Zahawi, Mr. Tim Collins and HE Hishammuddin Hussein appointed to OMNIYAT GROUP's Advisory Board to support strategy, governance, and long-term growth. Formation of the Board follows the Group's first debt issuance by flagship brand OMNIYAT and underscores its ambition to scale, diversify and further institutionalize the business. Dubai, UAE – May 2025 – OMNIYAT Group, which includes the leading ultra-luxury developer OMNIYAT and wider-luxury developer BEYOND, has announced the establishment of a Strategic Advisory Board to support its next phase of growth and transformation. The formation of the Advisory Board follows a milestone moment for the Group – OMNIYAT's successful debut in the international debt capital markets through a USD 500 million green sukuk. It also comes as the Group accelerates efforts to build an AED 100 billion portfolio over the next five years and institutionalize its operations. The Advisory Board will be comprised of Mr. Noel Quinn, former Group CEO of HSBC; Rt. Honorable Nadhim Zahawi, former UK Chancellor of the Exchequer; Dr. Mark Machin, Founder and Managing Partner of Intrepid Growth Partners and former President and CEO of Canada Pension Plan Investments; Mr. Tim Collins, CEO of Ripplewood Advisors; Dr. Habib Al Mulla, Founder of Habib Al Mulla and Partners; Mr. Abdulmohsen Al Rashed, Managing Partner of Al-Rashed Group; and HE Hishammuddin Hussein, former Malaysian Minister of Defence and Foreign Affairs. The Board will work closely alongside the Executive Chairman and the senior leadership team – bringing global perspective and deep expertise across finance, policy, governance, law, and international business. Its formation underscores the Group's ambition to evolve into a future-ready, diversified real estate platform with global reach and institutional depth. Mahdi Amjad, Founder and Executive Chairman of OMNIYAT GROUP, commented: 'This marks a significant and proud milestone for OMNIYAT Group and our portfolio brands, OMNIYAT and BEYOND. OMNIYAT has demonstrated a successful track record within ultra-luxury for almost two decades and with the rapid ascent of BEYOND within the wider-luxury segment, we believe now is the right time to bring on seasoned global experts who can help guide our journey ahead. We are honoured to welcome such an esteemed group whose global insights, diverse perspectives, and proven leadership will help shape our strategic direction and ensure we continue to deliver best-in-class experiences across every market we serve . ' Advisory Board Member Bios: Mr. Noel Quinn, former Group Chief Executive of HSBC. Mr. Quinn retired in September 2024 after a 37-year career with HSBC and its constituent companies, including five years as Group CEO. He remains active in the Sustainable Markets Initiative, founded by HM King Charles III, and previously chaired its Financial Services Taskforce. He also served as a Principal of the Glasgow Financial Alliance for Net Zero. Rt. Honorable Nadhim Zahawi, former UK Chancellor of the Exchequer and Chairman of the Conservative Party. Mr. Zahawi served as Member of Parliament for Stratford-on-Avon for nearly 15 years and held several senior government positions. He is currently Non-Executive Chair and Board Member of The Very Group. Dr. Mark Machin, Founder and Managing Partner of Intrepid Growth Partners. Dr. Machin is a prominent global investor and executive with extensive experience in finance and investment management. He served as President and CEO of Canada Pension Plan Investments (CPP Investments) from 2016 to 2021, leading one of the world's largest pension funds. Prior to that, he spent over 20 years at Goldman Sachs, where he led Capital Markets and Investment Banking in Asia ex-Japan. Dr. Machin currently holds advisory and board roles with GIC, CVC Capital, Opto Investments, Mubadala Investment Company, and the Atlantic Council. Mr. Tim Collins, CEO and Senior Managing Director of Ripplewood Advisors LLC, a global investment firm he founded in 1995. Ripplewood has successfully built companies across Europe, the Middle East, and Asia, with investments totaling over $20 billion in enterprise value. Mr. Collins played a leading role in transforming Shinsei Bank in Japan and Commercial International Bank of Egypt, and has served on the boards of Citigroup, Gogo, Palm Hills, and others. He is also a member of the McKinsey Advisory Council and is involved in several not-for-profit and public sector activities. Dr. Habib Al Mulla, is a prominent Emirati legal authority with over 32 years of experience in UAE law. He has played a central role in drafting key legislative frameworks in Dubai and is a frequent commentator on legal and economic reform. Dr. Habib has held several senior government roles, including membership in the UAE Federal National Council and leadership of the UAE Jurists Association. Mr. Abdulmohsen Al Rashed, Managing Partner of Al-Rashed Group, one of the largest investment holding companies in Saudi Arabia and the Gulf region. With a career spanning more than 40 years in real estate and investment, Mr. Al Rashed has held numerous board and executive positions across Saudi Arabia, bringing extensive leadership experience and regional expertise to the Advisory Board. HE Hishammuddin Hussein, former Senior Minister of Defence and Minister of Foreign Affairs of Malaysia. A prominent political and legal figure, he has served as a Member of Parliament since 1995 and held senior cabinet roles in defence, foreign affairs, and internal security. He is a longstanding member of the United Malays National Organisation (UMNO) and has played a key role in regional diplomacy and national security policy. The inaugural Advisory Board meeting took place on 8 May at The Lana Dorchester Collection, where members were briefed on the Group's growth strategy, performance and upcoming initiatives.
Khaleej Times
09-05-2025
- Business
- Khaleej Times
OMNIYAT Group announces formation of strategic advisory board to support next phase of growth
Formation of the board follows the Group's first debt issuance by flagship brand OMNIYAT and underscores its ambition to scale, diversify and further institutionalise the business OMNIYAT Group, which includes the leading ultra-luxury developer OMNIYAT and wider-luxury developer BEYOND, has announced the establishment of a Strategic Advisory Board to support its next phase of growth and transformation. The formation of the Advisory Board follows a milestone moment for the Group - OMNIYAT's successful debut in the international debt capital markets through a $500 million green sukuk. It also comes as the Group accelerates efforts to build a Dh100 billion portfolio over the next five years and institutionalise its operations. The Advisory Board will be comprised of Noel Quinn, former Group CEO of HSBC; Rt. Nadhim Zahawi, former UK Chancellor of the Exchequer; Dr Mark Machin, founder and managing partner of Intrepid Growth Partners and former president and CEO of Canada Pension Plan Investments; Tim Collins, CEO of Ripplewood Advisors; Dr Habib Al Mulla, founder of Habib Al Mulla and Partners; Abdulmohsen Al Rashed, managing partner of Al-Rashed Group; and Hishammuddin Hussein, former Malaysian Minister of Defense and Foreign Affairs. The Board will work closely alongside the executive chairman and the senior leadership team - bringing global perspective and deep expertise across finance, policy, governance, law, and international business. Its formation underscores the Group's ambition to evolve into a future-ready, diversified real estate platform with global reach and institutional depth. Mahdi Amjad, founder and executive chairman of OMNIYAT GROUP, commented: "This marks a significant and proud milestone for OMNIYAT Group and our portfolio brands, OMNIYAT and BEYOND. OMNIYAT has demonstrated a successful track record within ultra-luxury for almost two decades and with the rapid ascent of BEYOND within the wider-luxury segment, we believe now is the right time to bring on seasoned global experts who can help guide our journey ahead. We are honoured to welcome such an esteemed group whose global insights, diverse perspectives, and proven leadership will help shape our strategic direction and ensure we continue to deliver best-in-class experiences across every market we serve." Advisory Board member bios: Noel Quinn, former Group Chief Executive of HSBC. Quinn retired in September 2024 after a 37-year career with HSBC and its constituent companies, including five years as Group CEO. He remains active in the Sustainable Markets Initiative, founded by HM King Charles III, and previously chaired its Financial Services Taskforce. He also served as a Principal of the Glasgow Financial Alliance for Net Zero. Rt. Nadhim Zahawi, former UK chancellor of the exchequer and chairman of the Conservative Party. Mr. Zahawi served as Member of Parliament for Stratford-on-Avon for nearly 15 years and held several senior government positions. He is currently Non-executive chair and board member of The Very Group. Dr Mark Machin, founder and managing partner of Intrepid Growth Partners. Dr Machin is a prominent global investor and executive with extensive experience in finance and investment management. He served as president and CEO of Canada Pension Plan Investments (CPP Investments) from 2016 to 2021, leading one of the world's largest pension funds. Prior to that, he spent over 20 years at Goldman Sachs, where he led Capital Markets and Investment Banking in Asia ex-Japan. Dr Machin currently holds advisory and board roles with GIC, CVC Capital, Opto Investments, Mubadala Investment Company, and the Atlantic Council. Tim Collins, CEO and senior managing director of Ripplewood Advisors LLC, a global investment firm he founded in 1995. Ripplewood has successfully built companies across Europe, the Middle East, and Asia, with investments totaling over $20 billion in enterprise value. Collins played a leading role in transforming Shinsei Bank in Japan and Commercial International Bank of Egypt, and has served on the boards of Citigroup, Gogo, Palm Hills, and others. He is also a member of the McKinsey Advisory Council and is involved in several not-for-profit and public sector activities. Dr Habib Al Mulla, is a prominent Emirati legal authority with over 32 years of experience in UAE law. He has played a central role in drafting key legislative frameworks in Dubai and is a frequent commentator on legal and economic reform. Dr Habib has held several senior government roles, including membership in the UAE Federal National Council and leadership of the UAE Jurists Association. Abdulmohsen Al Rashed, managing partner of Al-Rashed Group, one of the largest investments holding companies in Saudi Arabia and the Gulf region. With a career spanning more than 40 years in real estate and investment, Al Rashed has held numerous board and executive positions across Saudi Arabia, bringing extensive leadership experience and regional expertise to the Advisory Board. Hishammuddin Hussein, former senior minister of Defence and Minister of Foreign Affairs of Malaysia. A prominent political and legal figure, he has served as a Member of Parliament since 1995 and held senior cabinet roles in defense, foreign affairs, and internal security. He is a longstanding member of the United Malays National Organisation (UMNO) and has played a key role in regional diplomacy and national security policy. The inaugural Advisory Board meeting took place on May 8, 2025 at The Lana Dorchester Collection, where members were briefed on the Group's growth strategy, performance and upcoming initiatives.
Zawya
09-05-2025
- Business
- Zawya
OMNIYAT Group announces formation of strategic advisory board to support next phase of growth
Prominent local and international leaders including Mr. Noel Quinn, Dr. Habib Al Mulla, Mr. Abdulmohsen Al Rashed, Dr. Mark Machin, Rt. Honorable Nadhim Zahawi, Mr. Tim Collins and HE Hishammuddin Hussein appointed to OMNIYAT GROUP's Advisory Board to support strategy, governance, and long-term growth. Formation of the Board follows the Group's first debt issuance by flagship brand OMNIYAT and underscores its ambition to scale, diversify and further institutionalize the business. Dubai, UAE – OMNIYAT Group, which includes the leading ultra-luxury developer OMNIYAT and wider-luxury developer BEYOND, has announced the establishment of a Strategic Advisory Board to support its next phase of growth and transformation. The formation of the Advisory Board follows a milestone moment for the Group - OMNIYAT's successful debut in the international debt capital markets through a USD 500 million green sukuk. It also comes as the Group accelerates efforts to build an AED 100 billion portfolio over the next five years and institutionalize its operations. The Advisory Board will be comprised of Mr. Noel Quinn, former Group CEO of HSBC; Rt. Honorable Nadhim Zahawi, former UK Chancellor of the Exchequer; Dr. Mark Machin, Founder and Managing Partner of Intrepid Growth Partners and former President and CEO of Canada Pension Plan Investments; Mr. Tim Collins, CEO of Ripplewood Advisors; Dr. Habib Al Mulla, Founder of Habib Al Mulla and Partners; Mr. Abdulmohsen Al Rashed, Managing Partner of Al-Rashed Group; and HE Hishammuddin Hussein, former Malaysian Minister of Defence and Foreign Affairs. The Board will work closely alongside the Executive Chairman and the senior leadership team - bringing global perspective and deep expertise across finance, policy, governance, law, and international business. Its formation underscores the Group's ambition to evolve into a future-ready, diversified real estate platform with global reach and institutional depth. Mahdi Amjad, Founder and Executive Chairman of OMNIYAT Group, commented: 'This marks a significant and proud milestone for OMNIYAT Group and our portfolio brands, OMNIYAT and BEYOND. OMNIYAT has demonstrated a successful track record within ultra-luxury for almost two decades and with the rapid ascent of BEYOND within the wider-luxury segment, we believe now is the right time to bring on seasoned global experts who can help guide our journey ahead. We are honoured to welcome such an esteemed group whose global insights, diverse perspectives, and proven leadership will help shape our strategic direction and ensure we continue to deliver best-in-class experiences across every market we serve.' Advisory Board Member Bios: Mr. Noel Quinn, former Group Chief Executive of HSBC. Mr. Quinn retired in September 2024 after a 37-year career with HSBC and its constituent companies, including five years as Group CEO. He remains active in the Sustainable Markets Initiative, founded by HM King Charles III, and previously chaired its Financial Services Taskforce. He also served as a Principal of the Glasgow Financial Alliance for Net Zero. Rt. Honorable Nadhim Zahawi, former UK Chancellor of the Exchequer and Chairman of the Conservative Party. Mr. Zahawi served as Member of Parliament for Stratford-on-Avon for nearly 15 years and held several senior government positions. He is currently Non-Executive Chair and Board Member of The Very Group. Dr. Mark Machin, Founder and Managing Partner of Intrepid Growth Partners. Dr. Machin is a prominent global investor and executive with extensive experience in finance and investment management. He served as President and CEO of Canada Pension Plan Investments (CPP Investments) from 2016 to 2021, leading one of the world's largest pension funds. Prior to that, he spent over 20 years at Goldman Sachs, where he led Capital Markets and Investment Banking in Asia ex-Japan. Dr. Machin currently holds advisory and board roles with GIC, CVC Capital, Opto Investments, Mubadala Investment Company, and the Atlantic Council. Mr. Tim Collins, CEO and Senior Managing Director of Ripplewood Advisors LLC, a global investment firm he founded in 1995. Ripplewood has successfully built companies across Europe, the Middle East, and Asia, with investments totaling over $20 billion in enterprise value. Mr. Collins played a leading role in transforming Shinsei Bank in Japan and Commercial International Bank of Egypt, and has served on the boards of Citigroup, Gogo, Palm Hills, and others. He is also a member of the McKinsey Advisory Council and is involved in several not-for-profit and public sector activities. Dr. Habib Al Mulla, is a prominent Emirati legal authority with over 32 years of experience in UAE law. He has played a central role in drafting key legislative frameworks in Dubai and is a frequent commentator on legal and economic reform. Dr. Habib has held several senior government roles, including membership in the UAE Federal National Council and leadership of the UAE Jurists Association. Mr. Abdulmohsen Al Rashed, Managing Partner of Al-Rashed Group, one of the largest investment holding companies in Saudi Arabia and the Gulf region. With a career spanning more than 40 years in real estate and investment, Mr. Al Rashed has held numerous board and executive positions across Saudi Arabia, bringing extensive leadership experience and regional expertise to the Advisory Board. HE Hishammuddin Hussein, former Senior Minister of Defence and Minister of Foreign Affairs of Malaysia. A prominent political and legal figure, he has served as a Member of Parliament since 1995 and held senior cabinet roles in defence, foreign affairs, and internal security. He is a longstanding member of the United Malays National Organisation (UMNO) and has played a key role in regional diplomacy and national security policy. The inaugural Advisory Board meeting took place on 8 May at The Lana Dorchester Collection, where members were briefed on the Group's growth strategy, performance and upcoming initiatives. About OMNIYAT Group OMNIYAT Group is a Dubai-headquartered real estate powerhouse, redefining the built environment through visionary ambition, iconic design, and an uncompromising commitment to excellence. Structured as a parent group, it oversees a growing portfolio of companies that are reshaping how people live, work, and engage with the built environment. Since 2005, its flagship brand OMNIYAT has set the standard for ultra-luxury living, delivering architecturally iconic and experientially rich spaces. In 2024, the Group introduced BEYOND, a disruptive new entrant in the wider-luxury segment. With aspirations to build a portfolio valued at AED 100 billion, OMNIYAT Group is committed to serving a diverse spectrum of clients, from discerning ultra-luxury buyers to the communities of tomorrow, all while continually raising the bar for excellence across every facet of its operations.
Reuters
25-03-2025
- Business
- Reuters
Proxy advisory firm ISS opposes Julius Baer board pay package
ZURICH, March 25 (Reuters) - Institutional Shareholder Services has urged Julius Baer(BAER.S), opens new tab shareholders to reject the remuneration package of the Swiss private bank's board of directors over a proposed doubling of the chair's pay to 2 million Swiss francs ($2.26 million). The bank has not provided a convincing justification for raising the board's pay by 19.2% to 4.4 million Swiss francs ($4.98 million) for the coming year, the proxy advisory firm known as ISS said in a note seen by Reuters on Tuesday. ISS said it objected to the compensation for the board, which is due to be reduced to eight from nine members, being increased in order give the chairman more. Julius Baer declined to comment. The bank has proposed Noel Quinn, former CEO of HSBC(HSBA.L), opens new tab, for election as Julius Baer's next chairman at the annual general meeting on April 10. He is to succeed Romeo Lacher, who said in January he would step down as the bank looks to start afresh in the wake of major losses from its exposure to collapsed property group Signa. ($1 = 0.8833 Swiss francs)
