DIB gets a new chairman and Modon’s MD steps back

DIB names new chairman

Dubai Islamic Bank (DIB) appointed Fadhel Abdulbaqi Al Ali as chairman, effective September 30, the bank said in a statement. Al Ali brings more than 30 years of experience across corporate governance, banking, investment, real estate and hospitality. He currently chairs the Dubai Financial Services Authority and Majid Al Futtaim, sits on the board of Commercial International Bank of Egypt, and is a member of both the Higher Committee for the Development of the Economic and Financial Sector and the Financial Stability Council. He previously served as CEO of Dubai Holding and deputy CEO and group COO of First Abu Dhabi Bank.

He succeeds Mohammed Ibrahim Al Shaibani, who stepped down as DIB chairman, effective September 20, for personal reasons. Al Shaibani’s departure marked his third exit from a senior Dubai post this month, following his resignation as director general of the Dubai Ruler’s Court and from the board of the Investment Corporation of Dubai.

Modon’s managing director steps back

Modon Holding’s group managing director Abdulla Al Sahi (LinkedIn) stepped down from the position, according to a disclosure (pdf). The developer has not yet named a successor to Al Sahi, who will stay on as a board member. Al Sahi has also been chairman of Modon Properties since 2020, where he previously served as CEO. He also serves on the board of Abu Dhabi Airports, Abu Dhabi Housing Authority, and is an undersecretary at the Department of Municipalities and Transport.