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ABANA

A N N U A L R E P O R T 2 0 0 3
ABANA

A R A B B A N K E R S A S S O C I AT I O N O F N O RT H A M E R I C A

ANNUAL REPORT 2003


ABOUT ABANA
The Arab Bankers Association of North America is a not-for-profit professional association with
members in the banking and financial services industry from the Middle East and the United
States. Through its programs, web site and publications, ABANA fosters improved relations,
information-sharing and understanding between the Arab and American public and private
financial sectors.

 H I S T O R Y
In 1982, a group of Arab bankers identified a need for an association to foster
professional exchange and promote the business interests of the Arab and Arab-
American financial community in the US. The “Kitchen Cabinet,” a small group
including Issa Baconi, Monir Barakat, Hutham Olayan, Fadi Saab and Charles
Yeterian, supported by founding president Fakhruddin Khalil, outlined their
vision for this new association and enlisted 45 prominent professionals to join
them in launching the Arab Bankers Association of North America (ABANA)
in 1983.

Now celebrating its twentieth anniversary, ABANA’s membership has grown to


an all-time high of 63 institutions and 400 individuals. The membership has
also expanded beyond the traditional definition of “Arab banker,” drawing in
Arab and non-Arab professionals from the wider financial services and related
sectors with activities in the US and the Arab World. This diversity is reflected
in the breadth of ABANA speakers and event topics over the years, bringing it
table of contents recognition as the preeminent organization serving the US and Arab financial
communities.
About ABANA 3
President’s Report 5
Board of Directors 6
Membership 8
Institutional Members 10
Individual Members 11
Programs 16
Event Sponsors and
Contributors 22
Communications 25
Advertising 26
Past Presidents 30
Lifetime Achievement Award
Recipients 32

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P R E S I D E N T ’ S R E P O RT
I am very pleased and, more so, honored to be writing this letter for ABANA’s
annual report. The last twenty years have seen the Association strengthen by
every measure, and our stature in the community and contribution to our
constituencies have lived up to our founders’ dreams. Their vision and efforts
and those of subsequent supporters of ABANA must be acknowledged here.

The accomplishments of 2003 continue to sustain that vision; ABANA had the
greatest one-year jump in membership history, to an all-time high of sixty-three
institutions and over 400 individuals. This was brought about by a diverse and
topical program of events, an engaging, informative website and increased
outreach both in the US and in the Middle East, resulting in ABANA’s most
successful financial year ever.

For all that has been achieved, there are many opportunities ahead. In a difficult
international environment ABANA can and must play an increasingly critical role
objectives bringing together Arab and American members of the financial services commu-
nity, connecting the public and private sectors, educating them and ensuring that
these different communities communicate and stay informed. To that end, ABANA
develop this year brought in a number of central bank members and is enhancing its role
Promote private and public financial services industry relations between the Arab World and North as a platform for finance ministers, central bankers and private industry leaders to
America through meetings, events and conferences meet with the Arab and American financial services communities in the US.

communicate Additionally, ABANA is moving forward with the ABANA Foundation, with the
Facilitate the exchange of economic and financial information between the financial services industry hope of building the resources necessary for scholarship aid to needy, deserving
in the Arab World and in North America through its publications and website Arab students looking for an education in banking and finance. We look forward
to raising support from across our membership to make this dream come true.
educate
Provide educational and growth opportunities to individuals working in or with the Arab financial Difficult times bring about great opportunities. We are living such times and the
community through information, services and programs Board of ABANA is acting purposefully and with great energy to make these
possibilities come true.

I end in thanking, on behalf of ABANA, all of those who have made the last
twenty years possible. I thank successive directors and presidents of the
Association and the current Board for their dedication and commitment to our
cause. I also thank the staff, whose efforts support our achievements.

I look forward to another successful year and to building on the traditions and
foundation that have been so successfully laid down.

Samer S. Khanachet

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Mona Aboelnaga Odeh Aburdene Dr. Amir Al-Khafaji Monir Barakat Hani N. Beyhum
Vice Chairman and Chief Managing Director Advisor, Middle East & Managing Director Vice President
Operating Officer CT Capital International North Africa Region Wafra Investment Olayan America
Overture Asset World Bank Advisory Group Corporation
BOARD OF DIRECTORS Managers

The ABANA board of directors and its committees meet regularly to conduct the affairs of the
Association. Each year, ABANA members elect approximately one-third of the board of twenty
directors. New board members are announced at the annual meeting, which is held in New York
City every January and is open to all members. The Board, in turn, elects its officers. Profiles
and committee membership of current board members are available at www.arabbankers.org.

ABANA encourages its members to recommend 2005 board candidates. Mona Eraiba Paul C. Homsy, Esq. Dr. Safwan M. Masri Richard W. Murphy Amr M. Nosseir
Principal Partner Vice Dean Hasib J. Sabbagh Senior Managing Director/
Contact Board Nominations Committee Chair Laura Osman at Rosetta Management Fognani Guibord & Columbia University Fellow for the Middle East Head-Middle East Group
nominations@arabbankers.org. Group Homsy Council on Foreign Morgan Stanley
Relations

 2003 O F F I C E R S

PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT Abbas (“Eddy”) F.


Samer S. Khanachet Issa N. Baconi Geoffrey Milton Laura Osman Zuaiter
President Executive Vice President Director Chief Financial Officer
United Gulf and Branch Manager Concord International Soros Fund
Management, Inc. Gulf International Bank Investments Management

 2004 I N C O M I N G B O A R D M E M B E R S

S E C R E TA RY TREASURER D E P U T Y S E C R E TA RY DEPUTY TREASURER


Robert P. Haney, Esq. John O. Hatab John A. McKesson Muhannad W. Kamal
Partner and Chief Metro Region Managing Vice President General Manager
Operating Officer Tax Partner JP Morgan Chase National Bank of Kuwait
Covington & Burling PricewaterhouseCoopers

Waël O. Bayazid Wa’el N. Chehab Marwan A. Marshi Mariam C. Said


Managing Director President Managing Director
The Carlyle Group Cedar Capital Citigroup/Salomon
Management Smith Barney

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MEMBERSHIP

Thirteen institutions and 165 individuals became new ABANA members in 2003, bringing
ABANA membership to an all-time high. This general increase may be attributed to an upsurge
in US interest in the Arab World, as well as the Association’s higher profile over the past few
years.
membership categories
institutional members
ABANA is particularly pleased to now have three central bank members: Bahrain Companies in the banking and financial services or related industry with a direct business interest
Monetary Agency, Qatar Central Bank and Saudi Arabian Monetary Agency in the Arab World.
(SAMA). The Association looks forward to adding more central banks and Benefits include invitations to private institutional events, such as small
helping to make their developments better known within the US. luncheons with distinguished speakers; corporate profile listing in the ABANA
Directory; introductory profile and updates in the ABANA Review; and up to
Growth in membership has also been supported by newly instituted policy five complimentary individual memberships (each individual receives benefits
changes: thirteen students have joined as student members and fourteen listed below). Additional employees may join ABANA at 25% off the normal
individual members now benefit from discounted fees as employees of ABANA individual membership rate.
member institutions. A handful of members took advantage in 2003 of ABANA’s
policy to waive one year’s renewal fees for existing individual members who
become unemployed. This new policy has allowed them to continue to benefit individual members
from member services, such as networking activities and job/resume postings. Professionals in the banking and financial services industry with a direct business interest in the
Arab World.
Benefits include invitations to ABANA events held throughout the year; discounted
abana membership (as of 12/31/2003) rates at seminars, conferences and dinners; access to the online ABANA Directory;
a subscription to the quarterly ABANA Review; and listing in the ABANA Directory.
Institutions 63
Individuals
Members through Institution 235 student members
Individual Members 152 Full-time students, pursuing an advanced degree or in the final year of undergraduate studies, who
Student Members 13 demonstrate an intention to enter into a professional field related to the financial services industry.
Total 400 Student Members receive all of the benefits of Individual Membership but do
not vote in the annual election of directors.

2003 membership committee


Muhannad W. Kamal, chair
Dr. Amir Al-Khafaji
Hani N. Beyhum
Amr M. Nosseir
Geoffrey Milton, ex officio

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INSTITUTIONAL INDIVIDUAL

Abu Dhabi International Bank MashreqBank Hanan Aabid Dr. Ahmad Mohamed Ali
Akin, Gump, Strauss, Hauer & Feld Meyer Capital Partners Salim A. Abboud Shafik Ali
Arab Bank Morgan Stanley Salim W. Abboud Dr. Amir Al-Khafaji
Arab Banking Corporation MRI-Worldwide Seif Abdel Aziz H.E. Sheikh Ahmed bin Mohammed
Arab National Bank National Bank of Egypt Mahmoud Abdel Aziz Mahmoud Al-Khalifa
Atlas Investment Group National Bank of Kuwait Tarek Abdel-Meguid Meshan Mohammed Al-Khudair
Bahrain Monetary Agency National Bank of Pakistan Ghazi M. Abdul-Jawad Talal Ibrahim Al-Maiman
Bank of New York The National Commercial Bank Ahmed Abdullatif Wael Al-Mazeedi
Banque Saradar Olayan America Corporation Atif A. Abdulmalik Ashraf Al-Qudah
Brown Brothers Harriman & Co O’Melveny & Myers Rym J. Abid-Gun Hashim Abdulla Al-Saada
Cambridge Energy Research Associates OppenheimerFunds John H. Abi-Habib Anwar Khawfa Al-Sadah
(CERA) Overland Capital Group Ramzi Y. Abi-Habib Dr. Ahmad M. Al-Samarrie
The Carlyle Group PricewaterhouseCoopers Mona Aboelnaga Ahmed Abdulrab Al-Shaabi
Castle Harlan Qatar Central Bank Alain Aboudaram Mohammed E. Al-Shroogi
Cedar Capital Management Riggs & Co Bassam Aburdene Alaa Mohammed Al-Shroogi
Citi Islamic Investment Bank Riyad Bank Elias F. Aburdene Jammaz Abdullah Al-Suhaimi
Citibank SAMBA Dr. Odeh Aburdene Abdulaziz A. Al-Sulaiman
Clinton Group Saudi Arabian Monetary Agency Abdul Rahman Addas Fahad Faisal Al-Thani
Commercial Bank of Kuwait (SAMA) Syed I. Ahmad Moajob Turki Al-Turki
Concord International Investments SHUAA Capital Omer Ahmed Harry Alverson
Continental Advisory Services Sims Moss Kline & Davis Shuaib Ahmed Gerard Aquilina
Covington & Burling State Street Global Advisors Syed Ajaz Ahmed Jacques F. Ashkar
Crescent Capital Management United Gulf Bank Khaled Al Awadi Jafar T. Askari
CT Capital United Gulf Management Yacoub Al Awadi George Atallah, Jr.
Curtis, Mallet-Prevost, Colt & Mosle Wafra Investment Advisory Group Ala’a S. Al Jabri Georges E. Atallah
Dow Jones Indexes Wellington Management Company Jamal Al Saeed Hammad Atassi
Edgevision Capital Hamad Sabah Al-Ahmad Al-Sabah Dr. Khalid Aboul Ateeq
ENPRO International Leila S. Alameddine Joseph G. Audi
First Islamic Investment Bank H.E. Abdulla Bin Khalid Al-Attiyah Raymond Audi
Goldman Sachs & Co Faisal Hamad Al-Ayyar Lawrence J. Ayoub
Gulf International Bank H.E. Khalid A. Al-Bassam Murtaza Ayub
Gulf Investment Corporation Magda E. Albina Dr. Saad Na’man Azhari
HSBC Bank USA Eisa M. Al-Eisa Bashar N. Azzouz
Investcorp International Omar H. Al-Farisi, Esq. Andre O. Backar
Islamic Development Bank Dr. Khaled M. Al-Fayez Issa N. Baconi
JP Morgan Chase & Co. Abdul-Aziz A. Al-Ghurair Loulwa M. Bakr
King & Spalding Yamen Sami Al-Hajjar Monir Barakat
Kingdom Holding Company Abdlatif Y. Al-Hamad Nofal S. Barbar
KPMG Dr. Abdulrahman A. Al-Hamidy Anthony G. Barbuto
Lehman Brothers (Italics denote new member) Mustafa Ibrahim Al-Hejailan Kenneth G. Bartels

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Mark H. Barth Barry Colvin Khaled Fouad Tariq Jawad
Michael Barz W. James Conrad John D. Freeman, Jr. Abdo I. Jeffi
Mohan Batra Camille J. Cotran Diane D. Fuller Donald A. Jordan
Gregga Baxter Newell J. Cotton Robert Geitz Ghassan E. Kachouh
Wael O. Bayazid Christopher Crockett Werner R. Genieser George Kahale, III
Leila Benali Alfred Cullen Muhammad A. Ghafoor Habib Kairouz
M. Rafiq Bengali Mayya Dabbagh Fawaz Yousef Ghanem Muhannad W. Kamal
Ricardo Benitez Ibrahim S. Dabdoub Ayham Y. Gharaibeh Saleh A. Kamel
Kerim Alain Bertrand Jean-Pierre Daccache William F. Ghazar Tarik Kaoukji
Hani N. Beyhum Ola Dajani Wajahat Hassan Gilani Yasmeen Kazimi
HRH Prince Alwaleed Bin Talal Jamal Dana Hazlitt Gill Latifa Kettani
Bin AbdulAziz Alsaud Tarek Daouk Michael P. Gilmore, Esq. Rym Khalifeh
Dr. Amer Bisat Gilbert H. Davis, Esq. James M. Godec Ammar Khalil
John Biscette Norman D’Cruz Navid Goraya Fakhruddin Khalil
Ramzi A. Bishuti Vera de Ladoucette Lauria Graham Souhair Khalil
Marco A. Blanco, Esq. Dr. Richard A. Debs Anthony T. Grecco Samer S. Khanachet
Aslam S. Boolani Don N. DeMarino Mohammed Grimeh Dr. Mohamad W. Khouja
Brad D. Bourland David DeMartino Elias A. Haddad William Khouri
Todd Boyd Edward Dennehy Suhaila Haddad Rabih Khoury
Philip A. Brown Sonia Dereyan Alberto Haddad Nemir Kirdar
Charles L.O. Buderi Lamine Djilani Souheil Hajjar Arlette I. Kittaneh
James Burkhard Rebecca P. Dochat Fares Hajjar Nagy Kolta
Veronica Matta Byrnes Iyad Duwaji George Hall Husam M. Kutaifan
Saida Campbell Abdul-Hakim Dyer Sherief Hammad Louis P. Lagios
Manuel Campos Galvan Hassan Eissa Robert P. Haney, Esq. Jack P. Levin
Emmanuel Caravanos Shadi ElFarr Mohammad Haroon George Liberopoulos
John K. Castle Hafez Kamel El-Ghandour John O. Hatab Francis P. Lively
Rajaa Chbani Joseph M. Elhilow Masoud J. Hayat George C. Lodge
Mohamed Chbani Rami Elkhatib Pierre J. Herszdorfer Ray Lund
Camille A. Chebeir Hisham H. El-Khazindar William J. Hill Walid Maalouf
Wa’el N. Chehab Dr. Abdullah El-Kuwaiz H.E. Abbas Hilmi Nabil Maasarani
Diane Chehab Mohammed A. El-Kuwaiz Paul Hindes Elham Mahfouz
Nicolas E. Choueiri Samir J. El-Tawile Richard Hobson, Jr. Wajdi R. Makhamreh
Louis Cina Mona Eraiba John J. Hoey Ziad Makkawi
Hal C. Eren George Hoguet Sanny H. Makki
Fawzi E. Farah Paul C. Homsy, Esq. Joshua Maldonado
Saleh Faraj Hani Houssami Fawzi H. Malouf
Cynthia H. Fareed, Esq. Philip K. Howard Falisha I. Mamdani
Mohannad T. Farouky Desmond J. Hudson Kenneth Manotti
Karim Moufid Farra Sanjay Hundiwala Marwan A. Marshi
Emile M. Farsoun Asad Husain Eyad I. Mashal
Donald P. Favre Dr. Ray R. Irani Nabil W. Masri
Alan D. Feld, Esq. Robert Ivosevich Omar M. Masri
Edgar C. Felton Mazen Jabban Dr. Safwan M. Masri
Jose W. Fernandez, Esq. Dr. Paul Jabber Naji Massouh
Mohamed A. Fezzani Sergio Jalil Ondine L.M. McBurney
Dr. Hani K. Findakly George N. Jalinos John A. McKesson
J. Michael Fitzgibbons Matthew G. Jalinos Michael J.T. McMillen, Esq.

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Robert J. McNeill Joanna E. Peters
Kathleen Meenaghan Dauvin J. Peterson
Bruno Mejean C. William Phillips
Ashraf Zaki Meleka Neil Piekny
Andrew M. Metcalf, Esq. John A. Pintarelli
Eric Meyer Susan F. Pollack
Geoffrey Milton Muayyad Qubbaj
J. Wilson Mitchell Khaled M. Rabbani William B. Shepard H. Russell Wilks
David L. Mogel, Esq. Therese J. Rabieh Tarek K. Sherlala Robert R. Williams
Ragheed I. Moghrabi David Tayeb Radi Abdul Majeed Shoman William F. Williams
Iqbal Mohamed Vincent Raniere Dina A.H. Shoman Bayly Philip Winder
Taj Mohammad Waleed Aboul Rashdan A. Rushdi Siddiqui David Wohabe, Esq.
Suleiman Mohammad Hisham A. Razzuqi Muhammad Siddiqui Kurt Wolfgruber
Omar T. Mohammedi, Esq. Abdul Rahman Rifai Faizan Siddiqui Jacob Yahiayan
Mahmoud Montasser Imran Riffat David Siegel Daniel Yergin
LouAnn Moore Dr. Aderrahman Robana Pamela M. Sigda Charles F. Yeterian
William A. Moran Sami Robana Suhail Sikhtian Mohamed S. Younes
Dr. Edward Morse Salam Saadeh Jerry L. Sims, Esq. Tarek Younes
Rasha Hassan Mosaad Wissam Wael Saadi Scott F. Smith David J. Young
Raymond L. Moss, Esq. Camile G. Saba John R. Snow Asim Zafar
Ramzi A. Moufarej Emile Saba Samer Solh Saad Zaman
Christian Mueller Nemeh E. Sabbagh Robert S. Strauss, Esq. Ayman Zameli
John V. Murphy Sana H. Sabbagh Henry Sullivan Dennis R. Zarr
H.E. Richard Murphy Ayman Safadi Eugeniusz Szewczyk Richard P. Zimpfer, II
Shujaat Nadeem Mariam C. Said Samir Tabet Harbaoui Zoubier
Joseph Nader Isam Salah, Esq. Kevin R. Taecker Abbas F. Zuaiter
Pierre G. Naggear George R. Salem, Esq. Abdel-Fattah Tahoun Ahmad F. Zuaiter
Mohamed Naguib Mahmoud Salem Karim Taleb, Ph.D., CFA Waleed F. Zuaiter
Haig Najarian Attia Salem Samer Tamimi
Dr. Faraz Naqvi Adil Sanai Reuben Tatz
Shehzad Naqvi Moayyad Sarawan Keith Tenny (Italics denote new member)

Wassim Nasrallah Antranig R. Sarkissian Sean Terry


Ragai Nasser Samer Maher Sarraf Robert W. Thabit, Esq.
John A. Nielsen Nabeel Sarwar Ron Albert Thomann
Anjum Nisar William Satchell, Esq. Henry Thompson
Mohamed A. Nooruddin Dr. Ahmad A. Sbaiti Robert W. Toan  B E C O M E A M E M B E R
Amr M. Nosseir Ahmed M. Seirafi Tony Tooma Learn more about ABANA membership
Christopher J. O’Brien Dr. Samir Seraphim Paul Touloumbadjian and its benefits at www.arabbankers.org.
Charles Ogburn John R. Serhant Paul N. Travis Applications are available online or by
Hutham S. Olayan Berge Setrakian, Esq. John Tsui contacting ABANA at 212 599 3030 or
Patrick O’Meara Amjed Esam Shacker Chris Ullman info@arabbankers.org.
Michael P. Orscheln Khaled M. Shaheen Arif Usmani
Laura Osman Mamoun Shaif Peter Verwoerd  R E F E R A M E M B E R
Benjamin E. Ostrom Abdul Alim Shaikh Sadek Wahba Encourage your friends and colleagues
John P. Oswald Amjad Ali Shaikh Jarett Wait to join ABANA! When you refer new
Talat M. Othman Hanif A. Shakir Lawrence S. Weinblatt members you expand their opportunities
Jeff Peanick Arul Shamugam Diederik J.K. Werdmölder for professional growth and enrich your
Paul Perry Ala’deen R. Shawa William Wilby, Ph.D., CFA Association.

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PROGRAMS

ABANA had another extremely active and diverse programs calendar in 2003. The Association
hosted 1,000 attendees throughout the year at events that ranged from analyses of the
geopolitical environment, the energy sector, the Iraqi banking system and the hedge fund industry
to a meeting with signatories to the “Geneva Accords,” a private tour of the Islamic Art
Department of the Metropolitan Museum of Art and, of course, annual social and networking
events.

Given the great level of respect and admiration in which his peers hold Dr. TOUR OF THE ISLAMIC ART DEPARTMENT
Richard A. Debs, this year’s Lifetime Achievement Award Dinner was another January 16, 2003
resounding success. Morgan Stanley’s Tarek F. Abdel-Meguid, Citicorp’s William The Metropolitan Museum of Art, New York City
R. Rhodes and former head of the US Federal Reserve Paul Volcker were the With support from Fognani Guibord & Homsy LLP, Gulf International Bank, Mary and Amr
evening’s distinguished speakers. ABANA members and friends were also hon- Nosseir and Wafra Investment Advisory Group.
ored to be joined this year by a number of Dr. Debs’ fellow trustees of the Membership Event led by The Metropolitan Museum of Art’s Islamic Art
American University of Beirut. Department Curator Daniel Walker

Contact info@arabbankers.org with recommendations for future ABANA events AMERICA & THE MIDDLE EAST
and speakers. January 23, 2003
Citigroup Building, New York City
ABANA Annual Meeting with speaker Shibley Telhami, Anwar Sadat Professor,
 2003 P R O G R A M S C O M M I T T E E University of Maryland

Paul C. Homsy, Esq., chair OUTLOOK FOR PALESTINIAN/ISRAELI RELATIONS


Mona Aboelnaga February 12, 2003
Odeh Aburdene Princeton Club, New York City
Hani N. Beyhum With support from Arab Banking Corporation and O’Melveny & Myers LLP.
Mona Eraiba Membership Event with speaker Henry Siegman, Senior Fellow & Director of the
John A. McKesson US/Middle East Project, Council on Foreign Relations
Richard W. Murphy
Geoffrey Milton, ex officio THE CURRENT GEOPOLITICAL ENVIRONMENT
February 27, 2003
University Club, New York City
Institutional Member Event with speaker Robert Hormats, Vice Chairman, Goldman Sachs
International Corp.

OUTLOOK FOR THE US ECONOMY


March 20, 2003
JPMorgan Chase Headquarters, New York City
With support from JPMorgan Chase.
Institutional Member Event with speaker James Glassman, Senior Economist & Director
of US Economic & Policy Issues Research, JPMorgan Chase

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ABANA SUMMER RECEPTION


June 12, 2003
New York Marriott - East Side, New York City
Member Event

OIL & GEOPOLITICS


July 17, 2003
Princeton Club, New York City
With support from Continental Advisory Services, United Gulf Management, HSBC Bank (USA)
and CT Capital.
Member Event with speaker Daniel Yergin, Chairman, Cambridge Energy Research
Associates (CERA)

THE FLOURISHING HEDGE:


Hedge Fund Opportunities for Institutions & Individuals LIFETIME ACHIEVEMENT AWARD DINNER
September 16, 2003 Honoring Dr. Richard A. Debs, Advisory Director, Morgan Stanley & Chairman of the
New York Marriott – East Side, New York City Board of Trustees, American University of Beirut
Public Event November 20, 2003
Details on page 20 The New York Palace, New York City
With support from A.M. Qattan Foundation, Citigroup, Dar Al-Handasah Consultants, H.E.
BRIEFING ON IRAQ’S BANKING SECTOR Issam M. Fares, Nick Debs, Gulf International Bank, Morgan Stanley, The Olayan Group, Hasib
October 10, 2003 Sabbagh, American University of Beirut, Arab Banking Corporation, Walid A. Chammah, CT
The Renaissance Mayflower Hotel, Washington, DC Capital International, HSBC Bank USA, National Bank of Egypt, PricewaterhouseCoopers,
Co-hosted with BAFT (Bankers’ Association for Finance & Trade). US-Saudi Arabian Business Council, Arab Bank, The Bank of New York, Wa’el N. Chehab,
Member Event with speaker The Honorable John B. Taylor, Under Secretary, Covington & Burling, JPMorgan Chase & Co., National Bank of Kuwait, Patterson Belknap
US Department of the Treasury Webb & Tyler, United Gulf Management, Wafra Investment Advisory Group, Abu Dhabi
International Bank, Ms. Jean Stein and Ms. Nancy Newcomb.
Public Event with speakers Tarek F. Abdel-Meguid, Managing Director & Head of
Investment Banking Division, Morgan Stanley; Dr. Richard A. Debs, Advisory Director,
Morgan Stanley & Chairman of the Board of Trustees, AUB; Samer S. Khanachet,
President, ABANA; Geoffrey Milton, Vice President, ABANA; William R. Rhodes, Senior
Vice Chairman, Citigroup & Chairman, Citicorp/Citibank and Paul Volcker, Former Head
of US Federal Reserve

ABANA MEETING WITH “GENEVA ACCORD” DELEGATES


December 4, 2003
The Midtown Executives Club, New York City
Member Event with speakers Dr. Samih Al Abed, Zuhair Al Manasreh, Shaul Arieli, Amjad
Atallah, Yossi Beilin, Minister Nabil Kassis, Daniel Levy, Yasser Abed Rabbo, Ms. Nahema
Ronen and General Amnon Lipkin Shahak

ABANA 2003 HOLIDAY PARTY


December 10, 2003
Princeton Club, New York City
With support from Marwan A. Marshi, Mona Aboelnaga, Arab-American Business Magazine,
Byblos Restaurant, MSI NET, Inc., ArteEast, Inc., Geoffrey Milton, Industry Restaurant, Middle
East Airlines and Saudi Arabian Airlines.
Member Event

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abana events 2003

THE FLOURISHING HEDGE:


Hedge Fund Opportunities for
Institutions & Individuals
September 16, 2003
New York Marriott – East Side, New York City speakers
Omer Ahmed David M. Matteson
President, Attorney,
 L U N C H E O N H O S T
Crescent Capital Management Gardner, Carton & Douglas

Anthony Artebane Eric Meyer


Partner, CEO & President,
PricewaterhouseCoopers Shariah Funds, Inc.

David Barrett Ansel Mullins


 S P O N S O R S Managing Director, Asset Management,
Morgan Stanley Prime Brokerage Investcorp Bank

Alan Chuang Faraz Naqvi


Director of Investments, Principal,
Wafra Investment Advisory Group Pequot Capital Management

Madhav Dhar Amr M. Nosseir


Co-Founder, Managing Director,
Traxis Partners Morgan Stanley

Phil Duff Joseph Pescatore


CEO, Executive Director of Equities,
FrontPoint Partners, LLC UBS

Paul Homsy Harlan Simon


Founding Partner, Managing Director,
 S U P P O R T E R S Fognani Guibord & Homsy Clinton Group

Samer Khanachet Stephen M. Vine


Wellington Management Company President, Partner,
United Gulf Management Akin Gump Strauss Hauer & Feld

Victor Kholsa David Walsh


Managing Partner, Managing Director & CIO,
Strategic Value Partners Appleton Capital Management
To order a CD with audio and video coverage of presentations at The Flourishing
Hedge: Hedge Fund Opportunities for Institutions & Individuals send your name Harry F. Krensky
and mailing address with check or money order ($20/CD) to: Co-Founder,
ABANA, PO Box 2249, Grand Central Station, New York, NY 10163. Discovery Capital Management, LLC

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EVENT SPONSORS
AND C O N T R I B U T O R S
ABANA provides a number of opportunities for organizations to reach out to our members, while
supporting the valuable lectures, discussions, dinners and conferences we host every year.

Event sponsors receive broad acknowledgement at events and in our publications. Partnerships
and sponsorship benefits vary and can be tailored to the needs of a particular sponsor.
Companies interested in sponsorship opportunities should contact Susan Peters at 212 599 3030
or speters@arabbankers.org.
First Vantage Investments LLC is committed to helping high net worth
investors, hedge funds, banks and other institutional investors located
 A B A N A T H A N K S the following for their generous support in 2003: in the Middle East, Europe and the United States achieve success in
today’s dynamic securities market by providing them with a state of the
A.M. Qattan Foundation Marwan A. Marshi
Mona Aboelnaga Middle East Airlines art online financial trading platform and tools to submit trades on a
Abu Dhabi International Bank Morgan Stanley cost effective and competitive basis.
Akin Gump Strauss Hauer & Feld MSI NET, Inc.
American University of Beirut National Bank of Egypt First Vantage provides trading services for securities and derivatives
Arab Bank National Bank of Kuwait
on all major U.S. exchanges through its proprietary online trading
Arab Banking Corporation Nancy Newcomb
Arab-American Business Magazine Mary and Amr Nosseir system, which offers real time execution on The New York Stock
ArteEast, Inc. The Olayan Group Exchange (NYSE), The National Association of Securities Dealers
The Bank of New York O’Melveny & Myers Automated Quotation Service (NASDAQ), The American Stock
Byblos Restaurant Patterson Belknap Webb & Tyler Exchange (AMEX) and options exchanges.
Cedar Capital Management PricewaterhouseCoopers
Walid A. Chammah Saudi Arabian Airlines.
Citigroup Shariah Funds, Inc. First Vantage Investments home office is located in the metropolitan
Clinton Group Sims Moss Kline & Davis area of Atlanta, Georgia. Additionally, First Vantage Investments has
Continental Advisory Services Jean Stein a Middle Eastern associate located in Riyadh, Saudi Arabia.
Covington & Burling United Gulf Management
Crescent Capital Management, LLC US-Saudi Arabian Business Council
CT Capital International Wa’el N. Chehab www.first-vantage.com
Dar Al-Handasah Consultants Wafra Investment Advisory Group
Nick Debs Wellington Management Company For more information, please contact:
Tom Buehler at tbuehler@first-vantage.com or
Fognani Guibord & Homsy Jeremy Svagdis at jsvagdis@first-vantage.com or
Geoffrey Milton via telephone at (770) 346- 0153.
Gulf International Bank
H.E. Issam M. Fares
Hasib Sabbagh * System response and account access times may vary due to a variety of factors, including market
HSBC Bank (USA) conditions, trading volumes, system performance, and other factors.
Industry Restaurant
JPMorgan Chase & Co.

twenty-two twenty-three
C O M M U N I C AT I O N S

The ABANA website continues to grow, with increased event coverage, member services and
discounts available through the site. Regular visitors to the site follow the job postings, US and
international upcoming events and the resources sections of the site. Online links and resources
are set to expand significantly in 2004 as new knowledge management tools are added to the site.

The Association built a custom in-house database in 2003, part of a multi-step


project to rebuild our membership directory into a broader directory of business
contacts for our members. The system has already greatly streamlined billing,
communications and event planning.

Finally, the ABANA Review generated record advertising income this year, as
more and more advertisers became aware of the publication’s audience and cir-
culation. The ABANA mailing list, updated constantly, remains over 2,200. The
Review continued to be more topical this year, with issues focused on the hedge
fund industry and the new regulatory environment.

 2003 C O M M U N I C AT I O N S C O M M I T T E E

Robert P. Haney, Esq., chair


Paul C. Homsy, Esq.
John A. McKesson
Abbas (“Eddy”) F. Zuaiter
Laura Osman, ex officio

twenty-four twenty-five
KIPCO GROUP
KUWAIT PROJECTS COMPANY (HOLDING)
SUBSIDIARIES AND AFFILIATES
Kuwait Stock Exchange-listed investment holding company
positioned as a leading regional player through strategic
A D V E RT I S I N G equity stakes in five business sectors

KUWAIT MIDDLE EAST/


N. AFRICA/ EUROPE
The ABANA Review is ABANA’s quarterly publication. Each issue includes in-depth guest articles
on areas of interest to our members, as well as current news and announcements from members. Financial Services
Recent issues have highlighted the hedge fund industry, Islamic finance and the implications of the Burgan Bank United Gulf Bank (Bahrain)
US Patriot Act for the international banking sector. Gulf Insurance Co. Jordan Kuwait Bank
KAMCO (Asset management) Tunis International Bank
Kuwait Clearing Co. Algeria Gulf Bank
Hauck & Aufhäuser (Germany)
Banque Cramer (Switzerland)
The ABANA Review is distributed to over 2,200 readers in the world of
Media / Telecom / IT
international banking and finance.
Wataniya Telecom ShowTime (JV with Viacom)
United Cable Co. ShowNet Internet Solutions
US 67% United Net Global Direct
Arab World 23% Gulf SAT Tunisiana Telecom
Europe 10% Wataniya Algeria Telecom
Asia Cell (Iraq)
Back issues are available at www.arabbankers.org or by Industrial / Commercial
contacting ABANA.
United Industries Co. Saudia Dairy & Foodstuff Co.
United Fisheries of Kuwait Egyptian Dairy & Foodstuff Co.
Hempel Gulf Group
 A D V E R T I S I N G R AT E S Bonjus (Lebanon)

Real Estate
Full page: $1,000
Half page: $500 United Realty Co. Subsidiaries in Egypt and Lebanon
Quarter page: $250 Services
United Health Care – Dental and Health Clinics
To place an advertisement in the ABANA Review contact United Education – American University of Kuwait
Susan Peters at 212 599 3030 or speters@arabbankers.org. United Aviation – Air Charter

International Services
United Gulf Management, Inc. (VC / RE Investments, Tech Transfer)
VOL. XXI, NO. 1 Winter 2004

USA
ABANAREVIEW Arab Bankers Association of North America
Hunter Capital Group, L.L.C. (Investment Banking/Advisory)
UK United Gulf Management, Ltd. (Investment Management/Advisory)
INTHISISSUE ABANA Celebrates 20th Anniversary with
India Pulsar Knowledge Center
1 Lifetime Achievement Award Honoring Founding
ABANA Celebrates 20th Anniversary Member Dr. Richard A. Debs
with Lifetime Achievement Award
Honoring Founding Member

T
Dr. Richard A. Debs
wo hundred and ninety and he has remained an active nent Mission of Qatar to the
well-wishers turned out member and frequent speaker UN); Mr. Abdul Mohsen Al-
3 to see Dr. Richard A.
Debs receive ABANA’s presti-
at ABANA events over the
years.
Qattan; Dr. Yahya Al-Yahya
(World Bank); Sheikh Abdullah
Reflections on ABANA’s 20th
gious Lifetime Achievement In his acceptance speech Nasser Al-Sabah; Walid A.
Anniversary
Award on November 22, (see page 12 for a full tran- Chammah (Morgan Stanley);
2003, at the New York Palace. script) Dr. Debs called upon Mr. David S. Dodge (American
12 It was a momentous occasion,
given Dr. Debs’ long affiliation
ABANA members to go
beyond their traditional roles,
University of Beirut); Mr.
Mikhael Fares; H.E. Dr. Abdul
Building Bridges: ABANA Lifetime
with the ABANA, which was and make use of their knowledge Rahman Gdaia (Consulate
Achievement Award Acceptance
celebrating its twentieth of the US and the Arab World General of Saudi Arabia); Mr.
Speech
anniversary. in order to help people on Ray R. Irani (Occidental
by Dr. Richard A. Debs
Chairman of the American each side better understand Petroleum Corporation); H.E.
University of Beirut (AUB)
Board of Trustees, Dr. Debs
was the founding President of
Morgan Stanley International
and since 1987 has been an
each other.
Distinguished guests in
attendance included Dr.
Khaled Al-Fayez (Gulf Inter-
national Bank), H.E. Amb.
Amb. Ted Kattouf; H.E. Amb.
Yahya Mahmassani (League of
Arab States to the UN); H.E.
Amb. Richard Murphy (Council
on Foreign Relations);
P.O. Box 23982 • Safat 13100 • Kuwait United Gulf Management, Inc.
17
Advisory Director of Morgan
Stanley. He brought Morgan
Stanley in as an original insti-
tutional member of ABANA
Tawfeeq Ahmed Al Mansoor
(Permanent Mission of
Bahrain to the U.N.); H.E.
Nassir A. Al-Nasser (Perma-
Hutham S. Olayan (Olayan
America Corporation); Dr.
Kamal A. Shair (Dar Al-Han-
dasah Consultants); Michio
Tani (Mizuho Securities); Dr.
Tel 965-2444350 • Fax 965-2445918 176 Federal Street • Boston, MA 02110 • USA
New ABANA Board Members
Elected

20
IN THIS ISSUE
John Waterbury (American
University of Beirut). ABANA
was particularly honored by
the presence of Mr. Hasib J.
Sabbagh, who was accompanied
Website www.kipcogp.com Tel 617-303-4100 • Fax 617-303-4199
Recent ABANA Events

Focus on by his daughter, Sana Sabbagh.


Speakers included Tarek
Abdel-Meguid (Morgan Stan-
ley); William R. Rhodes (Citi-
Email kipco@uggi.com Email ugm@unitedgulf.com
ABANA’s 20th group, Inc); Paul A. Volcker;
Samer Khanachet (ABANA/
United Gulf Management) and

Letter from the President 2


Anniversary Geoffrey Milton (ABANA).
Audio coverage of their
speeches, as well as Dr. Debs’
acceptance speech and photos
Corporate News 22
from the ABANA Lifetime
People 22
Achievement Award dinner,
New ABANA Members 23
are available on ABANA’s
ABANA Calendar 28
website.

twenty-six twenty-seven
The investment banking arm of the KIPCO Group S T R AT E G Y
Publicly listed in Kuwait and Bahrain AND N O M I N AT I O N S

 2003 S T R AT E G Y C O M M I T T E E
United Gulf Bank recorded its best results ever in 2003 as net income
reached $36.2 million (15.4 % ROE) and assets grew to $1.2 billion Mona Aboelnaga, chair
supported by a strong equity base ( BIS 21.9%) of over $260 million. Monir Barakat
John O. Hatab
Muhannad W. Kamal
UGB manages today, in its Silver Jubilee year, a diversified portfolio of
Dr. Safwan M. Masri
investments in wealth and asset management, commercial banking, real Abbas (“Eddy”) F. Zuaiter
estate, telecommunications, private equity and quoted securities. Issa N. Baconi, ex officio
Geoffrey Milton, ex officio
Performance at UGB’s major subsidiaries and associates has been very Laura Osman, ex officio
strong and has contributed to a substantial appreciation in market value over
carrying cost. Core investments in subsidiaries and associates include:

KIPCO Asset Management Co. (KAMCO), Kuwait


United Real Estate Company, Kuwait
Jordan Kuwait Bank, Jordan - Tunis International Bank, Tunisia
Algeria Gulf Bank, Algeria
UGB Securities Co., Bahrain - United Industries Company, Kuwait
Gulf Egypt for Hotels and Tourism Company, Egypt

UGB and its subsidiary KAMCO have a demonstrated track record of


successful investment banking transactions including corporate finance
advisory, new issue placement and underwriting, mergers and acquisitions,
bond issuance and investment product structuring and placement. Assets
under management exceed $ 4.4 billion.

www.ugbbh.com
 2003 N O M I N AT I O N S C O M M I T T E E

Dr. Safwan M. Masri, chair


United Gulf Bank B.S.C. Odeh Aburdene
P.O. Box 5964 , United Gulf Bank Tower , Diplomatic Area , Manama, Kingdom of Bahrain Mona Eraiba
Tel. +973-17-533-233 Fax. +973-17-533-137 Email: info@ugbbah.com Amr M. Nosseir
Issa N. Baconi, ex officio

twenty-eight twenty-nine
PA S T P R E S I D E N T S NATIONAL BANK OF PAKISTAN
AMERICAS & EUROPE REGION
Three (3) Locations within the USA & Two (2) in Europe
2000-02 Hani K. Findakly to serve your needs:
Clinton Group
NEW YORK BRANCH WASHINGTON BRANCH CHICAGO REP. OFFICE
100 Wall Street, 21st Floor 1875 Connecticut Ave., NW 2315 West Devon Ave.
1997-99 Antranig R. Sarkissian New York, NY 10005 Washington, D.C. 20009 Chicago, Illinois 60659
Citibank Tel: (212) 344-8822 (202) 462-7373 or 3880 or 3850 (773) 508-9728 or 9738
Fax: (212) 809-4720 (202) 667-2515 (773) 508-9723
1995-96 Isam Salah, Esq. Email: nbpnewyork@aol.com nbpwashington@aol.com nbpchicagousa@cs.com
King & Spalding
FRANKFURT BRANCH PARIS BRANCH
Holzgraben 31, Postfach 101 643 90 Avenue Des Champs Elysees
1995 Ziad K. Abdelnour 60313 Frankfurt am Main 75008 Paris
Interbank/Birchall Partners Frankfurt, Germany France
Tel: (49) 69 975 71200 Tel: (33) 142 56 0911
1993-94 Monir Barakat Fax: (49) 69 748 151 Fax: (33) 145 63 6604
nbpffm@aol.com nbpparis@aol.com
Wafra Investments Advisory Group

1992 Camille A. Chebeir Services Offered By Us at New York, Washington D.C.,


Sedco Services Frankfurt & Paris Are:
1990-91 Issa N. Baconi
 Commercial Loans
Gulf International Bank
 Trade Finance
1988-89 Taher D. Makkiyah  Remittances to Pakistan
1985-86 Talat M. Othman
Grove Financial
 Dollar/ Euros to Rupees and Dollar/ Euro to Dollar/ Euro
transfers available at competitive rates
1983-84, Fakhruddin Khalil  Remittance forms available by fax, mail or on our website
1987 F. Khalil and Company www.nbpusa.com (for USA only).
ABANA Founding President
 Deposits
 Competitive rates for deposits in Dollars (over $100,000)
and in Euros.
Please call the respective units for further information.

(Deposits in the USA are not fdic insured)

thirty thirty-one
LIFETIME
A C H I E V E M E N T AWA R D
RECIPIENTS
A. Robert Abboud HRH Prince Alwaleed Bin Talal
A. Robert Abboud & Co. Bin AbdulAziz Alsaud
Kingdom Holding Company
Mahmoud Abdel-Aziz
National Bank of Egypt Salim Ahmed Bin Mahfouz
The National Commercial Bank
Ghazi M. Abdul Jawad
Arab Banking Corporation Ibrahim S. Dabdoub
National Bank of Kuwait
Dr. Mohamed Abushadi
Al-Ubaf Group Dr. Richard A. Debs
Morgan Stanley International
Dr. Khaled M. Al-Fayez
Gulf Investment Corporation Dr. Abdullah El-Kuwaiz
Islamic Development Bank
Abdlatif Yousef Al-Hamad
Arab Fund for Economic & Nemir A. Kirdar
Social Development Investcorp

Mohamed Abdul Mohsin Suliman Olayan


Al-Kharafi The Olayan Group
National Bank of Kuwait
William R. Rhodes
Citigroup/Citibank

Abdulla A. Saudi
Arab Banking Corporation

Abdul Majeed Shoman


Arab Bank

thirty-two thirty-three
UNITED GULF
MANAGEMENT, INC.
A wholly owned subsidiary of Kuwait Projects Company (Holding)

Access? Expertise? Experience? Since 1991, UGM has advised its parent, affiliates and clients on over
We’ve got it! a half billion dollars in U.S. investments:
Since its inception more than 35 years
ago, the National U.S.-Arab Chamber of
Commerce (NUSACC) has been the Private Equity
preeminent organization for fostering
trade and investment between the USA • 13 years, 17% return (IRR) per year.
and the Arab World. As the U.S. point
of contact for the national chambers of • Access to top-tier, closed-to-public, venture capital funds.
commerce in the 22 Arab states,
NUSACC is unique in its scope and • Diversification across industry sectors and investment stages.
breadth. • Accessible minimum investment size to individuals and institutions.
Under new management since January • Centralized funds administration, reporting and distributions.
2004, NUSACC is leading America’s
private sector efforts to implement Free
Trade Agreements (FTAs) between the
United States and the Arab nations. Real Estate
Based in Washington D.C. with • 13 years, 26% pre-tax return (IRR) per year.
additional offices in New York, Houston,
and Los Angeles, NUSACC looks • Diversification across residential, office and industrial product and
forward to serving as your voice for
business between the Arab World and real estate securities.
the United States.
• Expertise in tax efficient ownership and operation.
1023 15th Street, NW
Suite 400 • Comprehensive management from purchase to sale.
Washington, DC 20005
Tel: 202-289-5920
Fax: 202-289-5938
www.nusacc.org
United Gulf Management, Inc.
176 Federal Street • Boston, MA 02110 • USA
Tel 617-303-4100 • Fax 617-303-4199
Email ugm@unitedgulf.com

thirty-four thirty-five
A R A B B A N K E R S A S S O C I AT I O N O F N O R T H A M E R I C A

www.arabbankers.org TELEPHONE: 212 599 3030


info@arabbankers.org FACSIMILE: 212 599 3131

MAILING ADDRESS: OFFICE ADDRESS:


P.O. Box 2249, Grand Central Station 420 Lexington Avenue, Suite 2034
New York, NY 10163 New York, NY 10170
DESIGN: JAMES SALSER, DESIGN 158, NYC

Susan Peters
Executive Director
speters@arabbankers.org

Marie-Thérèse Abou-Daoud
Administrative Assistant
mabou-daoud@arabbankers.org
arab bankers association of north america

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