Published: June 23, 2009
Bahrain's Investcorp has announced that Mohammed Al-Shroogi, Citigroup's former managing director for the Middle East and CEO for Citi in the UAE, has resigned and will join Investcorp as head of its Gulf activities.
Al-Shroogi will remain in his post at Citi until August 31, 2009 in order to ensure a smooth management transition. He will remain with Citi as a member of its Middle East Advisory Council, which the firm is establishing.
A 30-year veteran of Citi, Al-Shroogi oversaw Citi's growing business in the Gulf, Levant and Pakistan region, previously serving as Citi country officer in Bahrain and chairman of Citi Islamic Investment Bank (CIIB).
Al-Shroogi moved to Dubai in 2006 in order to oversee the establishment of Citi's regional operations out of the Dubai International Financial Center (DIFC). The DIFC houses Citi's investment banking and equity businesses in the MENA region along with Islamic Banking and non-UAE regional banking businesses. In 2007, the bank established a dedicated MENA-level equity research team covering major sectors.
He also oversaw Citi's expansion into new markets in the region, including Kuwait and Qatar where the bank established full fledged branches in 2006 and 2007 respectively. His replacement will be announced in due course.