Atif Al Othri was previously head of corporate banking at Bank Muscat in Saudi Arabia

UAE-based financial services group Shuaa Capital has appointed a new CEO for its fully owned Sharia-compliant business financing arm, Gulf Finance Saudi Arabia.

The new CEO, Atif Al Othri, will lead a team responsible for providing financial lending and leasing products and services to SMEs in the kingdom.

“As we forge ahead with the expansion of our various business lines, we are paying particular attention to our presence in the kingdom during this focal point in its history,” said Shuaa Capital and Gulf Finance Saudi Arabia Chairman Jassim Alseddiqi.

“With the kingdom gearing up for the next stage in its economy’s evolution, Atif’s experience and knowledge makes him the ideal candidate to lead our ambitious plans there.”

Prior to joining Gulf Finance, Al Othri was deputy head of corporate banking at Bank Muscat in Saudi Arabia, and has also held the role of regional head of corporate banking at AlAwwal Bank and head of business banking at SABB.

Commenting on his new role, Al Othri said that Gulf Finance sees “robust demand” for financing solutions in Saudi Arabia, particularly in light of government diversification and sectoral privatisation efforts.