KHALID Mohamed Kanoo, Chairman of Yusuf bin Ahmed Kanoo Group (YBA Kanoo), one of the largest family-owned businesses in the Arabian Gulf announced the new structure of the group.

The new structure, will prepare YBA Kanoo for future growth and an IPO in 3 to 5 years, and has given Kanoo Family members clearly defined authority in running the operations of the Group’s multiple businesses which include Kanoo Travel, Kanoo Industry & Energy, Kanoo Shipping & Logistics, Kanoo real Estate, Kanoo Capital and Kanoo Innovations.

“The Board has appointed Executive Committees to oversee each of the Business Division. The Presidents and Vice Presidents of these committees are Family Members and others are from the Senior Group Management with Divisional CEOs to run each of the operations,” Khalid Kanoo said. “I also set out my longer-term goal, to become IPO ready and transition to an investment-focused organization rather than an operator in various fields,” he added.

To achieve and implement the long-term strategies of YBA Kanoo, Khalid Kanoo mentioned that Jeffery H. Singer, an international executive with an extensive experience in leading businesses was recently appointed as Group Chief Executive Officer.

Singer held positions as CEO of Dubai International Financial Center Authority (DIFCA) and CEO of NASDAQ Dubai and he was the Senior Vice President of The Nasdaq Stock Exchange in New York, which runs stock markets in 26 countries around the world.

YBA Kanoo, a family-owned conglomerate which operates in several countries including, the Kingdom of Saudi Arabia, the United Arab Emirates, the Kingdom of Bahrain and the Sultanate of Oman will be celebrating 130 years of doing business in the region and beyond next year and has a vast network and experience in multiple fields. It has established itself as a first-choice partner for regional & international businesses and continues to pursue growth and expansion through the constant delivery of business excellence. — SG