i was delighted to receive an invitation from the arab bankers association council in london to attend a prestigious ceremony honoring my esteemed friend, mr. yousef al-awadhi, as the recipient of the ‘banker of the year 2024’ award.
this accolade recognizes his more than forty-year career in banking and investment, marked by integrity, dedication and an impeccable professional reputation.
held on november 7 in one of london’s most luxurious venues, the event gathered a distinguished assembly of senior finance leaders, including lord alistair king, a member of the city of london council, who would assume the historic role of the 696th lord mayor of the city the day after the ceremony.
lord king delivered a heartfelt speech, following a warm introduction by mr. gaby fadel, chairman of the arab bankers association, setting a respectful and celebratory tone for the evening.
yousef’s speech, in turn, highlighted the essential role of arab financial institutions in the uk, the global significance of london’s financial hub and the critical contributions of the finance and investment sectors to the economy.
yousef and i first met over forty years ago while working together at the gulf bank in the late 1970s. our friendship has remained strong ever since.
while i moved on, he stayed, eventually rising to the highest positions within the bank before moving on to lead the kuwait investment office in london.
he took the helm of this vital investment arm of the state of kuwait at a challenging time, skillfully steering it through difficult periods, including significant losses in spain.
his effective leadership restored stability and confidence and one of his most remarkable achievements was his decision to reduce the office’s high stake in british petroleum (bp) for strategic investment reasons.
in 1997, he oversaw the sale of three percent of bp’s shares in a high-stakes ‘blind block deal’ worth nearly $2 billion, resulting in significant profits for kuwait. the transaction, which drew international acclaim, underscored yousef’s professionalism and financial acumen.
the arab financial presence in london has deep roots, with kuwait playing a foundational role dating back to 1953 with the establishment of the kuwait investment office, the world’s first sovereign wealth fund.
this fund was an early visionary step toward managing kuwait’s surplus oil revenue, setting a pioneering model later followed by major economies, including norway and other gulf countries.
today, yousef serves as chairman of the british arab commercial bank (bacb), one of the oldest arab banks in london. despite his relatively brief tenure, he has already driven profits to record highs and substantially expanded the bank’s operations.
his career also includes numerous influential executive and advisory roles within prominent financial institutions across kuwait, london and other global and arab financial centers.
his distinguished career earned him the honor of knight commander of the most excellent order of the british empire (kbe) from queen elizabeth in 2005 for his contributions to strengthening uk-kuwait economic relations.
attending this ceremony in london, in the company of some of the world’s brightest minds in finance, was a truly special moment, celebrating a kuwaiti financial icon who commands immense respect wherever he goes, especially in london’s “city” -- the historic financial district.
yousef ’s impressive academic background, with a phd from the university of colorado and a ba in economics from the american university of beirut, complements his career and his economic insights continue to be both profound and highly respected.