The Dubai-based private investment bank, established in 1977 and one of UAE's oldest, has tapped senior talent from Saudi Arabia with a European track record to take on the leadership role left vacant last year.

After a nine-month search, Emirates Investment Bank has named Gaurav Shah as its new chief executive. He is joining the private and investment banking house from financial services firm Al Rajhi Capital in Saudi Arabia, where he was acting CEO for nine years.

Prior to this, Shah was based from London and Zurich as managing director and global head of product and investment solutions at Credit Suisse Global Investors. He also spent time in senior management roles at Morgan Stanley and Deutsche Bank.

He will step into the top post held in the interim by CFO Imad Bou Khouzam following the snap resignation of CEO Khaled Sifri back in May 2019. Sifri had been at the helm since 2007 and the bank has not commented on the reason for his departure.

EIBank offers investment and banking services to wealhy families and entrepreneurs across the Middle East and internationally. It reported a drop in profits for the nine months to November 2019. Bou Khouzam said that the balance sheet decline was mostly down to implementing “revisions to the bank’s risk appetite."