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ANNUAL REPORT 2003

A B A N A

A R A B B A N K E R S A S S O C I A T I O N O F N O R T H A M E R I C A

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table of contents

About ABANA 3President’s Report 5Board of Directors 6Membership 8

Institutional Members 10Individual Members 11

Programs 16Event Sponsors and

Contributors 22Communications 25Advertising 26Past Presidents 30Lifetime Achievement Award

Recipients 32

The Arab Bankers Association of North America is a not-for-profit professional association withmembers in the banking and financial services industry from the Middle East and the UnitedStates. Through its programs, web site and publications, ABANA fosters improved relations,information-sharing and understanding between the Arab and American public and privatefinancial sectors.

In 1982, a group of Arab bankers identified a need for an association to fosterprofessional exchange and promote the business interests of the Arab and Arab-American financial community in the US. The “Kitchen Cabinet,” a small groupincluding Issa Baconi, Monir Barakat, Hutham Olayan, Fadi Saab and CharlesYeterian, supported by founding president Fakhruddin Khalil, outlined theirvision for this new association and enlisted 45 prominent professionals to jointhem in launching the Arab Bankers Association of North America (ABANA) in 1983.

Now celebrating its twentieth anniversary, ABANA’s membership has grown toan all-time high of 63 institutions and 400 individuals. The membership hasalso expanded beyond the traditional definition of “Arab banker,” drawing inArab and non-Arab professionals from the wider financial services and relatedsectors with activities in the US and the Arab World. This diversity is reflected in the breadth of ABANA speakers and event topics over the years, bringing itrecognition as the preeminent organization serving the US and Arab financialcommunities.

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objectives

developPromote private and public financial services industry relations between the Arab World and NorthAmerica through meetings, events and conferences

communicateFacilitate the exchange of economic and financial information between the financial services industryin the Arab World and in North America through its publications and website

educateProvide educational and growth opportunities to individuals working in or with the Arab financialcommunity through information, services and programs

I am very pleased and, more so, honored to be writing this letter for ABANA’sannual report. The last twenty years have seen the Association strengthen byevery measure, and our stature in the community and contribution to ourconstituencies have lived up to our founders’ dreams. Their vision and efforts and those of subsequent supporters of ABANA must be acknowledged here.

The accomplishments of 2003 continue to sustain that vision; ABANA had thegreatest one-year jump in membership history, to an all-time high of sixty-threeinstitutions and over 400 individuals. This was brought about by a diverse andtopical program of events, an engaging, informative website and increased outreach both in the US and in the Middle East, resulting in ABANA’s most successful financial year ever.

For all that has been achieved, there are many opportunities ahead. In a difficultinternational environment ABANA can and must play an increasingly critical rolebringing together Arab and American members of the financial services commu-nity, connecting the public and private sectors, educating them and ensuring thatthese different communities communicate and stay informed. To that end, ABANAthis year brought in a number of central bank members and is enhancing its roleas a platform for finance ministers, central bankers and private industry leaders tomeet with the Arab and American financial services communities in the US.

Additionally, ABANA is moving forward with the ABANA Foundation, with thehope of building the resources necessary for scholarship aid to needy, deservingArab students looking for an education in banking and finance. We look forwardto raising support from across our membership to make this dream come true.

Difficult times bring about great opportunities. We are living such times and theBoard of ABANA is acting purposefully and with great energy to make these possibilities come true.

I end in thanking, on behalf of ABANA, all of those who have made the last twenty years possible. I thank successive directors and presidents of theAssociation and the current Board for their dedication and commitment to ourcause. I also thank the staff, whose efforts support our achievements.

I look forward to another successful year and to building on the traditions andfoundation that have been so successfully laid down.

Samer S. Khanachet

P R E S I D E N T ’ S R E P O R T

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The ABANA board of directors and its committees meet regularly to conduct the affairs of theAssociation. Each year, ABANA members elect approximately one-third of the board of twentydirectors. New board members are announced at the annual meeting, which is held in New YorkCity every January and is open to all members. The Board, in turn, elects its officers. Profilesand committee membership of current board members are available at www.arabbankers.org.

ABANA encourages its members to recommend 2005 board candidates.Contact Board Nominations Committee Chair Laura Osman atnominations@arabbankers.org.

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P R E S I D E N T

Samer S. KhanachetPresidentUnited GulfManagement, Inc.

V I C E P R E S I D E N T

Issa N. BaconiExecutive Vice Presidentand Branch ManagerGulf International Bank

S E C R E TA R Y

Robert P. Haney, Esq.Partner and ChiefOperating OfficerCovington & Burling

T R E A S U R E R

John O. HatabMetro Region ManagingTax PartnerPricewaterhouseCoopers

D E P U T Y T R E A S U R E R

Muhannad W. KamalGeneral ManagerNational Bank of Kuwait

V I C E P R E S I D E N T

Geoffrey MiltonV I C E P R E S I D E N T

Laura OsmanDirectorConcord InternationalInvestments

D E P U T Y S E C R E TA R Y

John A. McKessonVice PresidentJP Morgan Chase

Mona AboelnagaVice Chairman and ChiefOperating OfficerOverture AssetManagers

Odeh Aburdene Managing DirectorCT Capital International

Dr. Amir Al-KhafajiAdvisor, Middle East &North Africa RegionWorld Bank

Monir BarakatManaging DirectorWafra InvestmentAdvisory Group

Paul C. Homsy, Esq.PartnerFognani Guibord &Homsy

Abbas (“Eddy”) F. ZuaiterChief Financial OfficerSoros FundManagement

Amr M. NosseirManaging Director/Head-Middle East GroupMorgan Stanley

Mona EraibaPrincipalRosetta ManagementGroup

Dr. Safwan M. MasriVice DeanColumbia University

Richard W. Murphy Hasib J. Sabbagh SeniorFellow for the Middle EastCouncil on ForeignRelations

Mariam C. Said Waël O. Bayazid Managing DirectorThe Carlyle Group

Wa’el N. Chehab PresidentCedar CapitalManagement

Marwan A. Marshi Managing DirectorCitigroup/SalomonSmith Barney

Hani N. BeyhumVice PresidentOlayan AmericaCorporationB O A R D O F D I R E C T O R S

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Thirteen institutions and 165 individuals became new ABANA members in 2003, bringingABANA membership to an all-time high. This general increase may be attributed to an upsurgein US interest in the Arab World, as well as the Association’s higher profile over the past fewyears.

ABANA is particularly pleased to now have three central bank members: BahrainMonetary Agency, Qatar Central Bank and Saudi Arabian Monetary Agency(SAMA). The Association looks forward to adding more central banks andhelping to make their developments better known within the US.

Growth in membership has also been supported by newly instituted policychanges: thirteen students have joined as student members and fourteenindividual members now benefit from discounted fees as employees of ABANAmember institutions. A handful of members took advantage in 2003 of ABANA’spolicy to waive one year’s renewal fees for existing individual members whobecome unemployed. This new policy has allowed them to continue to benefitfrom member services, such as networking activities and job/resume postings.

membership categoriesinstitutional membersCompanies in the banking and financial services or related industry with a direct business interest in the Arab World.

Benefits include invitations to private institutional events, such as small luncheons with distinguished speakers; corporate profile listing in the ABANA Directory; introductory profile and updates in the ABANA Review; and up to five complimentary individual memberships (each individual receives benefits listed below). Additional employees may join ABANA at 25% off the normal individual membership rate.

individual membersProfessionals in the banking and financial services industry with a direct business interest in the Arab World.

Benefits include invitations to ABANA events held throughout the year; discounted rates at seminars, conferences and dinners; access to the online ABANA Directory; a subscription to the quarterly ABANA Review; and listing in the ABANA Directory.

student membersFull-time students, pursuing an advanced degree or in the final year of undergraduate studies, whodemonstrate an intention to enter into a professional field related to the financial services industry.

Student Members receive all of the benefits of Individual Membership but do not vote in the annual election of directors.

abana membership (as of 12/31/2003)

Institutions 63Individuals

Members through Institution 235Individual Members 152Student Members 13

Total 400

2003 membership committee

Muhannad W. Kamal, chairDr. Amir Al-Khafaji Hani N. BeyhumAmr M. NosseirGeoffrey Milton, ex officio

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Abu Dhabi International BankAkin, Gump, Strauss, Hauer & FeldArab BankArab Banking CorporationArab National BankAtlas Investment GroupBahrain Monetary AgencyBank of New YorkBanque SaradarBrown Brothers Harriman & CoCambridge Energy Research Associates

(CERA)The Carlyle GroupCastle HarlanCedar Capital ManagementCiti Islamic Investment BankCitibankClinton GroupCommercial Bank of KuwaitConcord International InvestmentsContinental Advisory ServicesCovington & BurlingCrescent Capital ManagementCT CapitalCurtis, Mallet-Prevost, Colt & MosleDow Jones IndexesEdgevision CapitalENPRO InternationalFirst Islamic Investment BankGoldman Sachs & CoGulf International BankGulf Investment CorporationHSBC Bank USAInvestcorp InternationalIslamic Development BankJP Morgan Chase & Co.King & SpaldingKingdom Holding CompanyKPMGLehman Brothers

Hanan AabidSalim A. AbboudSalim W. AbboudSeif Abdel AzizMahmoud Abdel Aziz MahmoudTarek Abdel-MeguidGhazi M. Abdul-JawadAhmed AbdullatifAtif A. AbdulmalikRym J. Abid-GunJohn H. Abi-HabibRamzi Y. Abi-HabibMona AboelnagaAlain AboudaramBassam AburdeneElias F. AburdeneDr. Odeh AburdeneAbdul Rahman AddasSyed I. AhmadOmer AhmedShuaib AhmedSyed Ajaz AhmedKhaled Al AwadiYacoub Al AwadiAla’a S. Al JabriJamal Al SaeedHamad Sabah Al-Ahmad Al-SabahLeila S. AlameddineH.E. Abdulla Bin Khalid Al-AttiyahFaisal Hamad Al-AyyarH.E. Khalid A. Al-BassamMagda E. AlbinaEisa M. Al-EisaOmar H. Al-Farisi, Esq.Dr. Khaled M. Al-FayezAbdul-Aziz A. Al-GhurairYamen Sami Al-HajjarAbdlatif Y. Al-HamadDr. Abdulrahman A. Al-HamidyMustafa Ibrahim Al-Hejailan

Dr. Ahmad Mohamed AliShafik AliDr. Amir Al-KhafajiH.E. Sheikh Ahmed bin Mohammed

Al-KhalifaMeshan Mohammed Al-KhudairTalal Ibrahim Al-MaimanWael Al-MazeediAshraf Al-QudahHashim Abdulla Al-SaadaAnwar Khawfa Al-SadahDr. Ahmad M. Al-SamarrieAhmed Abdulrab Al-ShaabiMohammed E. Al-ShroogiAlaa Mohammed Al-ShroogiJammaz Abdullah Al-SuhaimiAbdulaziz A. Al-SulaimanFahad Faisal Al-ThaniMoajob Turki Al-TurkiHarry AlversonGerard AquilinaJacques F. AshkarJafar T. AskariGeorge Atallah, Jr.Georges E. AtallahHammad AtassiDr. Khalid Aboul AteeqJoseph G. AudiRaymond AudiLawrence J. AyoubMurtaza AyubDr. Saad Na’man AzhariBashar N. AzzouzAndre O. BackarIssa N. BaconiLoulwa M. BakrMonir BarakatNofal S. BarbarAnthony G. BarbutoKenneth G. Bartels

MashreqBankMeyer Capital PartnersMorgan StanleyMRI-WorldwideNational Bank of EgyptNational Bank of KuwaitNational Bank of PakistanThe National Commercial BankOlayan America CorporationO’Melveny & MyersOppenheimerFundsOverland Capital GroupPricewaterhouseCoopersQatar Central BankRiggs & CoRiyad BankSAMBASaudi Arabian Monetary Agency

(SAMA)SHUAA CapitalSims Moss Kline & DavisState Street Global AdvisorsUnited Gulf BankUnited Gulf ManagementWafra Investment Advisory GroupWellington Management Company

(Italics denote new member)

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Barry ColvinW. James ConradCamille J. CotranNewell J. CottonChristopher CrockettAlfred CullenMayya DabbaghIbrahim S. DabdoubJean-Pierre DaccacheOla DajaniJamal DanaTarek DaoukGilbert H. Davis, Esq.Norman D’CruzVera de LadoucetteDr. Richard A. DebsDon N. DeMarinoDavid DeMartinoEdward DennehySonia DereyanLamine DjilaniRebecca P. DochatIyad DuwajiAbdul-Hakim DyerHassan EissaShadi ElFarrHafez Kamel El-GhandourJoseph M. ElhilowRami ElkhatibHisham H. El-KhazindarDr. Abdullah El-KuwaizMohammed A. El-KuwaizSamir J. El-TawileMona EraibaHal C. ErenFawzi E. FarahSaleh FarajCynthia H. Fareed, Esq.Mohannad T. FaroukyKarim Moufid FarraEmile M. FarsounDonald P. FavreAlan D. Feld, Esq.Edgar C. FeltonJose W. Fernandez, Esq.Mohamed A. FezzaniDr. Hani K. FindaklyJ. Michael Fitzgibbons

Tariq JawadAbdo I. JeffiDonald A. JordanGhassan E. KachouhGeorge Kahale, IIIHabib KairouzMuhannad W. KamalSaleh A. KamelTarik KaoukjiYasmeen KazimiLatifa KettaniRym KhalifehAmmar KhalilFakhruddin KhalilSouhair KhalilSamer S. KhanachetDr. Mohamad W. KhoujaWilliam KhouriRabih KhouryNemir KirdarArlette I. KittanehNagy KoltaHusam M. KutaifanLouis P. LagiosJack P. LevinGeorge LiberopoulosFrancis P. LivelyGeorge C. LodgeRay LundWalid MaaloufNabil MaasaraniElham MahfouzWajdi R. MakhamrehZiad MakkawiSanny H. MakkiJoshua MaldonadoFawzi H. MaloufFalisha I. MamdaniKenneth ManottiMarwan A. MarshiEyad I. MashalNabil W. MasriOmar M. MasriDr. Safwan M. MasriNaji MassouhOndine L.M. McBurneyJohn A. McKessonMichael J.T. McMillen, Esq.

Khaled FouadJohn D. Freeman, Jr.Diane D. FullerRobert GeitzWerner R. GenieserMuhammad A. GhafoorFawaz Yousef GhanemAyham Y. GharaibehWilliam F. GhazarWajahat Hassan GilaniHazlitt GillMichael P. Gilmore, Esq.James M. GodecNavid GorayaLauria GrahamAnthony T. GreccoMohammed GrimehElias A. HaddadSuhaila HaddadAlberto HaddadSouheil HajjarFares HajjarGeorge HallSherief HammadRobert P. Haney, Esq.Mohammad HaroonJohn O. HatabMasoud J. HayatPierre J. HerszdorferWilliam J. HillH.E. Abbas HilmiPaul HindesRichard Hobson, Jr.John J. HoeyGeorge HoguetPaul C. Homsy, Esq.Hani HoussamiPhilip K. HowardDesmond J. HudsonSanjay HundiwalaAsad HusainDr. Ray R. IraniRobert IvosevichMazen JabbanDr. Paul JabberSergio JalilGeorge N. JalinosMatthew G. Jalinos

Mark H. BarthMichael BarzMohan BatraGregga BaxterWael O. BayazidLeila BenaliM. Rafiq BengaliRicardo BenitezKerim Alain BertrandHani N. BeyhumHRH Prince Alwaleed Bin Talal

Bin AbdulAziz AlsaudDr. Amer BisatJohn BiscetteRamzi A. BishutiMarco A. Blanco, Esq.Aslam S. BoolaniBrad D. BourlandTodd BoydPhilip A. BrownCharles L.O. BuderiJames BurkhardVeronica Matta ByrnesSaida CampbellManuel Campos GalvanEmmanuel CaravanosJohn K. CastleRajaa ChbaniMohamed ChbaniCamille A. ChebeirWa’el N. ChehabDiane ChehabNicolas E. ChoueiriLouis Cina

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Robert J. McNeillKathleen MeenaghanBruno MejeanAshraf Zaki MelekaAndrew M. Metcalf, Esq.Eric MeyerGeoffrey MiltonJ. Wilson MitchellDavid L. Mogel, Esq.Ragheed I. MoghrabiIqbal MohamedTaj MohammadSuleiman MohammadOmar T. Mohammedi, Esq.Mahmoud MontasserLouAnn MooreWilliam A. MoranDr. Edward MorseRasha Hassan MosaadRaymond L. Moss, Esq.Ramzi A. MoufarejChristian MuellerJohn V. MurphyH.E. Richard MurphyShujaat NadeemJoseph NaderPierre G. NaggearMohamed NaguibHaig NajarianDr. Faraz NaqviShehzad NaqviWassim NasrallahRagai NasserJohn A. NielsenAnjum NisarMohamed A. NooruddinAmr M. NosseirChristopher J. O’BrienCharles OgburnHutham S. OlayanPatrick O’MearaMichael P. OrschelnLaura OsmanBenjamin E. OstromJohn P. OswaldTalat M. OthmanJeff PeanickPaul Perry

Joanna E. PetersDauvin J. PetersonC. William PhillipsNeil PieknyJohn A. PintarelliSusan F. PollackMuayyad QubbajKhaled M. RabbaniTherese J. RabiehDavid Tayeb RadiVincent RaniereWaleed Aboul RashdanHisham A. RazzuqiAbdul Rahman RifaiImran RiffatDr. Aderrahman RobanaSami RobanaSalam SaadehWissam Wael SaadiCamile G. SabaEmile SabaNemeh E. SabbaghSana H. SabbaghAyman SafadiMariam C. SaidIsam Salah, Esq.George R. Salem, Esq.Mahmoud SalemAttia SalemAdil SanaiMoayyad SarawanAntranig R. SarkissianSamer Maher SarrafNabeel SarwarWilliam Satchell, Esq.Dr. Ahmad A. SbaitiAhmed M. SeirafiDr. Samir SeraphimJohn R. SerhantBerge Setrakian, Esq.Amjed Esam ShackerKhaled M. ShaheenMamoun ShaifAbdul Alim ShaikhAmjad Ali ShaikhHanif A. ShakirArul ShamugamAla’deen R. Shawa

William B. ShepardTarek K. SherlalaAbdul Majeed ShomanDina A.H. ShomanA. Rushdi SiddiquiMuhammad SiddiquiFaizan SiddiquiDavid SiegelPamela M. SigdaSuhail SikhtianJerry L. Sims, Esq.Scott F. SmithJohn R. SnowSamer SolhRobert S. Strauss, Esq.Henry SullivanEugeniusz SzewczykSamir TabetKevin R. TaeckerAbdel-Fattah TahounKarim Taleb, Ph.D., CFASamer TamimiReuben TatzKeith TennySean TerryRobert W. Thabit, Esq.Ron Albert ThomannHenry ThompsonRobert W. ToanTony ToomaPaul TouloumbadjianPaul N. TravisJohn TsuiChris UllmanArif UsmaniPeter VerwoerdSadek WahbaJarett WaitLawrence S. WeinblattDiederik J.K. WerdmölderWilliam Wilby, Ph.D., CFA

H. Russell WilksRobert R. WilliamsWilliam F. WilliamsBayly Philip WinderDavid Wohabe, Esq.Kurt WolfgruberJacob YahiayanDaniel YerginCharles F. YeterianMohamed S. YounesTarek YounesDavid J. YoungAsim ZafarSaad ZamanAyman ZameliDennis R. ZarrRichard P. Zimpfer, IIHarbaoui ZoubierAbbas F. ZuaiterAhmad F. ZuaiterWaleed F. Zuaiter

(Italics denote new member)

Learn more about ABANA membershipand its benefits at www.arabbankers.org.Applications are available online or bycontacting ABANA at 212 599 3030 orinfo@arabbankers.org.

Encourage your friends and colleagues to join ABANA! When you refer newmembers you expand their opportunitiesfor professional growth and enrich yourAssociation.

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P R O G R A M S

Given the great level of respect and admiration in which his peers hold Dr.Richard A. Debs, this year’s Lifetime Achievement Award Dinner was anotherresounding success. Morgan Stanley’s Tarek F. Abdel-Meguid, Citicorp’s WilliamR. Rhodes and former head of the US Federal Reserve Paul Volcker were theevening’s distinguished speakers. ABANA members and friends were also hon-ored to be joined this year by a number of Dr. Debs’ fellow trustees of theAmerican University of Beirut.

Contact info@arabbankers.org with recommendations for future ABANA eventsand speakers.

abana events 2003

TOUR OF THE ISLAMIC ART DEPARTMENT January 16, 2003The Metropolitan Museum of Art, New York City

With support from Fognani Guibord & Homsy LLP, Gulf International Bank, Mary and Amr

Nosseir and Wafra Investment Advisory Group.

Membership Event led by The Metropolitan Museum of Art’s Islamic Art Department Curator Daniel Walker

AMERICA & THE MIDDLE EASTJanuary 23, 2003Citigroup Building, New York City

ABANA Annual Meeting with speaker Shibley Telhami, Anwar Sadat Professor, University of Maryland

OUTLOOK FOR PALESTINIAN/ISRAELI RELATIONSFebruary 12, 2003Princeton Club, New York City

With support from Arab Banking Corporation and O’Melveny & Myers LLP.

Membership Event with speaker Henry Siegman, Senior Fellow & Director of the US/Middle East Project, Council on Foreign Relations

THE CURRENT GEOPOLITICAL ENVIRONMENTFebruary 27, 2003University Club, New York City

Institutional Member Event with speaker Robert Hormats, Vice Chairman, Goldman SachsInternational Corp.

OUTLOOK FOR THE US ECONOMYMarch 20, 2003JPMorgan Chase Headquarters, New York City

With support from JPMorgan Chase.

Institutional Member Event with speaker James Glassman, Senior Economist & Director of US Economic & Policy Issues Research, JPMorgan Chase

Paul C. Homsy, Esq., chairMona AboelnagaOdeh AburdeneHani N. BeyhumMona EraibaJohn A. McKessonRichard W. Murphy Geoffrey Milton, ex officio

ABANA had another extremely active and diverse programs calendar in 2003. The Associationhosted 1,000 attendees throughout the year at events that ranged from analyses of thegeopolitical environment, the energy sector, the Iraqi banking system and the hedge fund industryto a meeting with signatories to the “Geneva Accords,” a private tour of the Islamic ArtDepartment of the Metropolitan Museum of Art and, of course, annual social and networkingevents.

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ABANA SUMMER RECEPTION June 12, 2003New York Marriott - East Side, New York City

Member Event

OIL & GEOPOLITICSJuly 17, 2003Princeton Club, New York City

With support from Continental Advisory Services, United Gulf Management, HSBC Bank (USA)

and CT Capital.

Member Event with speaker Daniel Yergin, Chairman, Cambridge Energy Research Associates (CERA)

THE FLOURISHING HEDGE:Hedge Fund Opportunities for Institutions & IndividualsSeptember 16, 2003New York Marriott – East Side, New York City

Public EventDetails on page 20

BRIEFING ON IRAQ’S BANKING SECTOROctober 10, 2003The Renaissance Mayflower Hotel, Washington, DC

Co-hosted with BAFT (Bankers’ Association for Finance & Trade).

Member Event with speaker The Honorable John B. Taylor, Under Secretary, US Department of the Treasury

abana events 2003

LIFETIME ACHIEVEMENT AWARD DINNER Honoring Dr. Richard A. Debs, Advisory Director, Morgan Stanley & Chairman of the Board of Trustees, American University of BeirutNovember 20, 2003The New York Palace, New York City

With support from A.M. Qattan Foundation, Citigroup, Dar Al-Handasah Consultants, H.E.

Issam M. Fares, Nick Debs, Gulf International Bank, Morgan Stanley, The Olayan Group, Hasib

Sabbagh, American University of Beirut, Arab Banking Corporation, Walid A. Chammah, CT

Capital International, HSBC Bank USA, National Bank of Egypt, PricewaterhouseCoopers,

US-Saudi Arabian Business Council, Arab Bank, The Bank of New York, Wa’el N. Chehab,

Covington & Burling, JPMorgan Chase & Co., National Bank of Kuwait, Patterson Belknap

Webb & Tyler, United Gulf Management, Wafra Investment Advisory Group, Abu Dhabi

International Bank, Ms. Jean Stein and Ms. Nancy Newcomb.

Public Event with speakers Tarek F. Abdel-Meguid, Managing Director & Head of Investment Banking Division, Morgan Stanley; Dr. Richard A. Debs, Advisory Director, Morgan Stanley & Chairman of the Board of Trustees, AUB; Samer S. Khanachet, President, ABANA; Geoffrey Milton, Vice President, ABANA; William R. Rhodes, Senior Vice Chairman, Citigroup & Chairman, Citicorp/Citibank and Paul Volcker, Former Head of US Federal Reserve

ABANA MEETING WITH “GENEVA ACCORD” DELEGATESDecember 4, 2003The Midtown Executives Club, New York City

Member Event with speakers Dr. Samih Al Abed, Zuhair Al Manasreh, Shaul Arieli, Amjad Atallah, Yossi Beilin, Minister Nabil Kassis, Daniel Levy, Yasser Abed Rabbo, Ms. Nahema Ronen and General Amnon Lipkin Shahak

ABANA 2003 HOLIDAY PARTYDecember 10, 2003Princeton Club, New York City

With support from Marwan A. Marshi, Mona Aboelnaga, Arab-American Business Magazine,

Byblos Restaurant, MSI NET, Inc., ArteEast, Inc., Geoffrey Milton, Industry Restaurant, Middle

East Airlines and Saudi Arabian Airlines.

Member Event

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To order a CD with audio and video coverage of presentations at The FlourishingHedge: Hedge Fund Opportunities for Institutions & Individuals send your name and mailing address with check or money order ($20/CD) to: ABANA, PO Box 2249, Grand Central Station, New York, NY 10163.

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THE FLOURISHING HEDGE: Hedge Fund Opportunities for Institutions & Individuals

September 16, 2003New York Marriott – East Side, New York City

Omer AhmedPresident,Crescent Capital Management

Anthony ArtebanePartner, PricewaterhouseCoopers

David BarrettManaging Director, Morgan Stanley Prime Brokerage

Alan ChuangDirector of Investments, Wafra Investment Advisory Group

Madhav DharCo-Founder, Traxis Partners

Phil DuffCEO, FrontPoint Partners, LLC

Paul HomsyFounding Partner, Fognani Guibord & Homsy

Samer KhanachetPresident, United Gulf Management

Victor KholsaManaging Partner, Strategic Value Partners

Harry F. KrenskyCo-Founder, Discovery Capital Management, LLC

David M. MattesonAttorney, Gardner, Carton & Douglas

Eric MeyerCEO & President, Shariah Funds, Inc.

Ansel MullinsAsset Management, Investcorp Bank

Faraz NaqviPrincipal, Pequot Capital Management

Amr M. NosseirManaging Director, Morgan Stanley

Joseph PescatoreExecutive Director of Equities, UBS

Harlan SimonManaging Director, Clinton Group

Stephen M. VinePartner, Akin Gump Strauss Hauer & Feld

David WalshManaging Director & CIO, Appleton Capital Management

speakers

abana events 2003

Wellington Management Company

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abana events 2003

A.M. Qattan FoundationMona AboelnagaAbu Dhabi International BankAkin Gump Strauss Hauer & Feld American University of BeirutArab BankArab Banking CorporationArab-American Business MagazineArteEast, Inc.The Bank of New YorkByblos RestaurantCedar Capital ManagementWalid A. ChammahCitigroupClinton GroupContinental Advisory ServicesCovington & BurlingCrescent Capital Management, LLCCT Capital InternationalDar Al-Handasah ConsultantsNick DebsFognani Guibord & Homsy Geoffrey MiltonGulf International BankH.E. Issam M. FaresHasib SabbaghHSBC Bank (USA) Industry RestaurantJPMorgan Chase & Co.

Marwan A. MarshiMiddle East AirlinesMorgan StanleyMSI NET, Inc.National Bank of EgyptNational Bank of KuwaitNancy NewcombMary and Amr Nosseir The Olayan GroupO’Melveny & Myers Patterson Belknap Webb & TylerPricewaterhouseCoopersSaudi Arabian Airlines. Shariah Funds, Inc.Sims Moss Kline & Davis Jean SteinUnited Gulf ManagementUS-Saudi Arabian Business CouncilWa’el N. ChehabWafra Investment Advisory GroupWellington Management Company

ABANA provides a number of opportunities for organizations to reach out to our members, whilesupporting the valuable lectures, discussions, dinners and conferences we host every year.

Event sponsors receive broad acknowledgement at events and in our publications. Partnershipsand sponsorship benefits vary and can be tailored to the needs of a particular sponsor.Companies interested in sponsorship opportunities should contact Susan Peters at 212 599 3030or speters@arabbankers.org.

E V E N T S P O N S O R SA N D C O N T R I B U T O R S

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* System response and account access times may vary due to a variety of factors, including marketconditions, trading volumes, system performance, and other factors.

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The ABANA website continues to grow, with increased event coverage, member services anddiscounts available through the site. Regular visitors to the site follow the job postings, US andinternational upcoming events and the resources sections of the site. Online links and resourcesare set to expand significantly in 2004 as new knowledge management tools are added to the site.

The Association built a custom in-house database in 2003, part of a multi-stepproject to rebuild our membership directory into a broader directory of businesscontacts for our members. The system has already greatly streamlined billing,communications and event planning.

Finally, the ABANA Review generated record advertising income this year, asmore and more advertisers became aware of the publication’s audience and cir-culation. The ABANA mailing list, updated constantly, remains over 2,200. TheReview continued to be more topical this year, with issues focused on the hedgefund industry and the new regulatory environment.

Robert P. Haney, Esq., chairPaul C. Homsy, Esq.John A. McKessonAbbas (“Eddy”) F. Zuaiter Laura Osman, ex officio

C O M M U N I C A T I O N S

� 2 0 0 3 C O M M U N I C A T I O N S C O M M I T T E E

t w e n t y - s e v e nt w e n t y - s i x

The ABANA Review is distributed to over 2,200 readers in the world of international banking and finance.

Back issues are available at www.arabbankers.org or by contacting ABANA.

To place an advertisement in the ABANA Review contact Susan Peters at 212 599 3030 or speters@arabbankers.org.

US 67%Arab World 23%Europe 10%

Full page: $1,000Half page: $500Quarter page: $250

The ABANA Review is ABANA’s quarterly publication. Each issue includes in-depth guest articleson areas of interest to our members, as well as current news and announcements from members.Recent issues have highlighted the hedge fund industry, Islamic finance and the implications of theUS Patriot Act for the international banking sector.

A D V E R T I S I N G

� A D V E R T I S I N G R A T E S

K I P C O G R O U PKUWAIT PROJECTS COMPANY (HOLDING)

SUBSIDIARIES AND AFFILIATES

Kuwait Stock Exchange-listed investment holding companypositioned as a leading regional player through strategic

equity stakes in five business sectors

KUWAIT MIDDLE EAST/ N. AFRICA/ EUROPE

Financial ServicesBurgan Bank United Gulf Bank (Bahrain)Gulf Insurance Co. Jordan Kuwait Bank KAMCO (Asset management) Tunis International BankKuwait Clearing Co. Algeria Gulf Bank

Hauck & Aufhäuser (Germany)Banque Cramer (Switzerland)

Media / Telecom / IT

Wataniya Telecom ShowTime (JV with Viacom)United Cable Co. ShowNet Internet SolutionsUnited Net Global DirectGulf SAT Tunisiana Telecom

Wataniya Algeria TelecomAsia Cell (Iraq)

Industrial / Commercial

United Industries Co. Saudia Dairy & Foodstuff Co.United Fisheries of Kuwait Egyptian Dairy & Foodstuff Co.

Hempel Gulf GroupBonjus (Lebanon)

Real Estate

United Realty Co. Subsidiaries in Egypt and Lebanon

ServicesUnited Health Care – Dental and Health ClinicsUnited Education – American University of KuwaitUnited Aviation – Air Charter

International Services

USA United Gulf Management, Inc. (VC / RE Investments, Tech Transfer)Hunter Capital Group, L.L.C. (Investment Banking/Advisory)

UK United Gulf Management, Ltd. (Investment Management/Advisory)India Pulsar Knowledge Center

United Gulf Management, Inc.176 Federal Street • Boston, MA 02110 • USA

Tel 617-303-4100 • Fax 617-303-4199Email ugm@unitedgulf.com

P.O. Box 23982 • Safat 13100 • KuwaitTel 965-2444350 • Fax 965-2445918

Website www.kipcogp.comEmail kipco@uggi.com

ABANAREVIEWVOL. XXI, NO. 1 Winter 2004

A r a b B a n k e r s A s s o c i a t i o n o f N o r t h A m e r i c a

INTHISISSUE

1ABANA Celebrates 20th Anniversary with Lifetime Achievement Award Honoring Founding Member Dr. Richard A. Debs

3Reflections on ABANA’s 20th Anniversary

12Building Bridges: ABANA Lifetime Achievement Award Acceptance Speechby Dr. Richard A. Debs

17New ABANA Board MembersElected

20Recent ABANA Events

Letter from the President 2Corporate News 22People 22New ABANA Members 23ABANA Calendar 28

Two hundred and ninetywell-wishers turned outto see Dr. Richard A.

Debs receive ABANA’s presti-gious Lifetime AchievementAward on November 22,2003, at the New York Palace.It was a momentous occasion,given Dr. Debs’ long affiliationwith the ABANA, which wascelebrating its twentiethanniversary.

Chairman of the AmericanUniversity of Beirut (AUB)Board of Trustees, Dr. Debswas the founding President ofMorgan Stanley Internationaland since 1987 has been anAdvisory Director of MorganStanley. He brought MorganStanley in as an original insti-tutional member of ABANA

nent Mission of Qatar to theUN); Mr. Abdul Mohsen Al-Qattan; Dr. Yahya Al-Yahya(World Bank); Sheikh AbdullahNasser Al-Sabah; Walid A.Chammah (Morgan Stanley);Mr. David S. Dodge (AmericanUniversity of Beirut); Mr.Mikhael Fares; H.E. Dr. AbdulRahman Gdaia (ConsulateGeneral of Saudi Arabia); Mr.Ray R. Irani (OccidentalPetroleum Corporation); H.E.Amb. Ted Kattouf; H.E. Amb.Yahya Mahmassani (League ofArab States to the UN); H.E.Amb. Richard Murphy (Councilon Foreign Relations);Hutham S. Olayan (OlayanAmerica Corporation); Dr.Kamal A. Shair (Dar Al-Han-dasah Consultants); MichioTani (Mizuho Securities); Dr.John Waterbury (AmericanUniversity of Beirut). ABANAwas particularly honored bythe presence of Mr. Hasib J.Sabbagh, who was accompaniedby his daughter, Sana Sabbagh.

Speakers included TarekAbdel-Meguid (Morgan Stan-ley); William R. Rhodes (Citi-group, Inc); Paul A. Volcker;Samer Khanachet (ABANA/United Gulf Management) andGeoffrey Milton (ABANA).Audio coverage of theirspeeches, as well as Dr. Debs’acceptance speech and photosfrom the ABANA LifetimeAchievement Award dinner,are available on ABANA’swebsite.

and he has remained an activemember and frequent speakerat ABANA events over theyears.

In his acceptance speech(see page 12 for a full tran-script) Dr. Debs called uponABANA members to gobeyond their traditional roles,and make use of their knowledgeof the US and the Arab Worldin order to help people oneach side better understandeach other.

Distinguished guests inattendance included Dr.Khaled Al-Fayez (Gulf Inter-national Bank), H.E. Amb.Tawfeeq Ahmed Al Mansoor(Permanent Mission ofBahrain to the U.N.); H.E.Nassir A. Al-Nasser (Perma-

ABANA Celebrates 20th Anniversary with Lifetime Achievement Award Honoring FoundingMember Dr. Richard A. Debs

I N T H I S I S S U E

Focus onABANA’s 20th Anniversary

t w e n t y - n i n et w e n t y - e i g h t

Mona Aboelnaga, chairMonir BarakatJohn O. HatabMuhannad W. KamalDr. Safwan M. MasriAbbas (“Eddy”) F. Zuaiter Issa N. Baconi, ex officioGeoffrey Milton, ex officioLaura Osman, ex officio

� 2 0 0 3 S T R A T E G Y C O M M I T T E E

Dr. Safwan M. Masri, chairOdeh AburdeneMona EraibaAmr M. NosseirIssa N. Baconi, ex officio

� 2 0 0 3 N O M I N A T I O N S C O M M I T T E E

S T R A T E G Y A N D N O M I N A T I O N S

The investment banking arm of the KIPCO Group Publicly listed in Kuwait and Bahrain

United Gulf Bank recorded its best results ever in 2003 as net incomereached $36.2 million (15.4 % ROE) and assets grew to $1.2 billion supported by a strong equity base ( BIS 21.9%) of over $260 million.

UGB manages today, in its Silver Jubilee year, a diversified portfolio ofinvestments in wealth and asset management, commercial banking, realestate, telecommunications, private equity and quoted securities.

Performance at UGB’s major subsidiaries and associates has been verystrong and has contributed to a substantial appreciation in market value overcarrying cost. Core investments in subsidiaries and associates include:

KIPCO Asset Management Co. (KAMCO), KuwaitUnited Real Estate Company, Kuwait

Jordan Kuwait Bank, Jordan - Tunis International Bank, TunisiaAlgeria Gulf Bank, Algeria

UGB Securities Co., Bahrain - United Industries Company, KuwaitGulf Egypt for Hotels and Tourism Company, Egypt

UGB and its subsidiary KAMCO have a demonstrated track record of successful investment banking transactions including corporate financeadvisory, new issue placement and underwriting, mergers and acquisitions,bond issuance and investment product structuring and placement. Assetsunder management exceed $ 4.4 billion.

www.ugbbh.com

United Gulf Bank B.S.C.

P.O. Box 5964 , United Gulf Bank Tower , Diplomatic Area , Manama, Kingdom of Bahrain

Tel. +973-17-533-233 Fax. +973-17-533-137 Email: info@ugbbah.com

t h i r t y - o n et h i r t y

2000-02 Hani K. FindaklyClinton Group

1997-99 Antranig R. SarkissianCitibank

1995-96 Isam Salah, Esq.King & Spalding

1995 Ziad K. AbdelnourInterbank/Birchall Partners

1993-94 Monir BarakatWafra Investments Advisory Group

1992 Camille A. ChebeirSedco Services

1990-91 Issa N. BaconiGulf International Bank

1988-89 Taher D. Makkiyah

1985-86 Talat M. OthmanGrove Financial

1983-84, Fakhruddin Khalil1987 F. Khalil and Company

ABANA Founding President

P A S T P R E S I D E N T S NATIONAL BANK OF PAKISTAN

AMERICAS & EUROPE REGION

Three (3) Locations within the USA & Two (2) in Europe

to serve your needs:

Services Offered By Us at New York, Washington D.C.,

Frankfurt & Paris Are:

� Commercial Loans

� Trade Finance

� Remittances to Pakistan

� Dollar/ Euros to Rupees and Dollar/ Euro to Dollar/ Euro transfers available at competitive rates

� Remittance forms available by fax, mail or on our website www.nbpusa.com (for USA only).

� Deposits

�Competitive rates for deposits in Dollars (over $100,000) and in Euros.

Please call the respective units for further information.

(Deposits in the USA are not fdic insured)

NEW YORK BRANCH WASHINGTON BRANCH CHICAGO REP. OFFICE100 Wall Street, 21st Floor 1875 Connecticut Ave., NW 2315 West Devon Ave.New York, NY 10005 Washington, D.C. 20009 Chicago, Illinois 60659Tel: (212) 344-8822 (202) 462-7373 or 3880 or 3850 (773) 508-9728 or 9738Fax: (212) 809-4720 (202) 667-2515 (773) 508-9723Email: nbpnewyork@aol.com nbpwashington@aol.com nbpchicagousa@cs.com

FRANKFURT BRANCH PARIS BRANCHHolzgraben 31, Postfach 101 643 90 Avenue Des Champs Elysees60313 Frankfurt am Main 75008 ParisFrankfurt, Germany FranceTel: (49) 69 975 71200 Tel: (33) 142 56 0911Fax: (49) 69 748 151 Fax: (33) 145 63 6604nbpffm@aol.com nbpparis@aol.com

t h i r t y - t w o t h i r t y - t h r e e

A. Robert AbboudA. Robert Abboud & Co.

Mahmoud Abdel-AzizNational Bank of Egypt

Ghazi M. Abdul JawadArab Banking Corporation

Dr. Mohamed AbushadiAl-Ubaf Group

Dr. Khaled M. Al-FayezGulf Investment Corporation

Abdlatif Yousef Al-HamadArab Fund for Economic &

Social Development

Mohamed Abdul Mohsin Al-KharafiNational Bank of Kuwait

HRH Prince Alwaleed Bin TalalBin AbdulAziz AlsaudKingdom Holding Company

Salim Ahmed Bin MahfouzThe National Commercial Bank

Ibrahim S. DabdoubNational Bank of Kuwait

Dr. Richard A. DebsMorgan Stanley International

Dr. Abdullah El-KuwaizIslamic Development Bank

Nemir A. KirdarInvestcorp

Suliman Olayan The Olayan Group

William R. RhodesCitigroup/Citibank

Abdulla A. SaudiArab Banking Corporation

Abdul Majeed ShomanArab Bank

L I F E T I M EA C H I E V E M E N T A W A R DR E C I P I E N T S

t h i r t y - f i v et h i r t y - f o u r

UNITED GULF MANAGEMENT, INC.

A wholly owned subsidiary of Kuwait Projects Company (Holding)

Since 1991, UGM has advised its parent, affiliates and clients on over

a half billion dollars in U.S. investments:

Private Equity

• 13 years, 17% return (IRR) per year.

• Access to top-tier, closed-to-public, venture capital funds.

• Diversification across industry sectors and investment stages.

• Accessible minimum investment size to individuals and institutions.

• Centralized funds administration, reporting and distributions.

Real Estate

• 13 years, 26% pre-tax return (IRR) per year.

• Diversification across residential, office and industrial product and

real estate securities.

• Expertise in tax efficient ownership and operation.

• Comprehensive management from purchase to sale.

United Gulf Management, Inc.176 Federal Street • Boston, MA 02110 • USA

Tel 617-303-4100 • Fax 617-303-4199Email ugm@unitedgulf.com

Access? Expertise? Experience?We’ve got it!

Since its inception more than 35 yearsago, the National U.S.-Arab Chamber ofCommerce (NUSACC) has been the preeminent organization for fosteringtrade and investment between the USAand the Arab World. As the U.S. pointof contact for the national chambers ofcommerce in the 22 Arab states,NUSACC is unique in its scope andbreadth.

Under new management since January2004, NUSACC is leading America’sprivate sector efforts to implement FreeTrade Agreements (FTAs) between theUnited States and the Arab nations.

Based in Washington D.C. with additional offices in New York, Houston,and Los Angeles, NUSACC looks forward to serving as your voice forbusiness between the Arab World andthe United States.

1023 15th Street, NWSuite 400

Washington, DC 20005Tel: 202-289-5920

Fax: 202-289-5938www.nusacc.org

A R A B B A N K E R S A S S O C I AT I O N O F N O R T H A M E R I C A

www.arabbankers.org TELEPHONE: 212 599 3030info@arabbankers.org FACSIMILE: 212 599 3131

MAILING ADDRESS: OFFICE ADDRESS:P.O. Box 2249, Grand Central Station 420 Lexington Avenue, Suite 2034New York, NY 10163 New York, NY 10170

Susan PetersExecutive Directorspeters@arabbankers.org

Marie-Thérèse Abou-DaoudAdministrative Assistantmabou-daoud@arabbankers.org D

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arab bankers association of north america