Gulf Finance Corporation, a subsidiary of SHUAA Capital and a leading UAE-based finance company servicing the region’s small and medium sized Enterprises (SMEs), is pleased to announce the appointment of two senior management executives to support its on-going growth and expansion in the region.
Central to this growth is Gulf Finance’ plans to introduce new Islamic financing initiatives as well as entry into new and dynamic markets such as Saudi Arabia. This expansion strategy has been driven by the recent launches of Gulf Finance Medical Leasing, a first for the region and Gulf Installments Company, a new Saudi-based lease financing business operated by Gulf Finance under a management contract with Shuaa. These combined segments offer significant opportunities for Gulf Finance to leverage its financial expertise into new and underdeveloped markets and will underpin its accelerating growth in the years ahead.
Jonathan Swann has been appointed as Chief Financial Officer and brings a wealth of experience to the business. He will play a key role in ensuring that the business continues to practice good governance, while building the necessary financial structures that will support Gulf Finance’s rapid growth into new sectors and territories. Since the beginning of the year, Gulf Finance has already announced its intention to establish an Islamic Window for some of its financing activities, launched the first provider of operating leases for medical equipment in the GCC through its new division Gulf Finance Medical Leasing; and ventured into the biggest economy in the region through the establishment of a Sharia-compliant installment and lease financing business in Saudi Arabia, Gulf Installments Company.
Swann joins from JP Morgan where he worked from 2006 to 2013, initially as a Senior Financial Officer for Dubai, then for the wider Middle East and North Africa (MENA) Region. Prior to JP Morgan, he was Director of Finance and Operations for L’Oreal Middle East, with significant experience of operational strategy, business restructuring and financing and was responsible for streamlining multiple L’Oreal Middle East business entities under a single wholly owned L’Oreal subsidiary.
He is a qualified accountant (ACA) having trained with PWC in London.
Chris Waring has been appointed Chief Operating Officer for the Group and joins from Barclays Plc in London where he was COO for Corporate Banking Risk having held senior management roles within the bank. These included acting as COO for its Global Restructuring/Recoveries and UK credit divisions with senior key executive roles across Barclay’s Corporate Strategy and Global Technology divisions.
Within Gulf Finance, Waring will have central responsibilities for implementing operational business strategies across the Group which will include risk management, Group IT infrastructure as well as systems and performance initiatives.
He holds an MA (Hons) in Computer Science from the University of Cambridge in the UK.
“Jonathan and Chris have an exceptional wealth of experience across all aspects of business with in-depth operational and financial expertise. They will play key roles within the Gulf Finance business as we accelerate our growth via the move into new markets and territories with the on-going roll-out of innovative product offerings,” Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital and Chairman of Gulf Finance, said.
“As we continue to grow across the region, the need for superior operational and financial expertise becomes direr. I would like to welcome both Jonathan and Chris on board during this exciting phase of our development and I look forward to their valuable input as we consolidate on our position as one of the leading financial institutions in the region,” Steve Williams, Gulf Finance Group Chief Executive Officer said.