Commercial Bank of Dubai elected Ahmad Abdulkarim Julfar as chairman of the board on March 6, 2024, following the bank's annual general assembly meeting. Ahmad Abdulla Juma Binbyat was elected deputy chairman in the same process.
The election marked a formal transition at the helm of the UAE's seventh-largest bank by assets. Julfar, who had been a board member since March 2018, said in a statement that he was honored to accept the appointment and would work to "steer the Bank to new heights and increase the stakeholder value." He commended the expertise of the newly elected board members and expressed his intention to work collaboratively to advance the bank's strategic vision. In separate remarks, Julfar thanked his predecessor, Humaid Mohammad Al Qutami, for his six years of leadership and acknowledged the departing board members for laying "a strong foundation for our continued success."
Julfar brings more than three decades of experience across telecommunications, banking and public administration. He served as group chief executive officer of Etisalat, the UAE's dominant telecom operator, from 2011 to 2016, overseeing operations across 19 markets in the Middle East, Asia and Africa. Before that, he spent five years as chief operations officer at Etisalat UAE. He was also director general of the Dubai Community Development Authority and currently serves as managing director of Emirates Integrated Telecommunications Company (du). Julfar holds a bachelor's degree in civil engineering and computer science from Gonzaga University in Washington and is a graduate of the Mohammed Bin Rashid Programme for Leadership Development. He was named Telecom Leader of the Year in 2014 by the Mobile World Congress.
Commercial Bank of Dubai, established in 1969, operates as one of the leading banks in the United Arab Emirates, offering retail and corporate banking services through digital channels and a branch network. The bank reported record results in 2023, with net profit surging 45.2 percent to 2.65 billion United Arab Emirates dirhams, driven by higher net interest income and strong loan growth. It manages more than 38 billion US dollars in assets and ranks among the top banks in the UAE by assets. The bank's major shareholder is the Investment Corporation of Dubai, the principal investment arm of the Dubai Government. CEO Dr Bernd van Linder highlighted the bank's broad-based business performance and solid loan growth in the 2023 results announcement.
The appointment represents a natural progression for Julfar, who has been embedded in CBD's governance since joining the board six years prior. His deep experience in managing large organizations across telecoms and public-sector roles signals continuity in leadership at a moment when the bank is pursuing digital transformation and pursuing growth in the UAE market. The hire fits the bank's stated strategic direction of technological advancement and operational excellence, with Julfar representing the Investment Corporation of Dubai as a shareholder representative in the chairman role.
