Al-Mogbel, the Chief Executive Officer of Al Rajhi Bank, has been a key figure in steering the bank toward unprecedented growth and transformation since he assumed the role in 2020. Recognized among FCI’s Top 10 CEOs, his leadership has positioned Al Rajhi Bank as a major player in the financial services sector, contributing significantly to the Kingdom's economic landscape.
Driving Financial Success and Growth
Under Al-Mogbel's leadership, Al Rajhi Bank achieved remarkable financial milestones, reporting a net income of $4.4 billion in 2023. By the end of Q1 2024, the bank's total assets had reached an impressive $222.9 billion. In June 2024, the bank announced it had surpassed $11.5 billion in foreign investments in its shares, accounting for 13.2% of its total shares. These achievements underscore Al-Mogbel's commitment to driving the bank's growth and ensuring its strong position in the competitive financial market.
Before taking on the CEO role, Al-Mogbel held several critical positions within the bank, including Chief Operating Officer and Deputy CEO. His extensive experience of over 24 years in the banking sector has equipped him with a deep understanding of financial management, auditing, and consultation, making him a well-rounded leader capable of navigating the complexities of the industry.
A Legacy of Transformation and Strategic Vision
Throughout his career at Al Rajhi Bank, Al-Mogbel has been instrumental in the execution of various transformative and strategic projects. His tenure includes serving as Chief Financial Officer in 2010 and Chief Operating and Information Technology Officer in 2014, before becoming Deputy CEO in 2019. These roles have enabled him to develop a comprehensive skill set that encompasses risk management, banking operations, and financial audits.
Al-Mogbel’s leadership style is characterized by a focus on innovation and a commitment to advancing the bank’s objectives in line with Saudi Arabia's Vision 2030 goals. His proactive approach to business development and strategic investments has contributed to the bank's impressive growth trajectory and enhanced its reputation in the financial services industry.
Expertise and Board Leadership
As an experienced board member, Al-Mogbel demonstrates a strong track record in risk management, banking, and accounting. He holds a CPA certification from the Saudi Organization for Certified Accountants, reflecting his dedication to maintaining high standards in financial practices.
Al-Mogbel’s leadership at Al Rajhi Bank exemplifies the qualities celebrated in FCI’s Top 10 CEO Awards. His strategic vision, commitment to growth, and focus on innovation position him as a significant contributor to the financial sector, making a lasting impact on the Kingdom's economy and the future of banking in Saudi Arabia.
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