Northern Trust names senior appointments for Middle East and Africa business

By Edil Corneille

Chicago-based Northern Trust announced two strategic appointments to its Middle East and Africa senior management team in The Kingdom of Saudi Arabia. These appointments underscore the commitment of the company to its clients by recruiting local talent to support the continued growth of its asset servicing and asset management business across the region.

Areej Al-Mokbel has been appointed chief operating officer for the Middle East and Africa, responsible for overseeing business operations for Northern Trust’s offices in Riyadh, Saudi Arabia and Abu Dhabi, United Arab Emirates. She is tasked with the day-to-day and strategic management of Northern Trust’s administrative and operational capabilities as it supports the evolving requirements of clients across the Middle East and Africa.

Al-Mokbel has more than 20 years of experience working in the financial services industry. She has spent over 12 years working in asset management and asset servicing, holding senior management and business leadership positions with HSBC Saudi Arabia. Prior to that, she held a number of technology management positions with SABB, formerly known as the Saudi British Bank.

Effat Badeeb has been appointed deputy country manager at The Northern Trust Company of Saudi Arabia, overseeing the day-to-day management of Northern Trust’s business. Her responsibilities include business management, talent development and exercising financial and regulatory oversight of business activities in the Kingdom of Saudi Arabia.

She will also lead strategic initiatives to deepen relationships with regulators and key stakeholders, and support the alignment of Northern Trust’s business with the Kingdom’s Vision 2030 strategic framework for the diversification and development of its economy.

Badeeb has 14 years’ experience in the financial industry, having previously held senior positions with HSBC Saudi Arabia and BNP Paribas Investment Company. Prior to her current role, she was Northern Trust’s chief compliance officer for the Middle East.

Both Al-Mokbel and Badeeb will report to Michael Slater, head of Middle East and Africa at Northern Trust.

Slater comments: “Financial services continue to develop in sophistication across the Middle East and Africa, and against this backdrop the addition of Areej and Effat further strengthens our management team with local industry leadership and expertise. Their appointment supports our clients’ evolving requirements for asset servicing and asset management solutions that help them meet the challenges and capitalize on the opportunities of future technological and industry change.”

Northern Trust began servicing clients in the Middle East in 1987 and has seen significant growth across its regional business. Northern Trust has 29 staff in Abu Dhabi and Riyadh – and has more than doubled this team over three years. The team provides a comprehensive range of solutions to a broad base of clients that include many of the largest sovereign wealth funds, central banks, inter-governmental/governmental organizations, asset managers and family offices in the region.