Abdulmajeed Alshatti
Ex-Chairman of the Board and Managing Director, Commercial Bank of Kuwait
Alshatti served on the Board of Directors for Commercial Bank of Kuwait from 2000 till 2010 and was Chairman of the Board and Managing Director from 2004 till then. During his tenure as Chairman, CBK reached the second highest rating among Kuwaiti banks, and its financial performance more than doubled.
From 2007 to 2010, Alshatti was elected to chair the "Kuwait Banking Association" Board of Directors. During his tenure the Association was instrumental in passing two important laws "The Consumer Debt Relief Fund", the “Economics and Financial Stabilization Law” as well as publishing the "Code of Ethics".
Alshatti was a member of a number of councils, steering committees and boards:
- Member of the economic team formed by the Council of Ministers headed by the Governor of the Central Bank tasked to “Counter the impact of the International Financial Crises on the Kuwaiti Economy”. The discussions and the meetings were the basis for “the Economics and Stabilization Law of 2009”
- Member of the Steering Committee to develop the Kuwait Institute for Scientific Research (KISR) Seventh Strategic Plan
- Director on the boards of Bank of Bahrain and Kuwait (2004 to 2008), National Technology Investment Company (2006 to 2008), Kuwait Clearing Company (1997-2001), Housing Finance Company (2002-2004), and Kuwait Shipbuilding and Repair Company (1997-1999)
Alshatti started his career in the Kuwait Institute for Scientific Research (KISR) in December 1977, at the Techno-Economics Division. In January 1988 he became the Manager of the Economics Department. At KISR, Alshatti was part of the “Kuwait Economy Study” where he served both as a member of the research team and the project coordinator.
In 1992, Alshatti was seconded to the "Public Authority for the Assessment of Compensation for Damages Resulting from the Iraqi Invasion" (PAAC), where he served as a Deputy Director General for Operations. In February 1994, Alshatti was hired by Kuwait Petroleum Corporation (KPC) to establish the newly created International Relations Department which had an important role in studying different oil production options for Kuwait, KPC international relations with various countries, OPEC policies, and the development of the oil market. In 1997, Alshatti decided to move to the private sector where he joined The Securities Group Company as Assistant General Manager for Business Development.
During his career, Alshatti had the chance to be a part of the Kuwait's official delegation to IPCC, OPEC, and accompanied His Highness the Amir and the Prime Minister in official visits to Southeast Asia and Turkey. Alshatti also accompanied several oil ministers in their official visits to various countries during his tenure at KPC.
Alshatti has been invited to speak in many conferences as keynote speaker. He also participated in many panel discussions related to the Kuwaiti economy. He has published and/or participated in many research papers, studies and reports.
Alshatti had the honor of serving as the Commander of the Kuwaiti Volunteers attached to the US Army's 82nd Airborne Division during Kuwait's Liberation.
Born on October 1st, 1954, Alshatti holds a BS in Industrial Engineering and Operations Research, Syracuse University, 1977, while obtaining an MS in 1982. He also holds a degree in Engineering Economics Systems, 1984, from Stanford University.
