When Shahzad Shahbaz joined National Bank of Dubai in 2006, he had big ambitions: to create a Dubai-based investment bank that in five years would rank among the top five in the Middle East. That goal came into question when NBD merged with its rival, Dubai-based Emirates International Bank, so in September 2007, Shahbaz, 48, resigned as investment banking CEO and moved to Qatar to become CEO of QInvest. The Islamic investment bank that opened in April 2007 with $500 million in start-up capital counts Qatar Islamic Bank and Bahrain’s Islamic investment bank Gulf Finance House among its largest investors. Shahbaz’ trump card is his chairman, 30-year-old Sheikh Jassim bin-Hamad al-Thani. A member of Qatar’s ruling family, al-Thani is the son of Qatar Prime Minister and Qatar Investment Authority CEO Sheikh Hamad bin-Jassim bin-Jabr al-Thani. A better desert rainmaker could be hard to find.
