With three games left, Hull are five points clear of the Premier League relegation zone and looking forward to another campaign in England's top flight.
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"Steve has done a great job," Ehab, the acting chief executive, told the Hull Daily Mail. "He has proved to be a very good manager this season.
"We brought him here because of that, and he has lived up to his reputation. He has exceeded all our expectations this season.
"To be promoted in his first year in charge exceeded our expectations. To be in an FA Cup final and look like we are on course for survival has also exceeded all our expectations.
"But then we have also exceeded our expectations by spending what we have."
Hull have spent over £20 million since clinching promotion, including mid-season purchases Shane Long and Nikica Jelavic, and the club's CEO is thrilled with how Bruce has utilised the talent at his disposal.
"Under Steve's leadership he has got the team working the way he wants it," said Ehab.
"Things are working well in general and all the cogs are working together. It has very much been a good team effort."