Investcorp, the Bahrain-based alternative asset manager backed by Abu Dhabi's Mubadala Investment Company, has appointed financial industry veteran Mashaal AlJomaih as chief executive for its Saudi Arabia unit, as it seeks to boost its ties with investors in the Arab world's biggest economy. Mr AlJomaih, who has more than 20 years of experience in investment and advisory roles, will replace the retiring Yasser Bajsair, Investcorp said in a statement on Sunday.
The duo worked closely to grow Investcorp’s business and investor relations in Saudi Arabia, creating a "deep relationship network" across private wealth and institutional investors, which include ultra-high-net-worth individuals, family offices, financial institutions, pension funds, endowments and sovereign wealth funds, it said. Investcorp will continue expanding its growth strategy in Saudi Arabia, "[having] seen a wealth of opportunities and appetite for investment in the kingdom ... capitalising on a dynamic and ambitious market", Mr AlJomaih said.
Before joining Investcorp in 2022, Mr AlJomaih held a number of senior positions at BNP Paribas Investment Company and JPMorgan Chase Bank, and co-founded of Darin Partners, a UK-based commercial real estate investment and consultancy.
Mr AlJomaih was "instrumental in supporting the growth of our business in Saudi Arabia over the past two years. Having worked with him closely, I know he will continue the firm’s expansion in the kingdom with his rich knowledge and understanding of the local market", said Yusef Al Yusef, global head of distribution at Investcorp.
Investcorp, which is known for its shareholding in Tiffany and Gucci during its early years of investing, has grown to become a global investment powerhouse. The company is among several international asset managers seeking funding from local and foreign investors for their Middle East-focused investment funds.
It currently manages about $53 billion in assets, including those managed by third-party managers. The firm has 14 offices across the GCC, US, Europe and Asia, including, India, China, Japan and Singapore, employing around 500 people.
Investcorp was able to raise $5.4 billion in funding from global investors during its last fiscal year and expects to reach a similar level this year despite a sharp increase in geopolitical volatility in the Middle East, its vice chairman Rishi Kapoor told The National in Riyadh earlier this month.
The company also deployed $4.4 billion in capital during the 12-month period to the end of June across asset classes and expects investor appetite to remain strong, with Investcorp hitting a “similar level” of investments during the current financial year, he said at the time.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
