El Erian joins advisory board at Investcorp
Investcorp, the Bahrain-based alternative investment firm majority owned by Abu Dhabi's Mubadala Investment Company, said yesterday Mohamed El Erian, the chief economic adviser for insurer Allianz, has joined its advisory board. "As one of the most respected voices on the international financial and economic stage, Mohamed brings with him unique insights that will benefit Investcorp as we deliver on our strategy to become one of the world's leading global alternative investment firms," said Mohammed Alardhi, the executive chairman of Investcorp. Mubadala Investment Company, Abu Dhabi's US$125 billion investment firm, holds a 20 per cent stake in Investcorp.
Dubai Investments profit declines in Q2
Dubai Investments, said yesterday its second-quarter net profit dropped 12.6 per cent owing to one-off gains from divestments amounting to Dh186 million in the first half of last year. Net profit attributable to equity owners reached in the three months to the end of June reached Dh190.9m compared with Dh218.3m a year earlier. Revenue dipped 10.8 per cent to Dh586.2m from Dh656.9m. "Excluding the one-off gain from divestments amounting to Dh186m in the first half of 2016, the company's net profit has in fact has grown by Dh150m, an increase of 45 per cent, in the first half this year," said Khalid bin Kalban, the chief executive of Dubai Investments. "The positive results are driven by growth in rental income, which has contributed to increase in underlying cash flows."
