Investcorp, the alternative investment firm, has appointed Nemir Kirdar as chairman of its board of directors, effective from July 1, it said yesterday.
Mr Kirdar will replace Abdul-Rahman Al Ateeqi, who will retire as chairman at the end of the current fiscal year on June 30. Mr Al Ateeqi has served as chairman since the company’s inception in 1982.
Bahrain-based Investcorp announced in October that Mr Kirdar would retire in June this year from his positions as executive chairman and chief executive.
“As we move into the next phase of our growth, I am honoured by this opportunity to continue to serve Investcorp and its investors in a new role,” Mr Kirdar said.
Mohammed Al Shroogi, president of Arabian Gulf business, and Rishi Kapoor, chief financial officer, will become co-chief executives from July 1, subject to regulatory approval. Mohammed Al Ardhi, a non-executive board director since September 2008, will succeed Mr Kirdar as executive chairman.
The firm has been expanding into the United States education and property sectors.
Last month, Investcorp said it will acquire Nobel Learning, a provider of private preschool to high school education, from Leeds Equity Partners.
Bahrain’s sovereign wealth fund Mumtalakat joined the acquisition as a co-investor and partner.
Investcorp also spent US$300 million on four residential properties in Washington, Orlando, San Diego and Baltimore, it said last month.
That is about a third of the $850m it invested in the past 12 months into US real estate.
Investcorp posted a 5 per cent increase in net income to $45.3m in the first half of last year.
Among its acquisitions last year is PRO Unlimited, the US-based provider of software and services for the contingent workforce market and the specialist Italian retailer Dainese at an enterprise value of €130m (Dh519.2m).
As of December 31, 2014, the group had about $11 billion in total assets under management, including assets managed by third-party managers.
Investcorp, which also focuses on corporate investment and hedge funds, has a presence in New York, London, Saudi Arabia and Abu Dhabi.
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THE SPECS
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Power: 710bhp
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The years Ramadan fell in May
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Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
The%20specs
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
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- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
Blonde
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
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RESULTS
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Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
