Executive chairman Mohammed Alardhi has moved power from the co-CEOs to the rest of the management team under the revised leadership structure announced by Bahrain's Investcorp, that counts Mubadala Investment Company as its biggest shareholder.
In the reshuffle, the Manama-based alternative investment manager will hand over more control to Mr Alardhi as Hazem Ben-Gacem, the co-chief executive of the company, will be leaving after three decades.
Mr Ben-Gacem, who joined Investcorp in 1994 and was appointed co-chief executive in 2018, will be stepping down on November 1 but will continue in his role as a vice chairman of Investcorp Capital, the company said in a statement on Monday.
Rishi Kapoor, who was also co-chief executive, will be taking on a new role as vice chairman and chief investment officer, as the company aims for “greater co-ordination across investment strategies and geographies”, it said.
The changes come as Investcorp, which has $52 billion in assets under management, aims to double its asset base to $100 billion in the coming years.
“As we increase our focus on leveraging the strength of our existing investment platform, we recognise it is the right time to broaden our executive leadership to support our future growth plans,” Mr Alardhi said.
A Harvard graduate, Mr Ben-Gacem helped grow Investcorp’s assets under management from $10 billion to more than $50 billion and established the company as the largest non-sovereign asset manager originating from the GCC, with a footprint that stretches from Los Angeles to Tokyo, he said in a LinkedIn post.
He also helped Investcorp expand its push into Asia.
While he did not state the reason for his stepping down, Mr Ben-Gacem said he would be embarking “on my own odyssey in the global worlds of investing and financial markets”.
“My private equity journey will continue to be one that is full of energy, creativity, audacity, authenticity, integrity and, most importantly, relevance and returns to shareholders and investors. I will share some more details on this in the coming months,” he said on LinkedIn.
Investcorp is an active investor in mid-market companies across consumption-linked sectors. It has 14 offices across the US, Europe, GCC and Asia, including in India, China and Singapore.
Last November, the company listed its subsidiary Investcorp Capital, which offers capital financing services in the alternative investment space, on the Abu Dhabi Securities Exchange after it raised Dh1.66 billion ($451 million) by selling 720 million ordinary shares or 32.85 per cent of its total issued share capital.
It also launched a $750 million climate-focused investment platform in December to invest in companies focused on developing innovative products and technology to reduce emissions globally.
As part of the reshuffle announced on Monday, Investcorp has also consolidated and organised its investment activities under three global business verticals – private equity and private equity like, which will be led by Dave Tayeh; real assets (comprising real estate and infrastructure), which will be led by Herb Myers and Mike O’Brien; and credit, which will be led by Jeremy Ghose.
Yusef Al-Yusef will be leading the Global Distribution Platform, the company said.
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
COMPANY%20PROFILE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
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Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
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The%20specs
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MATCH INFO
Group B
Bayern Munich v Tottenham, midnight (Thursday)
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
A list of the animal rescue organisations in the UAE
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
