Nemir Kirdar, the founder of Bahrain-based alternative asset manager Investcorp which has US$21.3 billion in assets under management, has stepped down from the company after 35 years.
Investcorp said that Mr Kirdar, who founded the company in 1982 as a conduit for Arabian Gulf investors interested in acquiring international assets, has left his post as chairman of the board of directors to enter full retirement. Mr Kirdar resigned as chief executive, a post he had held since founding the company, in July 2015.
"As Investcorp's founding CEO and executive chairman, Nemir pioneered a new investment model, channelling capital from the Gulf into unique opportunities in the West," said Mohammed Alardhi, Investcorp's executive chairman. "For over three decades, he generated exceptional and consistent returns for Investcorp's clients and shareholders, establishing the firm as a titan of the Gulf investment community."
Vice-chairman Yousef Al Ebraheem has been nominated as Mr Kirdar's successor, and Khalid Al Zayani has been appointed vice-chairman of the board.
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Mr Al Ebraheem has served on Investcorp’s board of directors since May 2014 and is the advisor of economic affairs to the Emir of Kuwait. He oversaw a number of ministries in Kuwait as minister of finance, minister of planning, minister of state for administrative development affairs and minister of education and higher education.
Investcorp, whose $21.3bn in total assets under management includes assets managed by third parties, quickly made a series of waves internationally after it was formed with a string of American purchases including the jewellery firm Tiffany & Co, Gucci, Saks Fifth Ave and Circle K convenience stores.
The Bahrain-listed company has made over 170 corporate investments in the US, Europe and the Middle East and North Africa region, including Turkey, across a range of sectors and more than 450 commercial and residential real estate investments in the US, for a transaction value exceeding $55bn.
Mubadala Invest Company, Abu Dhabi’s strategic firm with Dh465.5bn in assets under management, owns 20 per cent of the asset manager.
Investcorp said in August Mohamed El Erian, the chief economic adviser for insurer Allianz, has joined its advisory board. Deepak Parekh, chairman of HDFC, the Indian financial services conglomerate, was also appointed to the firm's international advisory board.
The company reported in August a 34 per cent year-on-year increase in net profit to $120.3 million from $90.1m in the financial year that ended in June.
In the second half, net profit more than doubled to $84.6m from $39.2m in a year-earlier period.
Investcorp announced last month that it has invested $350m in six multi-family properties in Florida and Arizona.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
World%20Food%20Day%20
%3Cp%3ECelebrated%20on%20October%2016%2C%20to%20coincide%20with%20the%20founding%20date%20of%20the%20United%20Nations%20Food%20and%20Agriculture%20Organisation%2C%20World%20Food%20Day%20aims%20to%20tackle%20issues%20such%20as%20hunger%2C%20food%20security%2C%20food%20waste%20and%20the%20environmental%20impact%20of%20food%20production.%20%0D%3C%2Fp%3E%0A
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
