Investcorp, a global provider and manager of alternative investment products, has further strengthened its presence in Saudi Arabia by appointing Gabriel Aractingi as the CEO of the firm’s business in the kingdom (Investcorp Saudi Arabia Financial Investments).

His mandate covers Riyadh and the Eastern Province, complementing Yasser Bajsair, Investcorp managing director in Saudi Arabia, who will continue to focus on the Western Province, said a statement.

Aractingi joined the firm in 2016 as a managing director, having worked previously with Morgan Stanley as CEO of its Saudi Arabia business and before that as head of private wealth management, Mena. He also worked at Swiss private bank Lombard Odier as head of Middle East and special clients.

In his new role, Aractingi will lead Investcorp’s efforts to expand its operations in Saudi Arabia and further cement its investment and product placement activities, the bank said.

Mohammed Alardhi, executive chairman of Investcorp, said: “Saudi Arabia’s National Transformation Plan, spearheaded by His Royal Highness Deputy Crown Prince Mohammed bin Salman, has set in motion wheels of change, making this a hugely exciting period in the history of the Kingdom. Investcorp has always had deep roots in Saudi Arabia but we have bigger ambitions, which is why I am delighted to have someone of Gabriel’s caliber leading our Saudi business. Gabriel has deep knowledge and understanding of the Saudi Arabian market as well as extensive investment and relationship management expertise - he will play a key role in expanding our investment and placement activity in the kingdom.”

Aractingi’s appointment comes as part of Investcorp’s plans to extend its reach to institutional investors and grow the scale of its investments, in order to achieve its medium-term target and longer-term strategic vision, it said.

Since announcing its medium-term growth roadmap to double its assets under management (AuM) in November 2015, Investcorp has made significant progress towards this strategic goal, with the recent acquisition of its credit management line of business from 3i Group that doubled the firm’s AUM to approximately $22 billion, it said.

Today Investcorp has 15 staff members in Saudi and its investments in the kingdom include: Al Borg Medical Laboratories, the leading private medical laboratory chain in the GCC; Bindawood Holding, one of the leading supermarket and hypermarket chains; Leejam, the owner and operator of the leading fitness chain “Fitness Time”; Theeb, the leading car rental business; Al Yusr Industrial Contracting Company (AYTB), a leading provider of industrial services outsourcing solutions; L'azurde, a leading designer, manufacturer and distributor of gold jewelry which was successfully listed on Tadawul Stock Exchange in June 2016; and NDT Corrosion Control Services, Saudi Arabia’s largest industrial testing services company. – TradeArabia News Service