Dubai International Capital, the Middle East investment firm, and Dubai Group, a diversified financial services company, are to “forge a closer working relationship”, the firms said.
The two firms will align themselves under Dubai Holding Investment Group, which is a wholly-owned subsidiary of Dubai Holdings. Sameer Al Ansari, executive chairman of DIC, and Soud Ba’alawy, executive chairman of Dubai Group, will assume the roles of co-chairmen of Dubai Holding Investment Group.
Dubai Holding Investment Group is an existing company that currently holds Dubai Holdings’ stake in DIC and Dubai Group.
Tom Volpe, the chief executive of Dubai Group, will also take over as the chief executive officer of Dubai Holding Investment Group and as the acting chief executive officer of DIC.
The alignment will result in the two companies working closely together and consolidating their back office operations. However, the ownership and core activities of the two companies will not change, Dubai Group said.
Earlier this month, Sylvain Denis, chief executive officer of DIC Private Equity and Alan Hyslop, a managing director, quit the firm. DIC has appointed David Smoot as the chief executive officer of DIC Private Equity and Eric Kump as a managing director to lead DIC’s European private equity operations from London.