Saad joins Rasmala

The former Carlyle Group executive Ibrahim Saad has parted company with AB Capital just 14 months after leaving Shuaa Capital.

Rasmala Investments has appointed Ibrahim Saad, known as Abe, as partner and head of private equity.

Saad, who was not available for comment, joins Rasmala from AB Capital, the investment banking subsidiary of Arab Bank, where he was the founding chief executive officer.

Before that, he established SHUAA Partners, the private equity arm of SHUAA Capital. Saad has also held senior management positions at Allied Capital and The Carlyle Group.

According to a statement Saad will launch Rasmala's second private equity fund this year. The first fund closed in early 2007.

Tamer Bazzari, previously head of private equity, recently became head of principal investments, where he is responsible for deploying Rasmala's capital in strategic and financial investments.

Rasmala is a regional investment bank with its headquarters in the Dubai International Financial Centre, with operating subsidiaries in Riyadh, Muscat, Cairo and London.