Middle East-focused financial services firm Saffar has added Adnan Ali Sultan to the investment committee of its Saffar Financial Infrastructure Fund.
Sultan joins from National Technology Enterprises, a Kuwaiti technology company founded by the Kuwait Investment Authority. Before that, he was the chief investment manager for direct investments of the sovereign wealth fund.
At Saffar, Sultan’s experience in venture investments will bolster the fund’s strategy of investing in early stage financial companies in the MENA region, Mishaal Al-Usaimi, chief executive officer of Saffar, said in a statement.
The fund, which began fundraising in September 2008, recently completed its first investment in mortgage broker John Charcoal Middle East, in the UAE. It typically targets investments in home finance, insurance, banking and asset management.
Founded in 2001, Saffar specialises in growth stage opportunities across the Middle East. Its past investments include Zawya, a news and research website, and Credit Suisse Saudi Arabia.
Saffar was not available for comment at press time.