Sameer Al Ansari has given up his role as chief executive officer of Dubai International Capital to lead Shuaa Capital with effect from 1 September 2009.
Al Ansari, who helped establish Dubai Holding in 2004 and later founded DIC, replaces Iyad Duwaji, who resigned as chief executive officer earlier this month to set up his own private equity business. Al Ansari will remain DIC's executive chairman of the firm, SHUAA said in a statement.
Al Ansari’s appointment comes a day after SHUAA Capital received approval from authorities to issue 515 million new shares to Dubai Banking Group, giving the company a 48.4 per cent stake of SHUAA Capital’s share capital, and formally bringing to an end a dispute that started in October 2008.
Meanwhile, Dubai Holding has made Anand Krishnan, currently DIC's chief operating officer, Al Ansari's replacement with immediate effect, DIC said in a statement. David Smoot, the CEO of DIC Private Equity, has been made responsible for all of DIC’s investment divisions, including DIC Emerging Markets and DIC Public Equity.
Krishnan and Smoot began caretaking DIC's private equity investments in February when the firm parted with its dealmakers, Sylvain Denis and Alan Hyslop. It was part of a shift from active investing to managing the existing portfolio amid the economic downturn. Krishnan and Smoot will continue to be based in Dubai and will report directly to Al Ansari.
The two appointments are “designed to provide Al Ansari with the additional support he needs in his dual role as executive chairman of DIC and CEO of SHUAA Capital”, Ahmad Bin Byat, chief executive officer of Dubai Holding, said in a statement.
DIC is a wholly-owned subsidiary of Dubai Holding.