Mumtalakat Holding Company, the investment arm of Bahrain, said on Tuesday it has appointed a new chief operating officer.
It said Zulfe Ali had moved up from his previous position within the company of vice president Corporate Finance when he managed Mumtalakat's portfolio of liquid investments.
A company statement said Ali has nearly 20 years of experience in the financial services industry in both asset management and investment banking.
Prior to joining Mumtalakat, he worked for JP Morgan in both London and New York and Bank of America.
As the new COO, Ali will be responsible for overseeing Mumtalakat's corporate functions, including Finance, Risk Management, Legal, Information Technology and Corporate Finance, the statement said.
Mahmood Hashim Al Kooheji, CEO of Mumtalakat, said: "Over the past four years, he (Ali) has played a critical role in helping to establish Mumtalakat as a globally recognised and respected institution.
"His deep knowledge of Mumtalakat, his skillsets and his leadership qualities all combine to make him an ideal candidate to manage and lead the corporate functions of Mumtalakat."
Mumtalakat holds stakes in more than 35 commercial enterprises spanning a variety of sectors, including aluminium production, financial services, telecommunications, real estate, tourism, transportation and food production.