Bahrain-based Investcorp and Aberdeen Standard Investments (ASI) on Tuesday announced the appointment of Sir Gerry Grimstone as chairman of its joint-venture.
His appointment follows his decision to step down from his roles as a non-executive director of Barclays and chairman of its subsidiary Barclays Bank.
The joint venture will invest up to $1 billion in social and core infrastructure projects in Gulf Corporation Council countries. GCC countries have a population of around 57 million people and have almost half the world’s oil reserves.
The region has benefited from the world’s demand for oil over recent decades but their governments are now taking steps to diversify economies away from oil. As part of this, various initiatives have been launched to prioritise the development of critical social and core infrastructure.
The joint venture will actively target greenfield and brownfield social and core essential infrastructure assets in sectors including healthcare, education, utilities, social housing, smart cities, roads and rail.
Mohammed Alardhi, executive chairman of Investcorp, said: “Our joint initiative to invest in Gulf infrastructure projects is an exciting step forward for Investcorp and Aberdeen Standard Investments, and we are very pleased to welcome Sir Gerry as chairman of the venture. Sir Gerry's leadership, combined with the alternative investment expertise of two established, leading global investment firms, will position the business strongly in what is an exciting stage in the region's development."
Martin Gilbert, co-chief executive of Aberdeen Standard Investments, added: “Having someone of Sir Gerry Grimstone’s stature and quality chairing this new joint venture shows just how significant this opportunity is for both Investcorp and Aberdeen Standard Investments. We are delighted our joint venture will benefit from his expertise, energy and experience.”
Grimstone said: “I am delighted to be appointed chairman of the joint venture. The long-term economic potential of GCC is unquestionable but rightly governments across the region recognise the need to build and improve their countries’ infrastructure. The private sector has a key role to play. Aberdeen Standard Investments’ and Investcorp’s experience and expertise can help to deliver these essential projects.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.