The new appoints will take effect from 1st November 2021. Credit: Free-Photos from Pixabay.

Alternative investment firm Investcorp has appointed former BNP Paribas and JPMorgan executive Mashaal AlJomaih as a managing director for private wealth in Saudi Arabia.

AlJomaih, who will be based in Riyadh, will support the expansion of the company’s client base in Saudi Arabia.

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Commenting on the appointment Investcorp KSA CEO Yasser Bajsair said: “We are delighted to welcome Mashaal, who brings with him over 20 years of experience in investment banking. His deep knowledge and understanding of Saudi Arabia’s market, which is a key market for Investcorp, as well as his experience in wealth management, make him ideal for this role.”

The appointment follows the launch of a dedicated $500m pre-IPO vehicle that will focus on partnering with Saudi family businesses aspiring to go public across consumer, healthcare, transport and logistics, and business services segments.

Investcorp also signed a joint venture (JV) agreement with abrdn recently. The JV, dubbed Aberdeen Standard Investcorp Infrastructure Partners, will invest in sustainable core infrastructure projects with the aim of participating in the economic transformation in the GCC and the wider MENA region.

Since its entry into Saudi Arabia in 2008, the firm has deployed close to $1.4bn across 16 investments in diverse sectors.

AlJomaih said: “The Kingdom is an incredibly exciting and dynamic market with a wealth of opportunities emerging as its economy diversifies.

“Investcorp has an excellent opportunity to capitalise on this transformation and I am focused on implementing a strategy that delivers growth and value for our shareholders, stakeholders and the communities within which we operate.”

Last year, Investcorp launched Investcorp Insurance Solutions, a new platform-centred business created to cater to the investment needs of insurers.