Anand Krishnan the new boss at DIC.

Byline: [e-mail] (Staff Writer)

Anand Krishnan has been given the job Chief Executive Officer of DIC after Sameer Al Ansari left to become the Chief Executive Officer of SHUAA Capital, where he takes over Iyad Duwaji who will continue to be a member of the Board of Directors at SHUAA. Al Ansari will continue as the Executive Chairman of DIC, a post he has held since October 2004 when he founded DIC.

Krishnan was previously DIC's Chief Operating Officer. He joined DIC in January 2006 as CFO and was appointed COO one year later. Previously he was a Managing Director at JP Morgan Chase New York/Asia in various senior roles for a total of 19 years.

David Smoot, the Chief Executive Officer of DIC Private Equity assumes responsibility for all of DIC's investment divisions with immediate effect, including Emerging and Public Markets. David joined DIC in July 2008 from Morgan Stanley New York, where he spent 11 years and co founded Morgan Stanley Private Equity.

DIC said it is increasingly focused on "creating and preserving value" in its private equity portfolios in Europe/United States and the Middle East region "via bolt-on acquisitions" and ongoing support to its portfolio companies.

Krishnan and Smoot will report directly to Sameer Al Ansari and both will remain Dubai based.

There has been no word for quite some time on whether DIC is still keen to acquire Liverpool Football Club, which is curious given that Manchester City and Portsmouth football clubs are now owned by Abu Dhabi-based companies.

Dubai International Capital, which was established in 2004, is a wholly owned subsidiary of Dubai Holding. DIC invests private funds on behalf of Dubai Holding and several large third party investors. DIC invests via two divisions, those being Private Equity and Emerging Markets.

DIC Private Equity has invested in the likes of Travelodge, Merlin Entertainments, Doncasters, FastenTech, Mauser, Alliance Medical, and Almatis.

Notable investments by DIC Emerging Markets include the UAE-based Rivoli Group and KEF Holdings, Oger Telecom and Indian bank ICICI. Jordan Dubai Capital is a $300 million fund investing exclusively in Jordan. Sector-specific funds include the $300 million MENA Infrastructure Fund and Ishraq, a $150 million vehicle to launch Holiday Inn Express hotels across the Middle East.

2009 CPI Financial. All rights reserved.

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