MANAMA, 6 October 2004 — Investcorp, a global investment group, announced recently that two new directors, Farouk Yousuf Khalil Almoayyed and Khalaf ibn Ahmed Al Otaiba, have been elected to its board.
“This board plays a vital role in leading, guiding and supporting this firm. We’re honored to be joined by two such highly distinguished figures from the corporate and financial fields, who will bring their invaluable knowledge and experience to our board,” Investcorp Chairman Abdul-Rahman Salim Al-Ateeqi said welcoming them to the board. “The addition of these eminent gentlemen to our board comes at a time of accelerating momentum for this firm,” Investcorp’s President and CEO Nemir Kirdar said.
Khalaf ibn Ahmed Al Otaiba is chairman and general manager of Abu Dhabi National Insurance Company (ADNIC). He is a founding shareholder of ADNIC, which is the largest insurance company in the UAE. Al Otaiba is also vice chairman of the National Bank of Abu Dhabi, of which he is also a founding shareholder. He was the first UAE minister of the economy in the early 1970s at the creation of the federation, and has also served in the Consultative Council.
Farouk Yousuf Khalil Almoayyed is chairman of Y K Almoayyed & Sons BSC, of Almoayyed Contracting and of the Almoayyed International Group. He is also chairman of Bahrain Duty Free Shop Complex, of Ashrafs, of Bahrain Hotels Co. (Gulf Hotel) and of Dar Alwasat for Publishing and Distribution (Al Wasat newspaper).