Rasmala plans significant expansion in Saudi Arabia
DUBAI, UAE, June 20, 2023 /PRNewswire/ — Rasmala Group, a leading alternative investment manager, has announced the appointment of H.E. Abdallah Yahya Al-Mouallimi, a prominent Saudi businessman and senior diplomat, as its Group Chairman.
Al-Mouallimi served as Saudi Arabia’s Permanent Representative to the United Nations until 2022. He also served as Ambassador to Belgium, Luxembourg and the European Union, as Mayor of Jeddah, and as a member of the Saudi Consultative Council.
Al-Mouallimi’s appointment will accelerate Rasmala’s growth plans in Saudi Arabia, including the establishment of a new investment management subsidiary to be licensed by the Capital Market Authority (CMA). A local presence will support Rasmala’s ability to originate investment opportunities in the Kingdom for international investors, to build local partnerships, and to establish and grow its client base in Saudi Arabia.
In past private sector appointments, Al-Mouallimi also served as chair of the Jeddah Chamber of Commerce, as Vice- Chairman of Olayan Financing Company, and as Managing Director of Coca-Cola Bottling Company, Saudi Arabia.
Commenting on his appointment, Al-Mouallimi said “I have known and worked with the Rasmala team for many years, and look forward to supporting the firm’s mandate to connect Gulf-based investors with international investment opportunities. I am especially excited to support Rasmala’s significant expansion plans in Saudi Arabia, the region’s largest economy and capital market.”
With Al-Mouallimi’s appointment Zak Hydari steps down as Group Chairman while continuing to serve as a Board member and as the chair of its Investment Committee.
Hydari added: “We are delighted to welcome H.E. Abdallah Yahya Al-Mouallimi as Chairman of the Board. He brings tremendous knowledge and experience which will be invaluable as the firm accelerates its growth plans.”
Additional appointments are expected in the near future.
About the Rasmala Group
Rasmala Group is a leading alternative investment manager operating in global markets since 1999. It invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. Rasmala Investment Bank Limited is based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority and is a wholly owned subsidiary of the Rasmala Group. The significant subsidiaries of the Rasmala Group are referred to interchangeably as “Rasmala” and “the Rasmala Group”.
For further details, please visit www.rasmala.com.