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SHUAA Partners Appoints Two Senior Executives to Drive PE Growth Strategy
(25 May 2011)

 

SHUAA Capital (DFM: SHUA.DU), the region’s leading financial services institution, today announced that its private equity business, SHUAA Partners, has appointed Rakesh Patnaik, Director, based in Dubai, reporting to Sameer Al Ansari, Chief Executive Officer of SHUAA Capital psc as well as Amro Nahas, Executive Director, based in Riyadh and reporting to Omar Al Jaroudi, CEO of SHUAA Capital Saudi Arabia.

These two appointments reflect the increasing importance of real estate as a key private equity investment area. SHUAA Capital Private Equity Real Estate (PERE) provides real estate investment services in Saudi Arabia including private equity funds, private placements and real estate advisory.

SHUAA Capital’s first real estate private equity fund, SHUAA Saudi Hospitality Fund I (‘SSHFI’) was established in August 2008 in partnership with Rotana Hotel Management Company. Current SSHFI projects include; the luxury five star hotel, the Rayhaan Jeddah Corniche; the budget hotel, Centro Jeddah; and the four star, Rayhaan Dammam.

Mr. Patnaik is well known for launching and managing real estate funds across the region. He was previously Executive Director, Real Estate Investments & Funds at The First Investor, a wholly owned subsidiary of Qatar’s Barwa Bank. There he launched The First Investor’s fund management practice and managed three Islamic real estate funds, totalling over US$1.5 billion. Prior to this, he established the real estate fund management practice at Global Investment House, growing the business to having assets under management of US$1 billion. In his career, Mr. Patnaik has launched eight real estate funds and was the recipient of the Best Islamic Real Estate Fund Manager (Middle-East) award, 2006, 2007, and 2008 by various respected industry forums. Mr. Patnaik has also spent time with Insignia India, what is now CB Richard Ellis, FPDSavills in Singapore, Jones Lang LaSalle in Singapore and Colliers Jardine in India.

Mr. Nahas was previously an Expert Advisor with Booz and Co. where he worked on two specific projects; the organisational restructuring of a leading UAE real estate company, and business plan and strategy development for Masdar City. Prior to this, Mr. Nahas was the CEO and Executive Committee Member of Al Oula International Real Estate Development Company, a Saudi Arabia-based regional real estate development company with total projects under management of US$2 billion. Mr. Nahas was also the Head of MENA Real Estate Investment Banking, at HSBC Bank Middle East in Dubai, where he led the IPO of Drake & Scull, among other transactions.

These appointments follow the recent resignation of Anis Bibi who had been an Executive Director of SHUAA Partners since 2008, the increased focus on real estate investment in Saudi Arabia and the realignment of SHUAA Partners private equity funds, including the preparation of SHUAA Partners Fund 1 for the end of its investment cycle.

 

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