Haissam Arabi, chief executive officer and founder of Gulfmena Investments Ltd., will step down as the company closes its proprietary funds and adopts a new strategy after losses in a main vehicle.
Marc Hambach, chief operating officer at the company based in the Dubai International Financial Centre, will take over as interim CEO effective Feb. 1, Arabi said in an e-mail to Bloomberg News today. The Gulfmena Opportunities Fund Ltd. and Gulfmena Access Fund will close as the company seeks to focus on institutions, ultra-high net worth individuals and family offices, he added.
The Gulfmena Opportunities Fund, which focuses on the Middle East and North Africa region, fell each year since 2010 with a retreat of 3.6 percent in 2012, according to data compiled by Bloomberg. The change in Gulfmena’s strategy comes after the number of brokerages in the United Arab Emirates more than halved to 48 since 2008 amid lower trading volumes and a drought in initial public offerings.
Gulfmena CEO Arabi Steps Down as Proprietary Funds Shut - Bloomberg
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