UAE’s Federal Wealth Fund Names Al Mehairi CEO - Bloomberg
The United Arab Emirates’ federal wealth fund has appointed Mohamed Hamad Al Mehairi as its new chief executive, replacing Mubarak Rashed Al Mansoori who led the $90 billion entity for just over 15 years.
Al Mehairi was previously executive director of strategic assets at the Emirates Investment Authority. He’s also worked at the $276 billion Abu Dhabi wealth fund, Mubadala Investment Co., and state energy firm Adnoc.
Hassa Balouma, who sits on the board of several EIA portfolio companies, was elevated to the position of executive director, according to two people familiar with the matter, who requested anonymity as the matter is private. That positions her as one of the most senior women at a sovereign wealth fund in the Persian Gulf.
Representatives at EIA didn’t respond to calls and messages seeking comment.
Established in 2007, EIA is the smallest of the UAE’s multiple wealth funds. Its largest holding is a 60% stake in Emirates Telecom, a $46 billion giant that’s Vodafone Group Plc’s biggest shareholder and has been pursuing an ambitious global expansion strategy.
The fund also holds a stake in Du, which is the UAE’s other telecoms firm. In recent years, the fund has invested in a string of local listings including in the landmark IPO of Dubai’s main utility.
Sheikh Mansour bin Zayed, a brother to UAE President Sheikh Mohammed bin Zayed, is chairman of the EIA. Other wealth funds in the Gulf country include Abu Dhabi Investment Authority, which is among the world’s largest, and ADQ.
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