• Zak Hydari steps down as Chief Executive and becomes new Chairman
• Eric Swats takes over as Chief Executive
• Additional changes to senior management team to support new strategic plan
• Plans to expand footprint in London, Abu Dhabi and Riyadh

London, Dubai, 28 September 2021: The Rasmala Group has announced changes in its senior leadership team to implement its new strategic plan for the period up to 2026.

The new strategic plan represents the most significant overhaul of the firm’s strategy since the firm’s merger with London headquartered EIIB PLC in 2012. The new strategic plan involves expanding client coverage across the Gulf region, significantly increasing investment in digital infrastructure and further specializing in alternatives assets across real assets, credit and private equity.

Zak Hydari, Chairman of The Rasmala Group said: “We believe this is the right time to accelerate the execution of our strategic priorities by making key changes to the leadership team. These changes are in accordance with our longstanding succession plans.”

Effective immediately, Eric Swats will take over as the next Chief Executive of Rasmala and will also continue in his role as Senior Executive Officer of Rasmala Investment Bank Limited. Hydari will take over the Chairman role and is expected to work closely with Swats on key strategic matters and external relationships. Acting Chairman, Martin Barrow and former Chairman, Abdallah Y. Al-Mouallimi will continue as Senior Independent Director and Senior Advisor respectively. The other board members include John Wright and Dr Henry Azzam who will continue as Chairman of the Audit Committee and Chairman of Rasmala Investment Bank Limited respectively.

Hydari added: “I would like to congratulate Eric on his appointment and wish him the very best in his new role. I look forward to working with him in implementing the new strategic plan.”

Eric Swats, Chief Executive said: “A new phase has started for Rasmala with the launch of its new strategic plan. This means we are adopting ambitious targets, adding to our team and expanding in key geographies to better service clients.”

Rasmala has announced additional leadership changes. Haroon Ahmad, Head of Products & Sales will be moving to the London office to help drive key strategic initiatives in Real Assets and Private Equity and Ali Taqi will take on additional responsibilities for Strategic Client Solutions and the Abu Dhabi office. Further appointments are being made and will be announced in due course.

Swats added: “I am confident that our leadership team, strengthened by these changes and by some new additions will bring together a great breadth of experience that will be instrumental in transforming our business and strengthening Rasmala’s position in our key markets.

ENDS

For more information, please contact:

Investor and Corporate Communications

E: media@rasmala.com

About The Rasmala Group

Established in 1999, The Rasmala Group is a leading alternative investment firm that invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. Rasmala Investment Bank Limited is a wholly-owned subsidiary based in the Dubai International Financial Centre (“DIFC”) and regulated by the Dubai Financial Services Authority (“DFSA”). The significant subsidiaries of The Rasmala Group are referred to interchangeably as ‘Rasmala’ and ‘The Rasmala Group’. For further details on The Rasmala Group, please visit www.rasmala.com.