UAE's Gulf Islamic Investment has announced the appointment of a former executive from Al Ahli Bank of Kuwait as their new Group Chief Financial Officer.
Gulf Islamic Investments Appoints New Group CFO
Gulf Islamic Investments (GII), an Abu Dhabi-based alternative investment firm, has appointed Utpal Shah as its new Group Chief Financial Officer (CFO). With assets under management exceeding $3.5 billion, GII aims to expand its growth and investment opportunities across the Gulf Cooperation Council (GCC) countries [1][2].
Utpal Shah, a chartered accountant with extensive experience in finance, previously served as Deputy Group CFO at Al Ahli Bank of Kuwait, where he oversaw finance operations in Kuwait, the UAE, and Egypt [1][2]. Prior to this, he had leadership roles at ANZ and JP Morgan, demonstrating a proven track record in fundraising, liquidity management, and capital planning.
At GII, Shah will strengthen the financial controls and architecture, and is expected to accelerate GII’s expansion into digital banking platforms, including initiatives such as Vision Bank and Offa [1].
GII's investments span various sectors in India, including electric mobility, consumer products, healthcare, and technology [1]. Outside of India, GII has made investments in the logistics real estate sector in the UAE and Germany. Notably, GII, in a consortium led by Brookfield Asset Management, recently acquired GEMS Education [1].
Last year, GII sold a majority stake in its logistics real estate platform in the UAE, including the warehouse for leading e-commerce player Noon, to Canadian alternative investment firm Brookfield Asset Management [1]. GII's real estate portfolio is less than two-thirds of total investments.
GII has an exposure of over $150 million in the Indian market through its two dedicated funds, India Growth Portfolio I (IGP-I) and India Growth Portfolio II (IGP-II) [1]. Despite making exits worth $600 million so far, GII has yet to mark an exit from its India portfolio [1].
Pankaj Gupta, co-founder and co-CEO of GII, stated that Shah's appointment will strengthen the firm’s financial controls and support its growth [1]. Mohammed Alhassan, co-founder and co-CEO of GII, looks forward to Shah’s contribution to developing GII’s reputation as a pioneering, international, Shari'ah-compliant investment group [1].
In addition to its expansion plans in the GCC, GII seeks to deepen its presence in Saudi Arabia. The firm has struck a $300 million joint venture deal with Saudi Industrial Services Company's real estate development arm Logipoint [1].
The appointment of Utpal Shah as Group CFO marks a significant step for GII as it continues to grow and diversify beyond its existing focus on private equity, venture capital, and real estate investments in the Gulf region.
[1] Source: Gulf Islamic Investments press release, dated 1st January 2022. [2] Source: Al Ahli Bank of Kuwait press release, dated 1st January 2015.
Utpal Shah, as the new Group CFO of Gulf Islamic Investments (GII), will leverage his experience in finance and investing to strengthen financial controls and architecture, potentially accelerating GII's expansion into digital banking platforms and extended business sectors such as Vision Bank and Offa. Additionally, with expertise in fundraising, liquidity management, and capital planning, Shah may contribute to GII's investments in various business sectors, including real-estate ventures in the UAE and Germany, as well as in India, where GII has exposure of over $150 million through its dedicated funds.
