Rasmala Group Announces Senior Leadership Changes to Implement Expansion Plans

DUBAI, UAE, Oct. 4, 2023 /PRNewswire/ — Rasmala Investment Bank Limited (“RIBL” or “Rasmala”), a leading Dubai-based alternative investment manager, has announced key changes in its senior management team following the recent appointment of H.E. Abdallah Yahya Al-Mouallimi as Group Chairman.

Haroon Ahmed appointed CEO of Rasmala Group

The Board has confirmed the appointment of Haroon Ahmad as Chief Executive Officer (CEO) following a rigorous selection process. He will succeed Eric Swats, who has been with the Group since 2003. Swats will take over as Vice-Chairman and continue to provide input on strategic matters for the Group.

In addition, Ali Taqi, previously Head of Strategic Equities & Client Solutions, has been appointed as Chief Investment Officer, bringing the investment team under his leadership. Ruggiero Lomonaco, Head of Real Estate Funds, will also lead investment origination and business development in Saudi Arabia.

Commenting on the appointments, Al-Mouallimi, Group Chairman, said, “The Board has approved the next phase of our strategic plan 2026 and the appointment of Haroon as CEO. His significant industry experience, knowledge of the region, and personal energy stood out during the selection process. I would like to congratulate Haroon, Ali, and Ruggiero on their new leadership roles.”

Dr. Henry Azzam, Chairman of RIBL added: “Our decision to promote from within the firm reflects the deep knowledge and expertise at Rasmala. We look forward to working with Haroon to ensure that Rasmala continues to deliver on its enormous potential. I would also like to thank Eric for his years of leadership and service. I know he will continue, as he has done for so many years, to show his commitment to Rasmala.”

Haroon Ahmad, CEO, said: “I am delighted to be appointed as CEO to build on the team’s success under Eric. Rasmala has a longstanding track record as a pioneer in our region. I look forward to working with the Board and my colleagues to expand our distribution and client service capabilities in the region with a consolidated, client centric approach.”

Ahmad has over 25 years’ experience in the investment management industry. He joined Rasmala in 2014, first leading the group’s business development and then its direct investment activity. Previously he held senior positions at global and regional firms, including HSBC and Emirates NBD. Ahmad is a CFA charterholder, a chartered accountant from England and Wales, and holds a BSc degree in economics from University of Warwick.

About the Rasmala Group

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

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