Dubai International Capital appoints David Smoot as Managing Director, Private Equity

Co-founding partner of Morgan Stanley Private Equity joins growing team in Dubai

David Smoot, Managing Director, DIC Private Equity

 

Dubai: July 1st 2008 – Dubai International Capital LLC (‘DIC’), the international investment arm of Dubai Holding, today announces that it has appointed David Smoot as Managing Director, Private Equity. David will be based in Dubai and report to Sylvain Denis Chief Executive Officer of DIC Private Equity.

David, aged 38, joins from Morgan Stanley Private Equity, where he was a member of the investment committee, led portfolio investments and helped to build a 35-person team located in New York and London. Key transactions include the acquisition of Tops Markets from Royal Ahold and the firm’s co-investment with JLL Partners in the acquisition of McKechnie Aerospace.

David has a 14-year track record in investment banking and private equity, of which 11 years were spent with Morgan Stanley. Before co founding the Private Equity Group he was Managing Director, Financial Sponsors, at Morgan Stanley where he advised clients including Bain Capital, Blackstone, First Reserve and Warburg Pincus on M&A, IPOs, debt and equity financings. Before joining Morgan Stanley, David spent three years at Salomon Brothers, where he specialised in energy and chemicals investment banking.

He is a graduate of Harvard Law School and Duke University and a member of the New York Bar.

Sylvain Denis, Chief Executive Officer of DIC Private Equity said,

“David has exceptional experience and relationships in the private equity field as well as expertise in building a best-in- class team. I look forward to working with him on the development of our growth strategy for DIC’s business in North America.”

David Smoot, Managing Director, DIC Private Equity commented, “Since its launch in 2004, DIC has made outstanding progress in building a profitable business that manages combined assets in excess of $12 billion. DIC’s Private Equity division has established a strong reputation as a specialist in European secondary buyouts and I look forward to working with Sylvain to expand the portfolio in North America.”

Notes to Editors

About Dubai International Capital LLC:

Established in 2004, DIC is an international investment company focused on both private equity and public equity. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion. DIC was named MENA Private Equity Firm of the Year in the 6th annual Awards for Excellence in Private Equity Europe 2008, organised by Dow Jones Private Equity News.

DIC Private Equity invests mainly in secondary buyouts in developed markets and has acquired businesses in a range of sectors in Europe and North America. Acquisitions include the UK leisure company Tussauds Group for £800m (later merged with Merlin Entertainments; DIC retains a 18% stake), the UK engineering company Doncasters for £700m, the US engineering company FastenTech for $492m, the UK hotel chain Travelodge for £675m, the German industrial packaging manufacturer Mauser for €850m, the UK healthcare company Alliance Medical for £600m, and the German producer of specialty alumina Almatis for US$ 1.2 billion.

DIC Global Equities makes structured investments in large-cap, global equities, either directly or via DIC’s US$2 billion Global Strategic Equities Fund (GSEF). The GSEF has acquired substantial stakes in HSBC, EADS, and Sony Corporation. DIC has directly invested in a 2.96% stake in the Indian financial services firm ICICI Bank.

DIC has also taken a strategic 9.9% stake in Och-Ziff, an alternative asset management firm based in New York.

DIC Emerging Markets invests in a range of asset classes in emerging markets. Equity investments include significant stakes in the UAE-based luxury retailer Rivoli Group and Singapore-based True Group, a leading provider of wellness services in South East Asia, in addition to a US$200 million investment in Oger Telecom, a leading regional telecom conglomerate. DIC has also established sector or country-specific investment funds such as Ishraq, a US$150 million investment company bringing the Holiday Inn Express brand to the Middle East; the US$500 million MENA Infrastructure Fund, which invests in infrastructure projects in the Middle East and North Africa, and Jordan Dubai Capital, a US$300 million investment company that targets private equity opportunities in Jordan and most recently China Dubai Capital, a US$1 billion fund that will target opportunities in China’s growing economy. DIC is a founding shareholder of Dubai Aerospace Enterprise and has a joint venture with CBRE that provides real estate asset management services.

DIC Asset Management (DICAM) arranges and promotes the investment funds. DICAM is regulated by the Dubai Financial Services Authority and holds a Category 4 licence.

DIC contributes to filling the equity gap faced by regional entrepreneurs through its fully-owned subsidiary, the Arab Business Angels Network (ABAN). ABAN acts as a link between entrepreneurs and Angel Investors and aims to complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.

Additional information about the Arab Business Angels Network is available at: www.aban.ae.

Information about Dubai International Capital LLC is available at: www.dubaiic.com.

Mark Lunn
Dubai International Capital LLC
Tel: +9714 362 1888
Email: mark.lunn@dubaiic.com

Or

Maliha Aqeel
Jiwin Public Relations
Tel: +9714-3613598
Mob: +97150-6331976
Fax: +9714-3688001
Email: maliha.aqeel@jiwin.ae