Former Barclays Bank chairman Sir Gerry Grimstone has been appointed chairman of Investcorp and Aberdeen Standard’s gulf infrastructure investment joint venture.
Grimstone, who stepped down from his role at Barclays investment arm on Friday, is rejoining Standard Life Aberdeen after resigning as chairman in January this year.
The joint venture will invest in social and core infrastructure projects in Gulf Corporation Council (GCC) countries to diversify their economies away from oil.
Grimstone said: “I am delighted to be appointed chairman of the joint venture.
“The long-term economic potential of GCC is unquestionable but rightly governments across the region recognise the need to build and improve their countries’ infrastructure. The private sector has a key role to play.
“Aberdeen Standard Investments’ and Investcorp’s experience and expertise can help to deliver these essential projects.”
The joint venture will target greenfield and brownfield assets in the healthcare, education, utilities, social housing, smart cities, roads and rail sectors.
Investcorp executive chairman Mohammed Alardi said: “Our joint initiative to invest in Gulf infrastructure projects is an exciting step forward for Investcorp and Aberdeen Standard Investments, and we are very pleased to welcome Sir Gerry as chairman of the venture.
“Sir Gerry’s leadership, combined with the alternative investment expertise of two established, leading global investment firms, will position the business strongly in what is an exciting stage in the region’s development.”