UAE-based Gulf Islamic Investment Welcomes Previous Al Ahli Bank of Kuwait Official as New Group Chief Financial Officer
Gulf Islamic Investments (GII), an Abu Dhabi-based alternative investment firm managing assets over $3.5 billion, has announced the appointment of Utpal Shah as its new Group Chief Financial Officer (CFO).
Shah, a chartered accountant with extensive experience in finance leadership, joins GII from Al Ahli Bank of Kuwait where he served as Deputy Group CFO and Deputy General Manager, overseeing finance operations across Kuwait, UAE, and Egypt. Before that, he held senior roles at ANZ and JP Morgan, demonstrating a proven expertise in fundraising, liquidity management, and capital planning.
In his new role, Shah will be responsible for strengthening financial controls at GII, supporting the firm's financial architecture, and accelerating its expansion into digital banking platforms such as Vision Bank and Offa.
GII's co-founder and co-CEO, Pankaj Gupta, expressed his excitement about Shah's appointment, stating that it significantly enhances the group's financial strength and growth potential. Mohammed Alhassan, the other co-founder and co-CEO of GII, also looked forward to Shah's contribution to developing GII's reputation as a pioneering, international, Shari'ah-compliant investment group.
Recently, GII raised $100 million in growth capital from Saudi institutional investors. The firm has also made investments in the Indian market through two dedicated funds, India Growth Portfolio I (IGP-I) and India Growth Portfolio II (IGP-II), with an exposure of over $150 million. GII has invested in sectors such as electric mobility, consumer products, healthcare, and technology in India.
Last year, GII sold a majority stake in its logistics real estate platform, comprising 1.5 million square feet of warehouses in the UAE, to Canadian alternative investment firm Brookfield Asset Management. The sale included the warehouse for leading e-commerce player Noon.
GII's real estate portfolio is less than two-thirds of total investments and includes logistics assets such as warehouses for Amazon in Germany, Noon, and other leading logistics clients. The firm is exploring further deals in the Indian PE space.
In addition, GII has struck a $300 million joint venture deal with Saudi Industrial Services Company (Sisco)'s real estate development arm Logipoint to deepen its presence in Saudi Arabia.
Utpal Shah's appointment comes at an exciting time for GII, as the firm continues to expand its operations and invest in strategic sectors. With his extensive experience and expertise, Shah is poised to play a crucial role in GII's continued growth and success.
Utpal Shah, in his new role as Group Chief Financial Officer (CFO) at Gulf Islamic Investments (GII), will work towards strengthening financial controls and supporting the firm's expansion into digital banking platforms like Vision Bank and Offa. With his proven expertise in finance from roles at Al Ahli Bank of Kuwait, ANZ, and JP Morgan, Shah's appointment significantly enhances GII's financial strength and growth potential, especially as the firm continues to invest in sectors like real-estate, with recent deals including a joint venture with Sisco's real-estate development arm Logipoint in Saudi Arabia.
