UAE's Gulf Islamic Investment announces appointment of ex-Al Ahli Bank of Kuwait executive as Group Chief Financial Officer
Gulf Islamic Investments (GII), a leading player in the Gulf Cooperation Council (GCC) region, is aggressively expanding its footprint in the digital banking sector as part of its broader growth and investment strategy. The firm has appointed Utpal Shah as Group Chief Financial Officer (CFO), who is expected to accelerate GII’s expansion into digital banking platforms.
Utpal Shah, a seasoned financial executive, previously served as deputy group CFO at Al Ahli Bank of Kuwait. With a proven track record in fundraising, liquidity management, and capital planning, Shah is well-equipped to drive GII’s financial strategy.
GII manages over $3.5 billion in assets, spanning private equity, venture capital, and real estate. The firm recently raised $100 million in growth capital from Saudi institutional investors to fuel further investments.
The GCC region is experiencing rapid digital transformation in financial services, with a surge in Islamic fintech assets projected to reach $4-5 trillion by 2026. The UAE, in particular, is emerging as a fintech hub, hosting over 1304 AI, fintech, and innovation companies.
Under Shah's financial leadership, GII plans to leverage its strong capital backing and the favorable fintech ecosystem in the GCC to scale digital banking platforms. This includes initiatives like Vision Bank and Offa. There is a notable trend toward Shariah-compliant and sustainable finance options in the region, aligning with broader ESG goals, which creates fertile ground for GII’s digital banking expansion aligned with ethical finance principles.
In addition to its digital banking expansion, GII is also deepening its presence in Saudi Arabia. The firm recently struck a $300 million joint venture deal with Saudi Industrial Services Company's real estate development arm Logipoint.
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. Last year, GII sold a majority stake in its logistics real estate platform to Canadian alternative investment firm Brookfield Asset Management.
Previously, GII exited its investment in the Amity School complex in Dubai, operated by the Indian education provider Amity Education Group, in a $50 million deal after six years. 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). Although GII has made exits worth $600 million so far, it has yet to mark an exit from its India portfolio, and the firm is exploring further deals in the Indian PE space.
Brookfield Asset Management, which acquired a majority stake in GII’s logistics real estate platform, aims to expand in the Middle East region. This partnership between GII and Brookfield Asset Management has already resulted in GII’s recent acquisition of GEMS Education in a consortium led by Brookfield Asset Management.
In conclusion, under Utpal Shah’s leadership, GII is poised to make significant strides in the digital banking sector, leveraging its strong financial backing and the favorable fintech ecosystem in the GCC to scale digital banking platforms, tapping into the rising demand for innovative, Shariah-compliant financial solutions across the Gulf.
Utpal Shah, in his new role as Group CFO at Gulf Islamic Investments (GII), aims to utilize the firm's substantial financial resources and the advantageous fintech ecosystem in the GCC to intensify GII's digital banking growth. With the region's projected surge in Islamic fintech assets and the growing preference for Shariah-compliant and sustainable finance options, GII's real-estate portfolio expansion, such as the $300 million joint venture with Logipoint, complements its strategic emphasis on digital investing.
