New role for former chairman
Grimstone to chair Aberdeen Standard gulf project
Sir Gerry Grimstone is making a quick return to Standard Life Aberdeen to oversee the new joint venture fund set up between Aberdeen Standard Investments and Investcorp, the Bahraini investment group.
Aberdeen Standard and Investcorp announced on 13 February they would set up the joint venture fund, which will invest in infrastructure projects in the Gulf region.
Sir Gerry, who stepped down as SLA group chairman at the turn of the year will chair the project. He announced last week that he is retiring as chairman of Barclays Bank.
Bloomberg has estimated that the new fund will aim to raise between $800m to $1bn.
Sir Gerry was chairman of Standard Life and then Standard Life Aberdeen between 2007 and 2019. In a statement today, he said: “The long-term economic potential of [the Gulf Cooperation Council countries] 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.”