Bahrain-based private equity firm Investcorp and Edinburgh-based investment giant Aberdeen Standard Investments (ASI) announced the appointment of Gerry Grimstone as chairman of its new joint venture.

Grimstone was chairman of Aberdeen Standard parent firm Standard Life Aberdeen plc before stepping down late last year.

The new joint venture that will invest in social and core infrastructure projects in Gulf Cooperation Council countries.

Grimstone’s appointment follows his decision to step down from his roles as a director of Barclays and chairman of its subsidiary Barclays Bank.

The joint venture will actively target greenfield and brownfield social and core essential infrastructure assets in sectors including healthcare, education, utilities, social housing, smart cities, roads and rail.

Investcor executive chairman Mohammed Alardhi 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.”

Aberdeen Standard Investments co-CEO Martin Gilbert said: “Having someone of Sir Gerry Grimstone’s stature and quality chairing this new joint venture shows just how significant this opportunity is for both Investcorp and Aberdeen Standard Investments.

“We are delighted our joint venture will benefit from his expertise, energy and experience.” 

Grimstone said: “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.”