Saudi Arabia Calls for G20 Summit to Combat Coronavirus

People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)
People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)
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Saudi Arabia Calls for G20 Summit to Combat Coronavirus

People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)
People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)

Saudi Arabia called on Tuesday for holding an extraordinary virtual meeting for the leaders of the G20 to combat the new coronavirus pandemic.

Saudi Arabia, which chairs the Group of 20 major economies, said next week’s summit aims “to put forward a coordinated set of policies to protect people and safeguard the global economy.”

The Kingdom said it was in constant contact with the G20 members to hold the meeting, stressing that the global health crisis and its consequent humanitarian, economic and social impact demand a global response.

The G20 will work with international agencies in order to ease the impact of the pandemic, it added.

The coronavirus has infected 171 people in Saudi Arabia as of Tuesday.

Gulf states have registered more than 1,000 infections, many linked to travel to neighboring Iran, which is an epicenter for the outbreak in the Middle East.

The virus has infected more than 187,000 people, while the death toll was more than 7,400. There have now been more cases and deaths outside mainland China, where the virus emerged, than inside.



Bahrain’s Investcorp Announces Major Changes in its Executive Team

Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
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Bahrain’s Investcorp Announces Major Changes in its Executive Team

Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)

Bahrain’s Investcorp, a leading global alternative investment firm, announced on Monday a major change in its executive leadership team, saying that co-CEO Hazem Ben-Gacem will leave after 30 years as the company embarks on a major management reshuffle in an effort to boost returns.

In a statement, Investcorp said co-CEO Rishi Kapoor had been appointed vice chairman and chief investment officer while Executive Chairman Mohammed Alardhi would assume additional responsibilities previously undertaken by the co-CEOs.

The group has more than $52 billion in assets under management and is known for taking luxury brands public.

Ben-Gacem will leave Investcorp effective Nov. 1, but will continue as vice chairman of investment unit Investcorp Capital, the company said.

As part of the shake-up, Investcorp said it had consolidated and organized its investment activities in three units.

Dave Tayeh is taking the helm of Private Equity and Private Equity like, Herb Myers and Mike O'Brien will be in charge of Real Assets, and Jeremy Ghose will lead the Credit business.

Yusef Al-Yusef will be leading the Global Distribution Platform.

Mohammed Alardhi, Executive Chairman at Investcorp, said: “As we increase our focus on leveraging the strength of our existing investment platform, we recognize it is the right time to broaden our executive leadership to support our future growth plans.”

“Rishi and Hazem have helped lead our business from strength to strength in the last several years after we launched our growth journey,” he added.