Rabih Khoury and DIC to part ways

The chief executive of DIC Emerging Markets, one of the arms of the Dubai investment firm, is leaving the company.

Rabih Khoury, the chief executive of Dubai International Capital’s emerging markets arm, is leaving the company shortly by mutual consent, according to a statement.

The firm which hit the headlines this week when its bid for Liverpool Football Club failed for a second time this week declined to comment on Khoury's departure.  

A permanent replacement for him has not been finalized yet. Following his departure, the firm’s chief operating officer Anand Krishnan will act as chief executive of DIC Emerging Markets on an interim basis in the period leading up to the appointment of his successor.

A source close to the firm said Koury’s departure was a loss. 

DIC manages assets of about $13 billion (€8.4 billion) as of December 2007 and Khoury currently handles DIC’s investment portfolio in the MENA region and in other emerging markets in Asia, Latin America and Eastern Europe.

DIC Emerging Markets has established two private equity funds in the past the $300 million Jordan Dubai Capital Fund and the $500 million MENA Infrastructure Fund.

It has also launched a fund to target deals in Saudi Arabia.

Khoury could not be reached for comment.