First Emirati elected to IMF’s executive board

Ali Alhosani became the first Emirati elected executive director at the IMF. He will represent the Arab Group and the Maldives on the Fund’s 25-seat executive board, The National reports. The board approves IMF lending, and this constituency includes program countries such as Egypt and Jordan. The appointment comes as the UAE prepares to host the 2029 IMF / World Bank annual meetings.

Alhosani already knows the Fund well: Alhosani has been the constituency’s alternate executive director since 2021. Before that, he advised the executive director at the World Bank and managed a portfolio at the IFC in Washington. His new role was most recently held by former Egyptian finance minister Mohamed Maait.

Plus: Abu Dhabi sovereign wealth fund L’imad is lining up a Fortress Investment Group veteran to run its new investment arm, L’imad Capital, Bloomberg reports, citing sources it says are familiar with the matter. Dean Dakolias (LinkedIn), a former co-chairman who helped build the US firm’s credit business, is being considered for CEO, though the appointment still needs approvals.

Dakolias already has an Abu Dhabi connection: Dakolias spent nearly 25 years at Fortress before leaving at the end of last year, according to his LinkedIn profile, including his final stretch under Mubadala, which holds a 68% stake in the asset manager.

The appointment would come as L’imad looks to bring in outside capital through its investment arm L’imad Capital as early as next year. The new strategy would see L’imad act like a holding company, with L’imad Capital taking on more of a buyout group role.