Dubai International Capital, a Middle East-based investment company, is to hire its first chief investment officer and create more funds in a management and operational shake-up.

DIC is also looking for a chief intelligence officer as part of plans to increase staff numbers from 45 to 75 by the end of the year. It wants to appoint a chief operating officer after promoting Anand Krishnan to chief financial officer.

DIC, part of the Dubai state’s holding company which operates in healthcare, technology, finance, real estate, research and education, has been expanding after a wave of dealmaking.

Last month, it sold tourist attraction operator Tussauds Group for more than $1bn (€730m) and an undisclosed percentage of its shares in US-German carmaker DaimlerChrysler, which it bought in January 2005 for $1bn.

Its portfolio company Travelodge, a UK budget hotel chain, has seen revenue growth of 17%, or £204m (€299m). DIC wants to float the company within five years in the hope of gaining a 20% annual return on its $1.3bn investment.

Meanwhile Triago, a private equity placement agent and secondaries specialist, has appointed its first Middle East head as it makes a push into the region to take advantage of the oil wealth waiting to be invested in foreign funds.

The firm has hired Jean Aboumrad to head its Middle East office. Aboumrad starts this week and will operate from Paris until the Dubai office opens in October.

Aboumrad joins from German advisory group DTZ’s asset management arm, where he was director of investor relations.