Governance, strategy, and execution depend on people.
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The leadership of Bread Capital is structured around its managing partners, Michael Ruben, David Szerer and Steve Benchimol, supported by a board and senior advisors with complementary expertise.
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Managing Partner, COO
Steve brings over a decade of operational experience in the UAE real estate market, with strong expertise in asset sourcing, transaction execution, and portfolio operations. A graduate of NEOMA Business School, he began his career in M&A at HSBC, where he developed a rigorous understanding of financial structuring and deal execution.
In 2016, he founded and managed Dream Inn Holiday Homes, a residential platform exceeding USD 100 million in assets under management, and later launched Dream Capital Real Estate LLC in 2021.
At Bread Capital, Steve oversees deal flow qualification, manages relationships with local counterparties, and ensures disciplined and timely execution across the Emirates. He brings an execution-driven mindset and a deep understanding of the local market’s operational landscape. -
Managing Partner, CMO
David is a branding and marketing leader with over 19 years of international experience across the luxury and real estate sectors.
He has led brand strategy, client engagement, and market expansion for global consumer groups and premium real estate platforms, consistently bridging creative positioning with commercial outcomes.
His background combines design thinking and strategic marketing, holding a degree in Architecture (DEFA) and a Master’s in Visual Communication from a Parisian arts school.
At Bread Capital, David leads institutional communications, brand positioning, and strategic partnerships. He plays a key role in articulating the firm’s value proposition to investors, stakeholders, and the broader UAE market, ensuring coherence between brand, product, and market perception. -
Managing Partner, CEO
Michael has over 20 years of experience in financial services, fund structuring, and capital strategy.
He has held senior roles at Robeco France, Natixis, and Pure Salmon Global, where he led portfolio diversification, international growth, and investment execution across multiple jurisdictions.
He holds a Master’s in Banking, Finance & Insurance from Paris Nanterre University and a Bachelor’s in Economics & Finance from Panthéon-Sorbonne University.
At Bread Capital, Michael oversees the firm’s strategic direction and analytical methodologies, focusing on research, market assessment, and capital insights. He plays a central role in defining Bread Capital’s analytical frameworks and underwriting discipline, ensuring that each project aligns with institutional standards and long-term value creation.
Bread Capital’s team unites international experience and local insight to deliver institutional standards and sustainable growth in the UAE real estate market.
Board Members
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Pierre Besnainou
Non-Executive Chairman
Pierre is a seasoned entrepreneur with more than 30 years of experience founding and scaling companies in consumer electronics, media, and technology. He co-founded Liberty Surf in 1999 with Bernard Arnault and later led major digital acquisitions such as Nomade.fr and Freesbee. Earlier, he launched ventures in satellite media with the AB Group. At Bread Capital, Pierre brings strategic oversight, governance expertise, and entrepreneurial insight to guide the firm’s long-term growth across the UAE.
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Laurent Nataf
Board Member
Laurent has over 20 years of leadership experience in specialty chemicals distribution, with a focus on M&A and international expansion. He led Azelis Asia Pacific as CEO and President, overseeing operations across 12 countries and 17 acquisitions. In 2022, he became Azelis’ Chief M&A Officer and, in 2025, joined Safic-Alcan as Managing Director of M&A. At Bread Capital, Laurent contributes deep expertise in cross-border M&A and strategic insight to support growth and value creation initiatives in the UAE real estate market.
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Michael Ruben
Managing Partner & Board Member
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David Szerer
Managing Partner & Board Member
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Steve Benchimol
Managing Partner & Board Member
Senior Advisors
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Eddy Abramo
Strategic Advisor
CEO of Coinvesting Capital LtdEddy has more than 25 years of experience in private banking, asset management, and regulated fund structures across Europe and the Middle East. He previously served as CEO of Banque Internationale à Luxembourg and Société Générale Private Banking Middle East, leading cross-border strategies for UHNW clients. He holds a Master’s in Finance from Université Paris-Dauphine and an Executive MBA from HEC Paris. At Bread Capital, Eddy brings governance discipline, asset management expertise, and regional market knowledge to ensure alignment with institutional standards.
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Arnaud Bricout
Real Estate Fund Manager
Arnaud is a senior fund manager with extensive experience in real estate investment and asset management. He has worked closely with institutional investors to optimize portfolios and design tailored financial strategies. His career includes structuring complex investment vehicles, enhancing performance, and advising on institutional mandates. He holds an MSc in Finance from HEC Paris and a Master’s in Economics from Université Paris-Dauphine. At Bread Capital, Arnaud advises on real estate structuring and portfolio optimization in line with international standards.
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Lionel Slama
Asset Based Finance | Private Debt Specialist
Group Director, Strategic Asset Finance at EconocomLionel is a specialist in private debt and asset-based financing, with expertise in originate-to-distribute models and structured transactions. Since 2020, he has managed more than €150 million in annual investments and structured over €190 million, achieving consistent double-digit growth. His focus is on mid-cap European companies seeking flexible financing strategies. He holds an MSc in Financial Markets & Investments from SKEMA and a Master’s in Finance from EMLV. At Bread Capital, Lionel advises on alternative financing strategies and private debt structuring.
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Alan Kaye
UAE Real Estate Market
CEO at MIEA PropertiesAlan has more than 12 years of experience in Abu Dhabi’s real estate market, specializing in asset management, investment, and portfolio growth. He has held senior positions at Cluttons (now Savills), District Real Estate, LLJ Asset Management, and Royal Lounge Properties before founding MIEA Properties. His strong market knowledge and developer relationships allow him to advise on acquisitions and portfolio development. At Bread Capital, Alan contributes strategic insight to optimize investment opportunities across the UAE.
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Fiona Lewandowski
Legal Advisor
Fiona is a corporate lawyer with over 20 years of international experience in regulatory compliance, M&A, and data protection. She has held senior legal roles at Yahoo!, Tabreed, Damas, Dubai World, and Pure Salmon Group. Based in the UAE since 2009, she advises on DIFC/DFSA and ADGM frameworks. Fiona holds an LLB (Hons) in Law and a BA in International Relations from Deakin University Australia. At Bread Capital, she provides legal risk oversight and supports governance structures.
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Ioana Georgescu
Corporate Services
Executive Director at History LimitedIoana is based in Abu Dhabi. She is a seasoned professional with extensive experience in client services and strategic management, having held key leadership roles in the corporate services sector. Prior to joining HISTORY LIMITED, Ioana served as Client Services Director for GRC Middle East at Equiom Corporate Services (ME) Ltd. from May 2022 to March 2024. She also held the position of Chief Strategy Officer at BOTH Corporate Services Limited (BCS) in Abu Dhabi from August 2021 to February 2022.
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Guillaume Huard
Wealth and financial strategy
Founder and CEO of Origeen Capital.Based in Paris, Guillaume brings over 20 years of experience in private banking, wealth management, and real estate investment.
Before founding Origeen, Guillaume held senior roles at KAYS Wealth Management and Lonlay & Associés, advising high-net-worth individuals and institutions on real estate strategies, private equity, and wealth structuring. -
Nicolas Milliot-Dayan
Wealth and financial strategy
Co-Founder of Origeen Capital.Nicolas has over seven years of experience in wealth management, investment strategy, and financial structuring.
Prior to launching Origeen, he spent five years at KAYS Wealth Management advising high-net-worth clients on portfolio construction and tailored investment plans.
Nicolas holds a Master’s in Finance from ISG Paris and a Master’s in International Trading from Saint Petersburg State University.
Coinvesting Capital
Bread Capital collaborates with Coinvesting Capital, a DFSA-regulated asset manager based in Dubai International Financial Centre. This partnership strengthens our advisory platform by aligning governance and operational standards with international best practices.
Coinvesting Capital brings regional credibility, institutional discipline, and a track record of regulated fund management, complementing Bread Capital’s strategic consulting focus in UAE.
