Goldman, Carlyle Set to Follow BlackRock With Offices in Kuwait - Bloomberg
Goldman Sachs Group Inc. is among a cohort of financial firms planning to open offices in Kuwait, according to people familiar with the matter, in a boost to the OPEC member’s nascent efforts to position itself as a regional business hub.
Carlyle Group Inc., Franklin Templeton and State Street Corp. are also looking to set up local offices, the people said, asking not to be identified as the information is confidential. The moves follow BlackRock Inc.’s decision to open up in the country and would bolster Kuwait’s efforts to deepen its financial sector, which has lagged behind Dubai, Abu Dhabi and Riyadh in recent years.
The firms already count Kuwait as a client, and a physical presence would allow them to further strengthen ties with the government and its $1 trillion sovereign wealth fund. Some of those relationships were on display this week, when Goldman helped manage Kuwait’s first international bond sale in eight years.
The Wall Street firm has picked a recent hire — Mohammad Almatrouk, previously a managing director at Kuwait’s public pension fund — to run its local office, people familiar with the matter said.
Representatives for Goldman, State Street and Carlyle declined to comment. Franklin Templeton’s new office will initially support the firm’s institutional business and contribute to Kuwait’s Vision 2035 goals, the firm said in a statement.
Middle East Money
Global firms have been expanding across the Middle East, drawn by deep pools of sovereign capital, and wealthy families in the region who together control more than $1 trillion in assets. While that expansion has so far been focused on Saudi Arabia and the United Arab Emirates, Qatar has moved to lure firms in recent months.
Kuwait, despite ranking as one of the world’s richest countries per capita and boasting vast oil reserves, has been held back by years of policy paralysis and a raucous parliament that was often blamed for blocking economic development and reform.
Still, officials are now taking bolder steps to catch up.
Sheikh Mishaal Al-Ahmed Al-Sabah, Kuwait’s ruler, suspended parliament for four years in 2024, effectively clearing the way for the government — headed and appointed by the ruling family — to pass key bills and push reforms.
More recently, an official at Kuwait’s Direct Investment Promotion Authority said the country is committed to attracting “value-added direct investments, with a focus on developing national competencies and strengthening long-term partnerships.”
BlackRock, which has close ties with Kuwait, became the first mover last month by naming a country head and opening an office. The asset manager counts the $1 trillion Kuwait Investment Authority as one of its largest shareholders, and Chief Executive Officer Larry Fink typically visits the country annually.
In one sign of the importance of the Middle East, a pair of top Goldman executives called the region “one of the most important fundraising opportunities in the world.” The firm opened an Abu Dhabi office in 2023, and was the first bulge-bracket bank to get a regional headquarters license in Saudi Arabia.
Private equity giants like Carlyle have also been deepening engagement with Gulf sovereign funds by hosting workshops and launching training programs for local talent, Bloomberg News has reported.
State Street is looking to launch more exchange traded funds tracking Gulf capital markets, while Franklin has rolled out feeder funds in the UAE and struck deals to invest in Saudi stocks.
Wednesday, 1 October 2025
Hedge Fund Davidson Kempner Said to Buy Bad Debt from #UAE Bank - Bloomberg
Hedge Fund Davidson Kempner Said to Buy Bad Debt from UAE Bank - Bloomberg
Davidson Kempner Capital Management LP has acquired about $1.4 billion in bad debt from Abu Dhabi Commercial Bank PJSC, people familiar with the matter said, the second such transaction between the US hedge fund and one of the emirate’s largest lenders.
The loan book included a mix of secured and unsecured assets, the people said, declining to be identified as the information is confidential. Bloomberg News had first reported the Abu Dhabi-based bank’s plans to offload the debt in March.
Representatives for ADCB and Davidson Kempner declined to comment.
The transaction will allow Abu Dhabi’s second-largest lender to further clean up a balance sheet hurt by several large corporate defaults in recent years, including NMC Health Plc. The deal comes two years after ADCB sold a $1.1 billion non-performing loan portfolio to Davidson Kempner in a landmark transaction for the region.
Such deals have since gained prominence in the Middle East. Deutsche Bank AG acquired a portfolio of soured loans worth around $800 million from First Abu Dhabi Bank PJSC, the United Arab Emirates’ largest lender, at the start of the year.
Further afield, several lenders in Saudi Arabia have also been considering similar deals. Saudi National Bank is expected to complete a transaction by the end of the year, Bloomberg News has reported.
Davidson Kempner Capital Management LP has acquired about $1.4 billion in bad debt from Abu Dhabi Commercial Bank PJSC, people familiar with the matter said, the second such transaction between the US hedge fund and one of the emirate’s largest lenders.
The loan book included a mix of secured and unsecured assets, the people said, declining to be identified as the information is confidential. Bloomberg News had first reported the Abu Dhabi-based bank’s plans to offload the debt in March.
Representatives for ADCB and Davidson Kempner declined to comment.
The transaction will allow Abu Dhabi’s second-largest lender to further clean up a balance sheet hurt by several large corporate defaults in recent years, including NMC Health Plc. The deal comes two years after ADCB sold a $1.1 billion non-performing loan portfolio to Davidson Kempner in a landmark transaction for the region.
Such deals have since gained prominence in the Middle East. Deutsche Bank AG acquired a portfolio of soured loans worth around $800 million from First Abu Dhabi Bank PJSC, the United Arab Emirates’ largest lender, at the start of the year.
Further afield, several lenders in Saudi Arabia have also been considering similar deals. Saudi National Bank is expected to complete a transaction by the end of the year, Bloomberg News has reported.
SC Capital Partners, CapitaLand Investment launch GCC real estate industrial fund in #UAE
SC Capital Partners, CapitaLand Investment launch GCC real estate industrial fund in UAE
SC Capital Partners, a leading Singapore-based real estate investment management firm, has announced the launch of the SC GCC Real Estate Industrial Development Fund (GRID), its first co-sponsored industrial development fund in the UAE.
CapitaLand Investment Limited (CLI), a leading global real asset manager that holds a 40 percent stake in SC Capital Partners, will co-sponsor the Fund. This landmark fund will support Ras Al Khaimah’s transformation with a flagship industrial project expected to create 1,800 jobs, attract more than 50 tenants, and cover 300,000 sqm of land.
SC Capital Partners will work alongside its industrial partner, THi Holding Management Corporation (THi), which will act as the development manager, asset manager and operator.
Together, the three partners will form a consortium that combines global investment expertise with on-the-ground real estate capabilities, ensuring the Fund’s long-term success.
Under the patronage of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, the Fund’s first project will be developed in the Ras Al Khaimah Economic Zone (RAKEZ).
This initiative comes as the UAE’s industrial and logistics sectors experience significant growth, driven by rising purchasing power, expanding e-commerce, and government-led Industry 4.0 initiatives.
By attracting high-tech and smart manufacturing enterprises, particularly from Asia, the project will foster innovation, strengthen supply chain resilience, and reinforce the UAE’s role as a regional leader in industrial transformation.
H.H. Sheikh Saud commented, “RAK continues to strengthen its position as a hub for advanced industries and innovation. This partnership reflects our commitment to creating a dynamic business ecosystem that attracts global investment, generates employment opportunities for our people, and contributes to the sustainable growth of the wider UAE economy.”
Building on this vision, the consortium will transform over 300,000 sqm of land in Ras Al Khaimah into a next-generation industrial park that will attract high-tech and smart manufacturing enterprises from across Asia.
With tenants expected in fields such as electric vehicles, renewable energy, and advanced materials, the park will serve as a catalyst for innovation and a hub for resilient, future-focused industries that reinforce the UAE’s role in global supply chains.
Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, said, “The launch of our inaugural GRID fund marks a significant milestone in our expansion strategy. The UAE presents compelling opportunities for long-term value creation, underpinned by a visionary national agenda and rapidly evolving industrial ecosystems.”
Andrew Lim, Group Chief Operating Officer, CLI, stated, “CLI’s co-sponsorship of GRID demonstrates our agility in co-creating funds that capture timely opportunities, as the GCC region becomes an increasingly important logistics node in the global supply chain.”
Sarah Hu, co-founder of THi, said, “The UAE stands at the crossroads of global trade, making it an ideal launchpad for the future of manufacturing and supply chains. Through this landmark project, we are investing in world-class industrial infrastructure and creating a resilient, innovation-driven ecosystem that positions Ras Al Khaimah as a vital link between Asia and the GCC region.”
With the UAE as its launchpad, the Fund has already built a strong pipeline of development opportunities in Abu Dhabi and Dubai.
These key industrial and economic zones will serve as anchor markets for the Fund’s long-term growth strategy, aligning with the UAE’s national ambitions for economic diversification, advanced manufacturing, and global connectivity.
SC Capital Partners, a leading Singapore-based real estate investment management firm, has announced the launch of the SC GCC Real Estate Industrial Development Fund (GRID), its first co-sponsored industrial development fund in the UAE.
CapitaLand Investment Limited (CLI), a leading global real asset manager that holds a 40 percent stake in SC Capital Partners, will co-sponsor the Fund. This landmark fund will support Ras Al Khaimah’s transformation with a flagship industrial project expected to create 1,800 jobs, attract more than 50 tenants, and cover 300,000 sqm of land.
SC Capital Partners will work alongside its industrial partner, THi Holding Management Corporation (THi), which will act as the development manager, asset manager and operator.
Together, the three partners will form a consortium that combines global investment expertise with on-the-ground real estate capabilities, ensuring the Fund’s long-term success.
Under the patronage of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, the Fund’s first project will be developed in the Ras Al Khaimah Economic Zone (RAKEZ).
This initiative comes as the UAE’s industrial and logistics sectors experience significant growth, driven by rising purchasing power, expanding e-commerce, and government-led Industry 4.0 initiatives.
By attracting high-tech and smart manufacturing enterprises, particularly from Asia, the project will foster innovation, strengthen supply chain resilience, and reinforce the UAE’s role as a regional leader in industrial transformation.
H.H. Sheikh Saud commented, “RAK continues to strengthen its position as a hub for advanced industries and innovation. This partnership reflects our commitment to creating a dynamic business ecosystem that attracts global investment, generates employment opportunities for our people, and contributes to the sustainable growth of the wider UAE economy.”
Building on this vision, the consortium will transform over 300,000 sqm of land in Ras Al Khaimah into a next-generation industrial park that will attract high-tech and smart manufacturing enterprises from across Asia.
With tenants expected in fields such as electric vehicles, renewable energy, and advanced materials, the park will serve as a catalyst for innovation and a hub for resilient, future-focused industries that reinforce the UAE’s role in global supply chains.
Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, said, “The launch of our inaugural GRID fund marks a significant milestone in our expansion strategy. The UAE presents compelling opportunities for long-term value creation, underpinned by a visionary national agenda and rapidly evolving industrial ecosystems.”
Andrew Lim, Group Chief Operating Officer, CLI, stated, “CLI’s co-sponsorship of GRID demonstrates our agility in co-creating funds that capture timely opportunities, as the GCC region becomes an increasingly important logistics node in the global supply chain.”
Sarah Hu, co-founder of THi, said, “The UAE stands at the crossroads of global trade, making it an ideal launchpad for the future of manufacturing and supply chains. Through this landmark project, we are investing in world-class industrial infrastructure and creating a resilient, innovation-driven ecosystem that positions Ras Al Khaimah as a vital link between Asia and the GCC region.”
With the UAE as its launchpad, the Fund has already built a strong pipeline of development opportunities in Abu Dhabi and Dubai.
These key industrial and economic zones will serve as anchor markets for the Fund’s long-term growth strategy, aligning with the UAE’s national ambitions for economic diversification, advanced manufacturing, and global connectivity.
Mideast Stocks: Most Gulf markets slightly higher amid US shutdown concerns
Mideast Stocks: Most Gulf markets slightly higher amid US shutdown concerns
Most stock markets in the Gulf ended slightly higher on Wednesday, as the U.S. government shutdown raised concerns about the delay in the release of crucial jobs data, clouding future interest rate trends.
The U.S. government shut down much of its operations as partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, gruelling standoff that could lead to the loss of thousands of federal jobs.
The shutdown could also delay the release of key economic data, including the non-farm payrolls report due on Friday.
The U.S. government shut down much of its operations as partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, gruelling standoff that could lead to the loss of thousands of federal jobs.
The shutdown could also delay the release of key economic data, including the non-farm payrolls report due on Friday.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index added 0.2%, with Saudi Arabian Mining Company gaining 2.5%.
In Abu Dhabi, the index inched 0.1% higher.
Oil prices - a catalyst for the Gulf's financial markets - steadied after falling for two days as investors weighed OPEC+ plans for a larger output hike next month, while data from the U.S. and Asia showed signs of demand waning.
Dubai's benchmark DFM General Index rose 0.5%, buoyed by gains in key stocks. Blue-chip real estate developer Emaar Properties advanced 2.7%.
Oil prices - a catalyst for the Gulf's financial markets - steadied after falling for two days as investors weighed OPEC+ plans for a larger output hike next month, while data from the U.S. and Asia showed signs of demand waning.
Dubai's benchmark DFM General Index rose 0.5%, buoyed by gains in key stocks. Blue-chip real estate developer Emaar Properties advanced 2.7%.
Elsewhere, supermarket operator Spinneys surged 3.9% following the announcement of its joint venture with Ayala Corp. to introduce premium grocery stores in the Philippines.
The Qatari benchmark, however, dropped 0.9%, hit by a 1.2% fall in the Gulf's biggest lender Qatar National Bank .
Outside the Gulf, Egypt's blue-chip index finished 0.3% higher, helped by a 1% rise in Commercial International Bank Egypt.
The Qatari benchmark, however, dropped 0.9%, hit by a 1.2% fall in the Gulf's biggest lender Qatar National Bank .
Outside the Gulf, Egypt's blue-chip index finished 0.3% higher, helped by a 1% rise in Commercial International Bank Egypt.
Gulf sovereign wealth funds defy lower oil prices to top global investment
Gulf sovereign wealth funds defy lower oil prices to top global investment
Sovereign wealth funds in the Middle East are set to outspend global peers for a fourth consecutive year with 40 per cent of all flows, despite lower oil prices and Saudi Arabia increasingly focusing on domestic investments.
State-owned investors across the Middle East and north Africa region spent $56.3bn in the first nine months of this year, a similar level to the same period in 2024, according to estimates by Global SWF, a research consultancy specialising in sovereign investors.
Sovereign wealth funds in the Middle East are set to outspend global peers for a fourth consecutive year with 40 per cent of all flows, despite lower oil prices and Saudi Arabia increasingly focusing on domestic investments.
The report comes days after a consortium backed by Saudi Arabia’s Public Investment Fund signed a $55bn deal to take video games maker Electronic Arts private, highlighting the continued financial clout of the kingdom and other state-owned investment entities in the wider region.
Sustained investment by Middle Eastern sovereign wealth funds, the vast majority in the Gulf, comes even as Brent crude prices have fallen to an average $69.93 per barrel this year, down from $81.82 in the first nine months of 2024, prompting speculation that it may constrain governments’ spending.
Gulf sovereign wealth funds have topped spending on overseas investments since 2022 — when Russia’s full-scale invasion of Ukraine led to a surge in energy prices — and the Global SWF data shows that their finances have remained strong even as oil prices have eased.
Diego López, managing director and founder of Global SWF, said the findings showed that lower oil prices were not affecting countries equally and that the majority had healthy finances.
“Four out of the six GCC [Gulf Cooperation Council] countries are still in surplus,” he said. “Money is still flowing to the sovereign wealth funds, they have to put it to work . . . that is one of the reasons that they keep being quite aggressive in the marketplace.”
Global SWF’s estimates are extrapolated from publicly available information as Gulf sovereign wealth funds generally do not report quarterly data and some, such as Abu Dhabi and Qatar’s investment authorities, do not reveal the size of their assets or many of their deals.
The outlay by Gulf sovereign wealth funds has come even as the regional heavyweight, Saudi Arabia’s $925bn PIF, has said it intends to concentrate on domestic investments, with just a fifth of its investments deployed abroad.
López said that even with 80 per cent of the PIF’s portfolio allocated domestically, that would still leave about $200bn to be deployed in other countries, meaning that “they’re still a very active investor overseas”.
Abu Dhabi’s state-owned investment company Mubadala was the most active spender in the nine months to the end of September with $17.4bn, according to Global SWF’s estimates. The emirate’s sovereign wealth fund, the Abu Dhabi Investment Authority, came second with $9.6bn, while Qatar’s sovereign wealth fund spent $7.6bn.
Mubadala, which invests in both developed and emerging markets, is “doing everything, everywhere, all at the same time”, López said. The $330bn Abu Dhabi investor previously reported that it had increased investments by a third in 2024 to $32.4bn.
ADIA, Mubadala and Qatar Investment Authority all declined to comment on Global SWF’s figures.
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