Global investment bank Goldman Sachs is exploring the possibility of joining the race to set up a Middle East-focused fund.
While the bank did not specifically comment on the fund, Fadi Abuali, co-chief executive of Goldman Sachs for the Middle East and North Africa, told The National on Tuesday that it is "continuing to expand" its "presence in the Middle East across divisions”.
“This reflects our ambition to provide a dedicated local service and bring investment opportunities to our global client base, capitalising on the growth and dynamism across the Mena region."
Goldman Sachs has held talks with investors in the region about raising money for the fund, according to a Bloomberg report. Talks are continuing and the fund’s final size has not been decided yet, it said.
The move ties in with the fact that Goldman Sachs became the first Wall Street bank to secure a licence in Saudi Arabia to set up its regional headquarters there.
Goldman Sach’s plans for the Middle East fund to follow similar moves made recently by rivals including US asset manager BlackRock and Bahrain’s alternative asset manager Investcorp, as well as investments in the region by New York-listed Brookfield Asset Management.
All have been joining forces with the sovereign wealth funds in the region to raise money to invest across global markets.
Investcorp, which counts Mubadala Investment Company as its biggest shareholder, teamed up with China’s sovereign wealth fund in April to launch a $1 billion fund that will invest in high-growth companies in Saudi Arabia, other GCC countries and China.
The Investcorp Golden Horizon platform will be anchored by institutional and private investors from the GCC, and the China Investment Corporation, Investcorp said at the time.
Also in April, BlackRock signed an agreement with Saudi Arabia's Public Investment Fund to accelerate growth of capital markets in the kingdom by launching a Riyadh-based, multi-asset investment management platform.
BlackRock Saudi Arabia and the PIF expressed the intention at the time to establish BlackRock Riyadh Investment Management, which will encompass investment strategies across a range of asset classes.
Brookfield, with more than $925 billion in assets under management, has also been exploring raising dedicated funds specifically for investments in the Middle East.
Last month, a consortium led by Brookfield Asset Management signed a binding agreement to invest in Dubai-based private school provider Gems Education, with the deal’s completion expected in the third quarter of 2024.
In the same month, Brookfield teamed up with UAE-backed Alterra, a $30 billion climate fund, to raise up to $5 billion for a climate finance-focused fund that will invest in clean energy projects in emerging markets.
Alterra, a private investment vehicle launched during Cop28, aims to raise $250 billion globally in the next six years to create a fairer climate finance system.
Habib Saikaly, a 13-year veteran of JPMorgan, will be joining Goldman Sachs as head of the bank’s fundamental equity business across the Mena region, and is expected to oversee the fund’s development, Bloomberg reported.
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
Inside Out 2
Director: Kelsey Mann
Starring: Amy Poehler, Maya Hawke, Ayo Edebiri
Rating: 4.5/5
UPI+facts
More+than+2.2+million+Indian+tourists+arrived+in+UAE+in+2023
More+than+3.5+million+Indians+reside+in+UAE
Indian+tourists+can+make+purchases+in+UAE+using+rupee+accounts+in+India+through+QR-code-based+UPI+real-time+payment+systems
Indian+residents+in+UAE+can+use+their+non-resident+NRO+and+NRE+accounts+held+in+Indian+banks+linked+to+a+UAE+mobile+number+for+UPI+transactions
Company Profile
Name: Neo Mobility
Started: February 2023
Co-founders: Abhishek Shah and Anish Garg
Based: Dubai
Industry: Logistics
Funding: $10 million
Investors: Delta Corp, Pyse Sustainability Fund, angel investors
AVOID SCAMMERS: TIPS FROM EMIRATES NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
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4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
12 restaurants opening at the hotel this month
Ariana’s Persian Kitchen
Dinner by Heston Blumenthal
Estiatorio Milos
House of Desserts
Jaleo by Jose Andres
La Mar
Ling Ling
Little Venice Cake Company
Malibu 90265
Nobu by the Beach
Resonance by Heston Blumenthal
The Royal Tearoom
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
Teri Baaton Mein Aisa Uljha Jiya
Directors: Amit Joshi and Aradhana Sah
Cast: Shahid Kapoor, Kriti Sanon, Dharmendra, Dimple Kapadia, Rakesh Bedi
Rating: 4/5
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
The specs
Engine:+2-litre+or+3-litre+4Motion+all-wheel-drive Power:+250Nm+(2-litre);+340+(3-litre) Torque:+450Nm Transmission:+8-speed+automatic Starting+price:+From+Dh212,000 On+sale:+Now
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
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· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5