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.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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Power: 819hp
Torque: 678Nm at 7,250rpm
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
