General Atlantic Opens Saudi Office to Expand Middle East Investment Presence.

General Atlantic, a global investment firm managing over $80 billion, is opening its first office in Saudi Arabia to strengthen its presence in the Middle East. The new office, led by Ziyad Baeshen, will focus on scouting investment opportunities in various sectors including technology, healthcare, financial services, consumer, and climate industries. This move is part of General Atlantic's strategy to get closer to regional entrepreneurs and invest in growth companies.

The firm has been investing in the Middle East, North Africa, and Turkey region since 2012, deploying almost $1 billion in companies such as UAE-based Network International and Property Finder. Recently, it backed Saudi Arabia-based eyewear retailer Eyewa. General Atlantic's assets are expected to grow to around $100 billion with the acquisition of London-based private equity firm Actis.

This expansion aligns with a broader trend of global investment firms increasing their presence in the Middle East. Sovereign wealth funds in the region, controlling over $4 trillion in assets, have become influential capital sources for global fund managers. These funds are pushing asset managers to reinvest more in the region, leading firms like BlackRock, TPG Capital, Ardian SAS, and CVC Capital Partners to either open new offices or increase their regional staff.

Report by Bloomberg