U.S.-Based Guggenheim Investments - with assets of about $357 billion - is actively considering an office in Saudi Arabia and wants to Capitali$e on inve$tment Opportunitie$
Guggenheim Investments Eyes Saudi Expansion, Targets Infrastructure and Tech Opportunities
U.S.-based Guggenheim Investments is considering an office in Saudi Arabia as part of its Gulf expansion.
U.S.-based Guggenheim Investments, which manages
roughly $357 billion in assets, is actively exploring the possibility
of opening an office in Saudi Arabia as part of its broader Gulf
expansion, Reuters reports.
The firm is seeking to capitalize on
investment opportunities in infrastructure and transportation.
Guggenheim already maintains an office in Dubai, the region’s leading
financial and trade hub, and is in the process of obtaining a license
in Abu Dhabi, home to sovereign wealth funds managing around $2
trillion.
“We are very, very positive on the region,” Anne Walsh, chief
investment officer at Guggenheim Partners Investment Management, told Reuters during the Milken Institute’s Middle East and Africa summit in Abu Dhabi.
Walsh highlighted the potential for growth in technology and energy
sectors, saying:
“To be a leader in artificial intelligence and
technology investment, which I see amongst the countries in the region,
and the ability to harness energy, both fossil fuels and others, here in
the region is going to be strong as well to support that technology
business. So I see a great deal of opportunity.”
When asked specifically about Saudi Arabia, Walsh confirmed that
Guggenheim was “in active due consideration” for Riyadh.
She added that
the firm plans not only to establish a presence but also to deploy
capital in transportation equipment and infrastructure projects.
The announcement comes amid growing financial ties between Saudi
Arabia and the U.S., with both countries highlighting billions of
dollars in new investments in November.
> Gulf states have been
intensifying efforts to diversify their economies away from
hydrocarbons, focusing on non-oil sectors such as financial services,
tourism, technology, and manufacturing.
> Earlier this year, Guggenheim Investments also became a strategic
partner of the Future Investment Initiative Institute, the organization
behind Riyadh’s flagship annual investment conference, Reuters notes.
ABU
DHABI, Dec 7 (Reuters) - U.S.-based Guggenheim Investments, with assets
of about $357 billion, is actively considering an office in Saudi
Arabia and wants to capitalize on investment opportunities in
infrastructure and transportation as part of its expansion in the Gulf
region.
The
firm has an office in Dubai, the region's top financial and trade hub,
and is in the process of getting licensed in Abu Dhabi, the UAE's
oil-rich capital city and home to sovereign wealth funds managing around
$2 trillion.
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