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 capitalise 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 licence 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.
- 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 organisation behind Riyadh’s flagship annual investment conference, Reuters notes.
Asset Manager Guggenheim plans Saudi presence as part of Gulf investment push
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