(Bloomberg) -- General Atlantic is making a deeper push into the Gulf with a new office in Abu Dhabi, joining a slew of Western firms expanding in the Middle East.
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The investment giant wouldn’t rule out a Gulf focused fund, Chief Executive Bill Ford said in an interview on Bloomberg TV. “The Middle East is the next big entrepreneurial hotspot,” he said.
The New York-based firm has been investing in the Middle East for years. In adding the new Abu Dhabi office, it joins a string of international names from Goldman Sachs Group Inc. to Blackrock Inc. who have boosted their presence or added new offices in the region.
The Middle East’s sovereign wealth funds wield trillions of dollars between them. As Gulf government have sought to diversify away from oil and create their own financial hubs, they’ve pushed foreign firms to set up local offices.