The Big Take
Middle East Trillions Force New Concessions From Wall Street
Apollo, Blackstone and other big money managers are reshaping longstanding practices to win part of the $4 trillion in Gulf sovereign wealth.
Sovereign wealth funds from Qatar, Saudi Arabia and the United Arab Emirates are flexing their financial might in a previously unseen way.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Within the moneyed circles of the Middle East, there’s increasing talk of a shifting power dynamic in the upper echelons of high finance.
Gone are the days of private equity bigwigs and hedge fund honchos flying to the Gulf, shuttling between five-star hotels and gleaming office towers in Abu Dhabi, Doha and Riyadh, then leaving with massive checks for their latest funds.