Private equity firm KKR has appointed David Petraeus, head of its global risk assessment, as chairman of its Middle East arm as the company seeks to expand its footprint in the region.
KKR, based in New York and with offices in Dubai and Riyadh, is establishing a dedicated investment team in the region led by Julian Barratt-Due, a managing director at the firm, the company said on Monday. The company has had offices in the region since 2009 and deployed capital directly since 2019.
Mr Petraeus, a former CIA director and one-time commander of US Central Command, will lead the firm's Middle East operations in an expansion of his role as a partner at KKR and chairman of the KKR Global Institute, which assesses geopolitical issues. He will strengthen KKR’s presence and partnerships in the region, the company said.
"The Middle East is emerging as a leading investment powerhouse with a clear vision, impressive innovation, strong fiscal position, and increasingly partnership-orientated private sector and governments," Mr Petraeus said. "We see growing opportunities for KKR to partner with leading domestic businesses, bringing differentiated expertise to deliver value while supporting governments’ strategic economic goals."
KKR's total assets under management rose 15 per cent annually to $638 billion at the end of last year. The firm, one of the world's biggest by AUM, has set a target of surpassing $1 trillion in assets by 2030.
"We view the Middle East as an increasingly important destination for investment, with structural reforms, pro-investment policies and favourable demographic trends accelerating economic growth," Joe Bae and Scott Nuttall, co-chief executives of KKR, said.
The Middle East is increasingly attracting buyout firms that are now looking to build teams on the ground, invest in local businesses and help develop the region's asset managers.
In February, London-based private equity firm Permira said it plans to open an office in Dubai this year, to expand its footprint in the Middle East. In December, General Atlantic said it was opening a new office in Abu Dhabi, the second outpost for the US-based private equity company in the Middle East after Riyadh, as it aims to build on its $1 billion of investments in the region.
A private equity revival is starting to take shape globally following a rebound in deal-making in 2024, Bain & Company's Global Private Equity Report released in March found. Investments and exits, up 37 per cent and 34 per cent, respectively, reversed declines last year.
KKR, which has operated in the Middle East for more than 15 years, is strengthening its presence in the region at a time when deal activity has been complicated globally due to uncertainty stemming from US President Donald Trump’s trade tariffs.
In January, KKR and Gulf Data Hub said they were teaming up to invest more than $5 billion to boost the Dubai company's data centre infrastructure in the Gulf, as demand for capacity grows amid a technology boom. The deal marked KKR's first such investment in the region, with the company also acquiring a stake in GDH for an undisclosed amount.
Previous investments in the region include a partnership to create Adnoc Oil Pipelines. KKR also acquired a portfolio of commercial aircraft from Etihad Airways in 2020 through Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair.
Mr Barratt-Due, who joined KKR in 2016, will lead the company's new regional investment team to identify investment and partnership opportunities in the region, with a focus on Gulf countries.
“The Middle East represents a compelling investment destination driven by the size and growth of the economy, favourable demographic trends, and a stable currency and jurisdictional climate," he said.
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
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Group E: River Plate, Urawa, Monterrey, Inter Milan.
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
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