Welcome to the launch edition of Middle East Investment Nabd, a newsletter from Institutional Investor.

For our non-Arabic speakers, nabd means pulse. II has worked for many years to keep its finger on the pulse of this dynamic region through in-person events. Now, with Middle East Investment Nabd, we’ll provide subscribers with regular updates on people moves, evolving asset-owner allocation strategies, and the latest developments across capital markets and trading.

Leveraging our deep relationships in the region, this monthly newsletter will highlight the innovation and growth that are positioning the Middle East as a global centre for capital markets, asset management, and wealth generation.

All our events are held under the Chatham House Rule, but we will share colour from the events, allowing readers to gauge some of the sentiment even if we don’t quote the investors who share their opinions. This issue you can get some idea of the topics discussed at our Kuwait meeting held last month.

And I would also like to introduce our readers to Ahmed Raafat, who recently joined II as a senior director. Ahmed will spearhead our efforts in the region. Please reach out to him at ahmed.raafat@institutionalinvestor.com with ideas for content or events.

Ahmed Raafat, Senior Director, Middle East

Our first edition features a story by John Crabb, senior writer at Institutional Investor Magazine, on a family office that, in many ways, embodies the region’s rapid evolution from commodity-led wealth to diversified investment strategies. (For more family office coverage, read this story on II about younger generations reinventing the office.) Freelance writer Niamh Smith also explores how countries in the region have become global leaders in tokenization, showcasing innovation that many markets can only aspire to.

Here's more from John when he visited Doha, Qatar last month

Al Faisal Holding, one of Qatar’s largest private conglomerates and a family office tied to the ruling Al Thani dynasty, is accelerating efforts to diversify beyond its traditional real estate roots as the state embarks on an ambitious economic transformation.

Founded in 1964 by H.E. Sheikh Faisal Bin Qassim Al Thani, the firm began as an automotive business and now oversees dozens of portfolio companies across sectors ranging from hospitality and trading to manufacturing. Governance remains firmly in family hands, with a board and general assembly comprising Sheikh Faisal’s relatives.

Ali Mahmoudy, chief investment and strategy officer for five years, said the pandemic was a turning point for the group. He said that while the economics of the GCC region may be unique, in part due to a reliance on oil and gas revenue, like any investment officer his key priority is diversification…  To read the full II Magazine story, called Qatari Family Office Al Faisal Holding Charts New Course Beyond Real Estate, click here.

Niamh Smith reports on “Why the Middle East Is Hoping to Lead the Tokenisation Revolution.”

The Middle East is emerging as a global leader in tokenized finance, driven by purpose-built regulation and deep pools of capital. The UAE and Saudi Arabia made tokenization a priority with frameworks designed from the start, while other regions still adapt old rules.

“The UAE and Saudi Arabia view digital assets as part of their national economic strategies, not as an isolated experiment, and they have built purpose-built regulatory frameworks, such as VARA in Dubai and new federal token rules, that don’t rely on retrofitting legacy securities laws,” says Oscar Asly, Group CEO of M4Markets, a forex and CFD broker.

Ross Shemeliak notes that unlike the U.S. and EU, where regulation is fragmented and reactive, the Middle East is moving fast with clear, top-down frameworks.

“Jurisdictions like ADGM in Abu Dhabi, DIFC in Dubai, and QFC in Qatar are introducing licensing regimes tailored specifically for tokenized securities and digital asset firms,” he says.

Regulators are also willing to adapt.

“VARA has been in place for just over three years,” says Robert Farquhar, CCO at tokenization platform Ctrl Alt. He explains that Dubai regulators are open to collaboration. They acknowledge the framework is still evolving, but rather than sticking to old rules, they’re willing to work closely with private markets “to make things happen.”

Farquhar says an early challenge was that tokenizing an asset didn’t make it legally valid. A court would still rely on the title deed, not an NFT.

To fix this, regulators created tokens that serve as legal title deeds. Dubai’s Land Department is piloting this through its Real Estate Tokenization Project, the first in the Middle East to digitize titles on the blockchain.

Saudi Arabia is taking a similar path… To read the full II story, click here.

And if you missed II’s Middle East Investor Institute’s Kuwait summit, here are a few highlights

Investors from across the region met with peers from Europe and the U.S. to tackle pressing issues, from shifting global economic policies to asset allocation strategies. A new economic era is forcing investors to rethink everything from technology exposure to long-term risk appetite. Artificial intelligence — and its impact on investment and society — was another major theme.

Geopolitics and U.S. politics were discussed throughout the day, with most agreeing on the need for a long-term view and resisting short-term political noise. Attendees were urged not to let politics drive investment decisions — a principle evident in the GCC’s increasingly sophisticated markets.

Panels explored unlisted assets, with concerns about private credit quality and the difficulty of separating fact from fiction amid negative headlines. The sustainability of the private equity model also sparked debate. Breakout sessions focused on private credit opportunities amid market flux and refinancing pressures, and on public markets facing stagflation — though optimism prevailed.

Volatility was another hot topic. For investors with liquidity and flexibility, it offers a chance to buy underpriced, long-term assets. The final panel, featuring family offices, highlighted the GCC’s evolution from oil dependence to diversified, knowledge-based economies, each with distinct strengths.

Capital Economics’ Neil Shearing closed with insights from his book The Fractured Age, arguing globalization isn’t reversing but splitting into two pillars — one centered on the U.S., the other on China.

Recent Key Manager Moves & Office Openings— Saudi Arabia, UAE, Kuwait, and Bahrain

United Arab Emirates

Pharo Management – Pharo Manarah Limited — Nov 6 2025
Received full FSRA license approval and officially activated its Abu Dhabi (Global Market) office. Nicolas Sagna (Senior Executive Officer) relocated from London to head the new entity.
Description: Pharo Management is a London-based emerging-markets hedge-fund manager (~$10 B AUM) focused on global macro and fixed-income strategies.

Millennium Management — Nov 2025
Edward Pisano appointed Senior Commodities Portfolio Manager, joining Millennium (DIFC, Dubai) after leaving BlueCrest earlier this year. Pisano will build a multi-location commodities pod across Dubai, London, and Singapore, and is actively hiring senior analysts in Dubai.
Description: Millennium is a leading multi-PM global hedge fund with multi-asset pods; the Dubai build-out underscores its regional expansion in commodities and macro trading.

DWS (Deutsche Bank Asset Management) — Oct 28 2025
Opened a new Abu Dhabi (ADGM) office, with Joe Kiwan relocating from Paris to lead regional coverage as Head of Middle East & Africa.
Description: DWS is a global asset manager offering equities, fixed income, and alternative investments. The ADGM branch supports institutional clients and sovereign relationships across the GCC.

Monroe Capital — Oct 14 2025
Opened an Abu Dhabi (ADGM) office to expand its private-credit franchise and deepen relationships with regional LPs.
Description: US private-credit and direct-lending manager (~$22 B AUM) serving institutional investors globally.

Klay Group — Oct 2025
Srajan Gupta appointed Director, Multi-Family Office Division, at Klay Group (Dubai & GCC). He previously served at Barclays and will lead growth of the firm’s MFO offering in the Gulf.
Description: Klay Group is a UAE-based investment holding company expanding its family office services platform across GCC.

CME Group — Oct 15, 2025

Opened a DIFC office with Sharif Jaghman leading MEA expansion.
Description: CME Group offers futures, options, and cash markets across major asset classes, including interest rates, equities, FX, energy, metals, agriculture, and cryptocurrency.
“Serge Marston, Head of EMEA, added that the Dubai base will serve as the company’s “Middle East hub,” offering clients across the region “a higher level of service than ever before.”

UBS — Oct 15, 2025

Opened a new advisory office in ADGM (Abu Dhabi) to expand private banking and UHNW coverage.
Description: Global Swiss financial institution with a strong wealth and asset management platform.

Saudi Arabia

Hassana Investment Company — Dec 1 2025
Sabty Sulaiman Al-Sabty appointed Chief Executive Officer, succeeding Saad Al-Fadly.
Description: Investment arm of the General Organization for Social Insurance (GOSI), managing pension and social-insurance assets exceeding $300 B AUM.

Union Bancaire Privée (UBP) — Nov 5 2025
Opened a Riyadh office to expand Saudi private-wealth and institutional coverage. Mishal Alhawas appointed CEO & Head of Advisory, Saudi Arabia.
Description: Swiss private bank and asset manager (~$150 B AUM) providing wealth and institutional-investment solutions.

State Street Corporation — Oct 27 2025
Launched its MENA Regional Headquarters in Riyadh, expanding custody, data, and investment-operations services for sovereign and pension clients.
Description: One of the world’s largest custodians and asset-servicing groups, with over $40 T in AUC and $4 T in AUM.

Goldman Sachs — Oct 6, 2025

Opened a Kuwait office, appointing Mohammad Almatrouk as MD (pending regulatory approval) and Fahad Alebrahim as MD Private Wealth.
Description: US multinational investment bank and financial services company.

Franklin Templeton — Oct 1, 2025

Opened Franklin Templeton Global Investors Ltd., Kuwait to expand institutional coverage.
Description: Global multi-asset and alternatives manager providing active strategies to institutions and sovereigns.