Riyadh - Mubasher: General Atlantic, known for its early-stage investments in technology companies such as Facebook and Uber, has opened its first office in the Middle East, as it seeks to boost its investment activities in the region .

The company announced in a statement on Sunday that its new office in Saudi Arabia will be led by Ziad Bashen. The move aims to strengthen engagement with local entrepreneurs, with a focus on investing in startups across multiple sectors including technology, healthcare, financial services, consumer and climate-related industries .

General Atlantic, which manages assets worth more than $80 billion, appointed Samir Assaf to the position of head of the Middle East and North Africa division, which was created last year, as part of the company’s efforts to strengthen its relations with local investors and explore new investment opportunities .

Middle Eastern sovereign wealth funds, which manage more than $4 trillion in assets, have become increasingly influential sources of capital for global fund managers. In recent years, they have begun to pressure asset managers to reinvest money in the region rather than withdraw it .

General Atlantic says it has been investing in the Middle East, North Africa and Turkey since 2012, with investments totaling around $1 billion.

The company has supported several companies, including the UAE’s Network International and Property Finder for real estate advertising, in addition to supporting the Saudi company Eyewa, which specializes in eyeglasses trading .

Through its new office, the company seeks to benefit from the growing momentum in the region’s entrepreneurship ecosystem and contribute to building the next generation of leading companies.

The CEO of the company confirmed in his speech that "General Atlantic" aims to strengthen its relations with investors with large financial capabilities in the region, similar to what companies such as "BlackRock", "TBG Capital", "Ardian" and "CVC Capital Partners" are doing, which have either opened new offices or increased the number of their employees in the region .

Nominations

Minister: $4.3 billion is the value of UAE investment flows to the Kingdom

Dubai Roads and Transport Authority awards AED 696 million contract for Trade Centre Roundabout development project