According to Ibrahim Ajami of the Abu Dhabi State Fund, Mubadala, UAE, becomes a global ATM as the West goes bankrupt.
Five Years ago, after Washington Post columnist Jamal Khashoggi was killed in the Saudi consulate in Istanbul, virtue-signaling American finance executives withdrew from a Saudi Arabian event in Riyadh.
Saudi Crown Prince Mohammad bin Salman (MbS)
Private equity, venture capital, and real estate funds have now returned with hats in hand to tap into the Middle East's enormous wealth, which has been bolstered by higher energy prices as a result of Russia's invasion of Ukraine. This is because Western financiers are constrained by rising interest rates and a decreased appetite for dealmaking.
As big Western financial institutions race to open branches in the Middle East in an effort to attract local investors, it appears that money is the only thing that can truly mend old scars.
While the Middle East steps on the gas, the traditional backers of inves...
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