Goldman Sachs is ramping up its private credit presence in the Middle East, relocating top executive Deb Dutt from London to the Gulf as the firm positions for a wave of financing opportunities in the region, Bloomberg reports.

The initiative comes after Saudi Arabia’s Public Investment Fund agreed to anchor a series of Goldman-managed funds targeting private credit and public equity across the Gulf Cooperation Council. Goldman has since secured additional backing from large institutions.

“We’ve set up a private credit fund dedicated to the Middle East that will be basically originating those kind of financings across the board,” said Zaid Khaldi, who co-leads Goldman’s regional operations.

The strategy is aimed at meeting significant funding needs in Saudi Arabia, where banks face tighter liquidity as they support Crown Prince Mohammed bin Salman’s Vision 2030 programme. Goldman has already deployed capital into a buy-now-pay-later lender, a small-business finance platform, and a hospitality group.

Globally, Goldman manages around $150bn in private credit assets. Its Middle East expansion follows the opening of an Abu Dhabi office in 2023 and the granting of a Saudi regional HQ licence in 2024.

Rajiv Shah, co-head of Goldman’s investment bank in the region, said: “We find companies that we like. We want to support them and will continue to support them by also plugging them into our broader M&A and equity franchise.”

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