BUSINESS

Global Wealth Conference to drives economic growth with new US-Saudi $5 Billion MENA- focused megafund

June 18, 2023

The Global Wealth Conference (GWC), organized by the Sovereign Wealth Fund Institute (SWFI) in London, left a lasting impact on the investment landscape in the MENA region. The event witnessed the announcement of the $5 billion 'MEGAM' fund, a collaboration between US-based Patel Family Office and KSA’s Ajlan & Bros Holding, which aims to raise an impressive $20 billion by investing in the thriving MENA hospitality sector - a compelling proposition for global investors.

This first-of-its-kind equity fund in the MENA region aims to transform both existing and emerging projects, foster sustainable growth and bolster the region’s tourism industry. The fund will allocate $3 billion for Saudi Arabia, $1 billion for Egypt, and $0.5 billion each for Morocco and Algeria.

The GWC attracted a staggering $5.3 trillion in assets under management. The conference brought together over 20 sovereign wealth funds, 40 family offices, government officials, academics, fund managers, and industry experts, including senior representatives from the Public Investment Fund.

Lakshmi Narayanan, Chairman of SWFI and Partner at Patel Family Office, and Michael Maduell, President of SWFI, in their joint statement, said, “The tremendous success of the GWC has showcased the immense potential of the KSA market. Our partnership represents a significant opportunity to leverage our combined expertise and resources to drive transformative growth, create employment opportunities, and elevate the tourism experience in the region.”

During the conference, several heads of sovereign funds, state institutions, and investors were honored with the prestigious Global Order of Outstanding Disruptors (GOOD) Fellows Award by SWFI.

Additionally, SWFI unveiled GlobalCryptoNews.com, a comprehensive resource on cryptocurrencies, blockchain technology, digital currencies, DeFi, and Web 3.0.

The Patel Family Office also introduced FORT Global, an innovative platform that connects family offices with investors, entrepreneurs, and service providers, driving their growth and prosperity through disruptive technologies and sustainable finance.


June 18, 2023
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