New mid-sized businesses emerging in the Gulf are expected to create fresh lending opportunities for private credit firms in the region, initially in the hundreds of millions of dollars, according to Bloomberg UK, citing Golub Capital CEO, Lawrence Golub.
Golub Capital, with $70bn in loans outstanding, has recently opened an office in Abu Dhabi and hired Naser Almutairi as managing director for the Gulf region. The firm is currently monitoring the market but is not yet ready to launch direct lending in the Gulf, according to reports. Instead, it is focusing on increasing its involvement in local communities.
The firm’s expansion comes as a growing number of private credit firms seek capital in the region. While global institutions like BlackRock and Blackstone have made the Middle East a hub for fundraising – targeting state-backed investors and large family offices – international firms have yet to make significant local investments. As a result, private credit deal flow in the region remains limited.
Other private credit firms, such as Monroe Capital, have also established offices in Abu Dhabi, with Monroe hiring a head of Middle East distribution. Blue Owl and Hayfin Capital Management are also expanding their presence in the region.
In June, Pemberton Asset Management, one of Europe’s largest private-credit investors, raised over $1bn in partnership with the Abu Dhabi Investment Authority to support private equity firms.
