General Atlantic is opening its first office in Saudi Arabia, marking its expansion into the Middle East.

General Atlantic’s new Saudi office will be led by Ziyad Baeshen, the company stated.

This move aligns with its strategy to work with regional entrepreneurs in fields such as technology, health care, financial services, consumer, and climate industries.

This action follows the appointment of Samir Assaf as chairman of General Atlantic’s Middle East and North Africa operations. The firm aims to strengthen ties with local investors and find potential investment opportunities.

Middle Eastern sovereign wealth funds, which manage over US$4 trillion in assets, are gaining influence. This trend is encouraging asset managers to increase their investments in the region.

General Atlantic has invested nearly US$1 billion in the Middle East, North Africa, and Turkey since 2012. Their investments include companies like UAE-based Network International and Saudi Arabia’s Eyewa.

The strategy resembles moves by firms such as BlackRock, TPG Capital, and CVC Capital Partners, which are also expanding their presence in the Middle East.