Money Flowing From Investment Bank To Middle East. Turnaround?

Posted by Bull Bear Trader | 8/18/2008 09:30:00 PM | , | 0 comments »

As reported in a UK Telegraph article, Goldman Sachs has launched a new proprietary fund to invest in select assets within the Middle East. While just one instance, and coming from one of the stronger U.S. investment banks, this is nonetheless a nice and encouraging reversal of fortune considering the amount of sovereign wealth funds that have come from the Middle East, often to support struggling U.S. banks. The fund, called the Goldman Sachs Middle East Investments, currently has about $300 million to invest, but this figure is expected to grow. While the fund investments will be varied, the focus will initially be on the area's strength in financial institutions and energy assets.