Private equity firm KKR has appointed David Petraeus, head of its global risk assessment, as chairman of its Middle East arm as the company seeks to expand its footprint in the region.
KKR, based in New York and with offices in Dubai and Riyadh, is establishing a dedicated investment team in the region led by Julian Barratt-Due, a managing director at the firm, the company said on Monday. The company has had offices in the region since 2009 and deployed capital directly since 2019.
Mr Petraeus, a former CIA director and one-time commander of US Central Command, will lead the firm's Middle East operations in an expansion of his role as a partner at KKR and chairman of the KKR Global Institute, which assesses geopolitical issues. He will strengthen KKR’s presence and partnerships in the region, the company said.
"The Middle East is emerging as a leading investment powerhouse with a clear vision, impressive innovation, strong fiscal position, and increasingly partnership-orientated private sector and governments," Mr Petraeus said. "We see growing opportunities for KKR to partner with leading domestic businesses, bringing differentiated expertise to deliver value while supporting governments’ strategic economic goals."
KKR's total assets under management rose 15 per cent annually to $638 billion at the end of last year. The firm, one of the world's biggest by AUM, has set a target of surpassing $1 trillion in assets by 2030.
"We view the Middle East as an increasingly important destination for investment, with structural reforms, pro-investment policies and favourable demographic trends accelerating economic growth," Joe Bae and Scott Nuttall, co-chief executives of KKR, said.
The Middle East is increasingly attracting buyout firms that are now looking to build teams on the ground, invest in local businesses and help develop the region's asset managers.
In February, London-based private equity firm Permira said it plans to open an office in Dubai this year, to expand its footprint in the Middle East. In December, General Atlantic said it was opening a new office in Abu Dhabi, the second outpost for the US-based private equity company in the Middle East after Riyadh, as it aims to build on its $1 billion of investments in the region.
A private equity revival is starting to take shape globally following a rebound in deal-making in 2024, Bain & Company's Global Private Equity Report released in March found. Investments and exits, up 37 per cent and 34 per cent, respectively, reversed declines last year.
KKR, which has operated in the Middle East for more than 15 years, is strengthening its presence in the region at a time when deal activity has been complicated globally due to uncertainty stemming from US President Donald Trump’s trade tariffs.
In January, KKR and Gulf Data Hub said they were teaming up to invest more than $5 billion to boost the Dubai company's data centre infrastructure in the Gulf, as demand for capacity grows amid a technology boom. The deal marked KKR's first such investment in the region, with the company also acquiring a stake in GDH for an undisclosed amount.
Previous investments in the region include a partnership to create Adnoc Oil Pipelines. KKR also acquired a portfolio of commercial aircraft from Etihad Airways in 2020 through Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair.
Mr Barratt-Due, who joined KKR in 2016, will lead the company's new regional investment team to identify investment and partnership opportunities in the region, with a focus on Gulf countries.
“The Middle East represents a compelling investment destination driven by the size and growth of the economy, favourable demographic trends, and a stable currency and jurisdictional climate," he said.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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