Bob Diamond’s Atlas Merchant Capital is weighing investments opportunities in Saudi Arabia, including working with the kingdom’s wealth fund, as the country seeks to transform its economy.
“Saudi Arabia as a domestic financial services industry has become investible again,” Mr Diamond said on Wednesday. “One most striking thing to me is the opportunity to be an investor in Saudi Arabia. Our team is looking at opportunities there.”
Mr Diamond was among global business leaders who last week attended an investment summit in Riyadh organised by the country’s sovereign wealth fund, which plans to control more than US$2 trillion by 2030. The event, dubbed "Davos in the Desert", aimed to raise the profile of Saudi Arabia as an international investor and highlight domestic opportunities to foreign investors. Crown prince Mohammed bin Salman announced plans for a $500 billion city on the Red Sea and said the kingdom was returning to “moderate” Islam.
“The opportunity to help the sovereign wealth fund to invest in a more diversified way and a more specialised way outside of Saudi Arabia is also an even better opportunity than it had been,” Mr Diamond said.
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The Public Investment Fund (PIF) is the centre of the kingdom’s diversification efforts and has committed $20bn to an infrastructure investment fund with Blackstone Group and $45bn to a technology fund run by SoftBank . The PIF holds stakes in several Saudi banks, including Samba Financial Group, Riyad Bank, and National Commercial Bank, the largest in the kingdom.
The former Barclays chief executive Mr Diamond is also looking at opportunities in Europe, particularly in countries such as Greece, where his firm already invested in a lender, and Italy, where he is looking for deals.
“We think both Greece and Italy are at the point where it is time to invest in their banks again,” Mr Diamond said. “We are developing the technology to be a true challenger bank in Greece, taking on deposits and making loans to small business. There are opportunities very similar to this in Italy and we are working with a number of people on the ground.”
He is also building a pan-African banking business after leaving the British lender in 2012. Through the London-listed Atlas Mara, Mr Diamond has acquired stakes in banks in seven African countries including Nigeria and Zambia. The investor plans to have a presence in 10 or more African countries in the next three to five years, up from the current seven, he said.
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Killing of Qassem Suleimani
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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More coverage from the Future Forum
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
