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EXPANSION-
#1- Evercore to open Saudi office: New York-based advisory firm Evercore is expanding into Saudi Arabia with a new office and has tapped Mohammed Aldekmary to lead its operations, Bloomberg reports, citing unnamed sources familiar with the matter. Aldekmary, a former adviser at the Investment Ministry, will be based in Dubai until the firm’s Riyadh license is obtained. No timeline was disclosed.
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IN CONTEXT- Advisory firms like Evercore, Rothschild & Co., and Moelis & Co. are expanding in the Gulf, advising on key agreements like Saudi Aramco’s IPO. Saudi Arabia is encouraging foreign firms to establish offices in Riyadh as part of its efforts to diversify its economy and attract investment, with international banks advising on IPOs and transactions linked to its USD 925 bn sovereign wealth fund.
#2- Amazon-backed AI development startup Scale AI eyes expanding its regional presence by opening an office in Riyadh by year-end, global managing director Trevor Thompson told Bloomberg reports. The San Francisco-based startup will also open another office in UAE as part of a broader expansion in the “fastest growing region for AI adoption” outside the US and China, Thompson told Bloomberg without giving a timeline.
About Scale AI: It was founded in 2016 and provides tech giants including OpenAI and Microsoft with high quality data, which is used to train AI chatbots and other AI products. The startup’s ex director, Michael Kratsois, is now one of Trump’s top aides on technology.
HOSPITALITY-
UK’s InterContinental Hotel Group (IHG) and Ashaad Company revealed three new hotel signings in Jeddah and Al Khobar, according to a press release during the Future Hospitality Summit. The three hotels — Hotel Indigo Jeddah Gate, InterContinental Al Khobar Al Hamra, and voco Al Khobar Al Andalus — will open between 2028 and 2030 and will add over 1.7k rooms to IHG’s growing portfolio in the Kingdom — joining 47 hotels in the pipeline set to open in the next 3-5 years.
IN CONTEXT- Last October, IHG announced its plans to open 19 new hotels this year, with next year expected to “be the biggest in terms of new hotel openings. It also plans to expand its Saudi team by adding 6k new employees as part of its regional expansion strategy.
INVESTMENT WATCH-
Amwal Capital Partners launches a USD 150 mn Shariah-compliant private credit fund, aimed for GCC SMEs with a focus on asset-backed solutions for tech-enabled platforms, it said in a statement (pdf). It also targets 12-15 direct lending opportunities, particularly in Saudi Arabia and the UAE over its 5 year term.
