Gulf Capital and Credit Suisse have signed an agreement in principle to launch a long-term strategic alliance focused on investing in the fast-growing Gulf and Middle Eastern economies.
The companies said that the Gulf Cooperation Council countries, with an average gross domestic product growth rate of 6.3% and a population growth rate of 3.5% over the past five years, provide an ideal backdrop for investing in the region.
As a sign of their commitment to the alliance, Gulf Capital and Credit Suisse will commit a significant amount of investment capital to the partnership.
Waleed Zahid, vice chairman of Gulf Capital, said: Credit Suisse, one of the world’s largest alternative asset managers, is the ideal partner to help us co-manage this venture. Credit Suisse’s long-term partnership with Gulf Capital and its investment in the venture are a strong testament of its commitment to the region.
Brian Finn, chairman of alternative investments business at Credit Suisse, added: The combination of our local and global capabilities will help us create a superior investment platform.