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For four and a half decades, General Atlantic has partnered with transformative businesses that have the potential to reshape our everyday lives and fuel global growth.

We have been global investors for most of our firm’s history, with deep roots in the US, Europe, India, Southeast Asia, Latin America, and China. Looking at the current wave of entrepreneurship spreading across the Middle East, particularly in ��������Ƶ and the UAE, we see every reason to be optimistic that we are in another moment of profound change.

After more than 12 years of investing in the Middle East, we are excited to announce a new office in Riyadh and anticipate opening another in the region by the end of this year, deepening our commitment to Middle Eastern entrepreneurs and the development of this dynamic ecosystem. 

As we celebrate this moment during the 8th Future Investment Initiative, our expansion closely aligns with its theme of “Investing Today, Shaping Tomorrow” and our belief in how patient, growth capital can help drive forward companies aspiring to solve complex challenges on a global scale.

Our conviction is rooted in three key themes we see converging. First, the region is home to some of the fastest-growing economies around the globe, with non-oil growth remaining robust and averaging around 4 percent year on year across the Gulf Cooperation Council economies. 

Powering that growth is a large, tech-enabled population of approximately 48 million people that propelled the Middle East into a digital economy. Second, government initiatives are helping diversify the region away from its dependence on oil and continuing to make its capital markets more competitive. $1.3 billion in venture capital funding was raised in ��������Ƶ in 2023 alone, cementing its position as the market leader in the Middle East and North Africa. 

Lastly, and perhaps the most attractive to us, we see entrepreneurs making the most of this opportunity and building businesses with global perspective and resonance. Capital momentum is driving innovation and talent to the region, and we believe there is a compelling opportunity for growth investors to help carry these exciting and valuable companies forward.

Partnership with entrepreneurs is at the heart of what we do. Across our core investment sectors — technology, healthcare, financial services, consumer, and climate — we scour the globe for businesses that are on the precipice of explosive growth and help them progress in their journey. 

In a single year, we evaluate more than 10,000 companies worldwide, winnowing our attention down to those that address large markets, strong management teams, attractive business models and where our resources or support can create a positive impact.

Widespread digital transformation in the MENA has led to a spike in innovation and entrepreneur-led companies with access to more robust capital markets. 

Since 2012, General Atlantic has deployed nearly $1 billion across the MENA region. Our regional investment portfolio includes Property Finder, an online real estate platform headquartered in Dubai; eyewa, a regional direct-to-consumer eyewear retailer; and Trendyol, a regional marketplace and e-commerce platform. 

Those come on the heels of successful deals that included an investment in Yemeksepeti, an online food ordering marketplace sold to Delivery Hero, and Network International, a payments solution provider headquartered in the UAE which, at the time of its 2019 initial public offering, was the largest listing on the London Stock Exchange by a Middle Eastern company.

Beyond innovation, we have seen founders with a global vision and ambition to disrupt industries creating value in new ways. General Atlantic’s local-to-global approach across five regions provides us with a broad perspective on emerging talent hubs. 

In the Middle East, this new generation of entrepreneurial talent excites us for a future with a more diversified, digital economy and reinforces the need for growth capital to scale innovation.

The entrepreneurs we work with are operating in a region that experienced and continues to see significant, positive change. Today, more than a third of ��������Ƶ’s workforce is female, doubling since 2017. The increasing number of female STEM graduates will be another powerful source of economic growth and dynamism. 

Meanwhile, the GCC region is young and tech-savvy, with a median age of 32 and is primed to leverage the power of artificial intelligence, which should contribute more than $135 billion to the Saudi economy by 2030. We take this type of change seriously and are ready to meet the challenges and opportunities of an evolving world.

As global investors, we are always searching for sectors and geographies with meaningful growth potential. We believe three global megatrends — the digital transition, advancements in healthcare and life sciences, and the energy transition and sustainability — have provided a powerful roadmap for where to deploy capital in the years ahead. 

By expanding our footprint in what we believe will be global entrepreneurial hubs — places like Riyadh, Abu Dhabi, and Dubai — we expect to deepen our commitment to a region directly tied to these positive forces sweeping across the globe for the decades to come.

Bill Ford is the chairman and CEO of General Atlantic.