Latest news with #MAGAintheDesert
New York Post
15-05-2025
- Business
- New York Post
Bridgewater founder Ray Dalio to open office in Saudi Arabia: sources
Ray Dalio, the billionaire founder of the world's largest hedge fund Bridgewater Associates, is set to open a new investing outpost in Saudi Arabia, The Post has learned. The New York-born hedge fund titan — whose net worth is estimated by Forbes at $14 billion — is opening a so-called 'family office' in the Saudi capital of Riyadh to help manage his investment and philanthropic work in the region, sources said. That's after President Donald Trump this week inked deals worth $600 billion with the Persian Gulf kingdom at the Saudi-US Investment Forum — a confab attended by Dalio that insiders have dubbed 'MAGA in the Desert'. Advertisement 5 Bridgewater founder Ray Dalio praised the leadership of Saudi Crown Prince Mohammed Bin Salman, likening him to Singapore's founding father Lee Kuan Yew. Getty Images for TIME The plan also follows Dalio's decision to open a family office in Abu Dhabi two years ago. He already operates two other family offices in New York and Singapore. A source close to the Bridgewater founder said the move 'is under consideration' but that no formal decision had been taken. Dalio has previously described the Gulf region as an investment hotspot, calling that part of the Middle East 'very, very attractive.' Advertisement Last year, the 75-year-old lavished praise on Saudi Crown Prince Mohammed Bin Salman, calling him 'a great leader' at the young royal's Future Investment Initiative conference. He likened the 39-year-old to Singapore's Lee Kuan Yew, the Asian country's first-ever prime minister who transformed the former British colony into a financial powerhouse while keeping a strong grip on power. The Crown Prince, also known as MBS, was accused by the CIA in a report, released in 2021, of ordering the assassination of Washington Post columnist Jamal Khashoggi. Saudi authorities deny any involvement in his killing. Advertisement 5 Trump told the 'MAGA in the Desert' investment forum that Saudi Arabia should recognize the state of Israel and join the Abraham Accords. AFP via Getty Images Dalio, who hails from Jackson Heights, Queens, stepped down as Bridgewater's CEO in 2017 and stepped down as chairman in 2021, but he still sits on its board. The company he first ran from his two-bedroom apartment in New York City is currently led by Israeli executive Nir Bar Dea, an IDF veteran who joined the firm in 2015. A report by Fitch, the global ratings agency, published earlier this month said that Saudi Arabia's asset management industry would 'attract steady inflows' over the next two years. Advertisement 5 Ties between the US and Saudi Arabia soured under the Biden administration after the CIA released a report accusing the Saudi Crown Prince of ordering the killing of a Washington Post journalist. AFP via Getty Images It forecast that assets under management (AUM) in the Gulf Kingdom are 'likely to surpass' $350 billion by the end of 2026, up from $266 billion at the end of 2024. Saudi Arabia's Vision 2030 initiative aims to attract investment and establish the Gulf state as a global financial hub. Saudi Arabia's sovereign wealth fund, known as its Public Investment Fund, manages over $700 billion in assets, drawing increasing interest from global investors. 5 Saudi Arabia's Public Investment Fund led a 2021 takeover of English Premier League outfit Newcastle United. REUTERS It led a $400 million takeover of English EPL soccer side Newcastle United in 2021 and launched the LIV golfing series, a rival tournament to the Florida-based PGA, the following year. Founded by billionaire Dalio about 50 years ago, Connecticut-based Bridgewater counts pension funds, sovereign wealth funds, foundations, and central banks among its investors. The top firm had $136 billion of assets under management, according to a March filing with the SEC. Advertisement 5 Israeli executive Nir Bar Dea, an IDF veteran who joined the firm in 2015, is the current CEO of Bridgewater Associates. Variety via Getty Images Dalio is known for his unorthodox management style, and once reportedly unleashed an email tirade on Bridgewater staffers after he noticed pee on the men's bathroom floor at its Westport, Conn., headquarters. The company has undergone a raft of changes since Dalio's departure from the top job, including the launch of a new fund focused on artificial intelligence and an exchange-traded fund in partnership with State Street Global Advisors.
Gulf Insider
07-05-2025
- Business
- Gulf Insider
Musk, Fink, Zuckerberg Set For Saudi Arabia's 'MAGA In The Desert'
Some of the United States' most powerful business leaders will descend on Riyadh for the Saudi-US Investment Forum – dubbed 'MAGA in the Desert' – to boost investment in America as President Donald Trump prepares for a highly anticipated visit next week to Saudi Arabia, Qatar, and the United Arab Emirates to deepen ties with key regional players, according to the New York Post. Tesla and SpaceX CEO Elon Musk, Meta CEO Mark Zuckerberg, and BlackRock CEO Larry Fink are expected to attend the Saudi-US Investment Forum set to be held on May 13th, sources told the Post. Other corporate leaders slated to attend are OpenAI CEO Sam Altman, Palantir CEO Alex Karp, Boeing CEO Kelly Ortberg, and Citigroup CEO Jane Fraser. Top Trump administration officials are also said to be attending the forum, including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and AI and Crypto Czar David Sacks. 'This is going to be MAGA in the desert. It is ultimately about creating jobs in the US,' a source said. The Post reports: The corporate shindig will take place a day before Saudi Crown Prince Muhammad bin Salman, also known as 'MBS,' chairs a summit featuring the US and the leaders of the so-called Gulf Cooperation Council: the United Arab Emirates, Bahrain, Kuwait, Oman, and Qatar. The plan for the conference is to ink agreements on everything from defense, AI, tech, and healthcare cooperation worth at least $600 billion—a goal set by MBS on Jan. 23 in Trump's first call with a foreign leader after winning a second term in the White House. The Department of Defense recently announced the State Department's approval of a potential $3.5 billion sale of AIM-120C-8 advanced medium-range air-to-air missiles to Saudi Arabia. The missiles will be assembled by RTX Corporation in Tucson, Arizona. 'This proposed sale will support the foreign policy goals and national security objectives of the United States by improving the security of a partner country that contributes to political stability and economic progress in the Gulf Region,' the Pentagon said in a statement. 'The proposed sale of this equipment and support will not alter the military balance in the region.' On Tuesday, the Saudi Arabian cabinet announced that the Kingdom will discuss a potential cooperation agreement with the United States in mining and mineral resources, according to a Tuesday statement from the state news agency obtained by Reuters. Trump, while meeting with newly-elected Canadian Prime Minister Mark Carney in the Oval Office, teased an announcement potentially connected to the Middle East. 'It'll be one of the most important announcements that has been made in many years about a certain subject,' the president said. Also read: Tabuk Becomes First Saudi City To Launch Electric Buses Under Public Transit Project
