The SWF is tapping into a narrative that has, for example, seen advisors to HNW and UHNW individuals and families continue to expand, obtain licences, and open offices. Temasek owns stakes in banks including Standard Chartered and DBS.

Singapore-based state investment company Temasek, which has stakes in financial groups including DBS, BlackRock, Ping An and Standard Chartered, yesterday said it is establishing offices in Riyadh and Abu Dhabi.

It will also engage with Qatar and other Middle East jurisdictions to pursue investments and partnerships.

The new offices will serve as strategic hubs for Temasek and its portfolio companies, some of which plan to co-locate in the hubs, to collaborate, deepen local engagement, build partnerships, and pursue investment opportunities, the sovereign wealth fund said in a statement. 

Temasek, which had S$518 billion ($405.7 billion) of assets under management as of the end of March, said it expects its offices to start operating in the first half of 2027, subject to obtaining relevant statutory approvals.

Such activity can be seen as a vote confidence by the SWF in the Gulf region, which has been roiled by military conflict this year. As explained to this news service, wealth managers, private client advisors and others serving HNW and UHNW individuals have continued to set up businesses and make hires and expand. 

The openings will boost Temasek’s global network to 15 offices across 11 countries.

“The pace and ambition of economic transformation across the region are remarkable, and its long-term fundamentals remain highly attractive,” Dilhan Pillay Sandrasegara, Temasek’s chief executive, said.

“Our relationships across the Middle East – particularly in Saudi Arabia, the United Arab Emirates, and Qatar – have been built over many years through our partnerships, co-investments, and portfolio companies, and we look forward to deepening them further. This expansion is a natural next step, and it will help us create compelling partnerships to grow together,” Sandrasegara said. 

Chia Song Hwee, CEO, Temasek Global Investments and chairman, Middle East & Africa, said: “Being on the ground in the Middle East will strengthen engagement with our partners and enhance access to investment opportunities for Temasek and our portfolio companies throughout the region and beyond to Central Asia and Africa.”

Chia was appointed to his chairmanship role at the start of September. 

Ankit Khemka, as managing director for the region, will continue to drive Temasek’s strategy and expansion.

Temasek’s existing Asia offices are in Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore. For Europe and North America, offices are in Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC.

In May 2024, this news service interviewed the Sovereign Wealth Institute about its work and the insights that family offices and others in the wealth ecosystem can learn from such organisations.