Page 104 - Aamir Rehman Gulf Capital and Islamic Finance The Rise of the New Global Players

88 PART I Background and Context

KEY LESSONS

■ Gulf capital is not a monolith—the landscape of GCC-based institutional
investors is complex and evolving.
■ Generalist sovereign wealth funds (better described as national trusts) are
the region’s largest and most mature investors. Their mission—to preserve
and grow national wealth—leads them to pursue conservative investment
strategies.
■ Specialist government investment vehicles act as focused hybrids, pursu-
ing specific investment strategies that are relevant to their countries’ over-
all economic development plans while operating like private firms.
■ Private institutions, which generally trace their roots to family conglomer-
ates, have long been important investors in the region. They are becoming
increasingly institutionalized as new leadership emerges within them.
■ Investment houses, although today managing a modest portion of the Gulf’s
overall wealth, are increasing in importance and play a key role in enabling
intraregional investment.