The timing seems unusual, what with Dubai's burdensome debt load (think whole number multiples of GDP) the collapse of construction, abysmal human rights conditions for workers (stolen passports, indentured servitude) and increasingly obvious issues with the Dubai judicial system. Dubai poses as a western-friendly jurisdiction, but it is anything but when expats fall to the wrong side of the fence. This in an economy that is slave to foreign investment, tourism and external expertise. Into this gauntlet, rides KKR:
Kohlberg Kravis Roberts & Co.'s newly formed KKR MENA Ltd. has been granted a license by the Dubai Financial Services Authority to operate from the Dubai International Financial Centre.
KKR MENA is being run by Makram Azar, who is no stranger to the region. During his 18 years at Lehman Brothers Inc., Azar led the media, consumer and retail investment banking businesses in Europe and the Middle East, then was promoted to global head of sovereign wealth funds and chairman of media investment banking for Europe and the Middle East, based in Dubai. He joined KKR last September.
Best of luck, guys.
KKR sets up in Dubai [The Deal]