Goldman’s ‘Unwavering’ Support Shows Gulf’s Lure for Wall Street

Late last month, Blackstone Inc. announced the first inbound Gulf private equity deal since Iran started attacking Middle Eastern hubs, while Citigroup Inc.’s top boss fired off a 600-word memo underlining the bank’s enthusiasm for its business in the region.

Blackstone’s $250 million commitment, hailed as a “masterstroke” by an executive at a rival firm, and Jane Fraser’s note came just as the United Arab Emirates’ carefully-cultivated image of safety and stability was facing a test.

Despite those “near-term headwinds,” Blackstone sees significant opportunity to deploy capital at scale in the UAE, the firm’s President and Chief ...