Marketing Private Funds in the Middle East
In the past, managers promoting private funds in most countries in the Middle East—with the notable exception of Saudi Arabia—have not found much difficulty navigating local rules. Foreign fund managers would typically fly in, meet with clients, sign subscription agreements, and fly out a few days later without worrying too much about local securities laws, often relying on “reverse solicitation” or “passive marketing” practices, with the tacit approval of regulators. Those days may be over.