For much of the past decade, Saudi Arabia has been a major draw for dealmakers, bankers and asset managers seeking capital as its ambitious sovereign wealth fund went on a multibillion-dollar global spending spree.
But as the kingdom reassesses its priorities and the $925bn Public Investment Fund shifts focus to huge domestic commitments, the era of Saudi Arabia being perceived as a source of easy money is drawing to a close.
“It is ending,” said a senior Dubai-based investment banker. “People are realising it.”
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