Global asset managers have their sights set on the Gulf as the oil-rich region emerges as a rare source of spare capital in a market laid low by the war in Ukraine, Covid lockdowns and inflation.

Officials and executives said the United Arab Emirates was a prime target for money managers seeking to tap this liquidity. Many are looking to base themselves in the financial centres of Dubai and Abu Dhabi as a launch pad for fundraising across the region, where soaring crude prices are delivering huge government surpluses.

“Western funds are coming all summer long, which never happened before,” said Mohammed Afkhami, managing director of Dubai-based Magenta Capital Services, a regional adviser to some of the largest global fund managers. “They are worried about missing the boom.”