The New Bankers to the World Aren’t on Wall Street

When Credit Suisse Group AG, Sam Bankman-Fried and Asia’s richest man were hunting for funds in recent months, they all turned to the same place — the Middle East.

As many debt markets slammed shut last year, cash became king — and the region’s sovereign wealth funds have plenty. Surging energy prices left funds from Saudi Arabia to Qatar and Abu Dhabi managing more than $3.3 trillion, an amount that exceeds the UK’s GDP. They’re now bankrolling some of the world’s biggest rescue packages, investments and acquisitions — and show no signs of pulling back in 2023.

Those ambitions are already on ...