Private Credit Titans Eye Opportunity in Saudi Liquidity Squeeze

The titans of private credit are beginning to jockey for deals in Saudi Arabia, where liquidity in the banking system has been drained by the kingdom’s ambitious economic diversification projects.

From giants like Goldman Sachs Group Inc. and Apollo Global Management Inc. to state-backed investors and smaller asset managers, firms are positioning for opportunities in the country, where private credit was largely non-existent just a year ago.

“In some cases, banks are even referring deals to us because they’re unable to finance them,” said David Beckett, head of origination and Middle East business development at the asset manager ...