Value Investing with Legends Samer Sarraf - Investing in the GCC: Private Equity Discipline in Public Markets
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Mar 13, 2026 Samer Sarraf, founding partner and CIO of Amwal Capital Partners, a Dubai-based investor with roots in engineering and Lehman Brothers. He discusses applying private equity discipline to GCC public markets. Topics include market structure and liquidity in Saudi and the UAE. He also covers concentrated portfolio construction, regulatory and on-the-ground research, and a deep dive into Abu Dhabi Ports.
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Hands On CMBS Training At Lehman Shaped Career Pivot
- At Lehman Samer ran CMBS deals early, negotiating with rating agencies and investors under an MD who trusted junior staff.
- That hands-on training taught structuring but revealed CMBS skills lacked transferability, prompting a move toward M&A and PE.
Why Private Equity Model Faltered In The GCC
- Private equity struggled in the GCC because family-owned firms resist control transfers and international LPs avoided long locked-up funds post-2008/Arab Spring.
- That forced locals to pivot to public markets to offer liquidity and shorter horizons for foreigners.
GCC Investable Universe Concentrated In Saudi And UAE
- GCC public markets are concentrated around Saudi and the UAE with a realistic investable universe of ~300–400 names driven by liquidity and MSCI inclusion.
- Saudi's EM upgrade and UAE listing expansion raised daily turnover from hundreds of millions to $1.6–3bn, attracting passive and international flows.
