Patel Fmaily
The 'MEGAM Fund' will look at investments in the MENA hospitality sector. Image Credit: Saudigazette

Dubai: A $5 billion ‘MEGAM’ fund has been launched by US-based Patel Family Office and Saudi Arabia’s Ajlan & Bros Holding, with plans to invest in the MENA region’s hospitality sector. The initiative will look to ‘unlock the economic potential of the region’ and present a ‘compelling opportunity’ for global investors.

This was announced at the Global Wealth Conference (GWC) organized by the Sovereign Wealth Fund Institute (SWFI) in London. It featured over 20 sovereign wealth funds, 40 family offices, in addition to government officials, academics and fund managers.

The Patel Family Office also introduced ‘Fort Global’, a platform that supports family offices worldwide, connecting them with investors, entrepreneurs, and service providers.

“Through strategic partnerships and innovative initiatives, we are confident in unlocking unparalleled opportunities for UAE investors and paving the way for a prosperous future across the region,” said Lakshmi Narayanan, Chairman of SWFI and Partner at Patel Family Office, in a statement.