Hadeel Al Sayegh and Manya Saini

Abu Dhabi (Reuters) - Fortress Investment Group has opened an office in Abu Dhabi and has appointed a senior executive to operate in the Gulf, U.S. firm said Wednesday.

Co-CEO Drew McKnight told Reuters in an interview that Charles Spetka has been appointed head of the Middle East and North Africa to lead its regional operations. He said Harry Steel, managing director of London-based Fortress, will also move to Abu Dhabi for leadership allocation.

Companies such as Fort are seeking co-investment opportunities in the Gulf across private credit, real estate and asset-based strategies as regional economies diversify from oil and gas.

Spetka is a board member of Fortress Portfolio, including Mammoth Motorcycles and Aspire Mro.

The Abu Dhabi office will house two dedicated teams, one focusing on consumer financing and the other focusing on the fortress’s multi-manager investment business, with employees expected to be hired locally and moved to London, New York and Asia.

Abu Dhabi sovereign wealth fund Mubadala, owns a majority-owned fortress, plans to expand its local team to support initiation, underwriting and asset management, with a focus on consumer finance and its multi-manager business.

The announcement coincides with President Donald Trump’s four-day trip to the Gulf, which included luxurious ceremonies and a series of commercial deals, including Saudi Arabia’s $600 billion commitment to invest $142 billion in the U.S.

Fortress sees Saudi Arabia as a key growth market as the Kingdom increases infrastructure spending under Vision 2030.

"I think Saudi Arabia's opportunity, especially in consumer finance, is huge ... If you look at what the Kingdom's plan is from an infrastructure perspective, then they may be subject to greater capital constraints and, as far as their banks are concerned, they do need someone like that."

The consortium led by Mubadala Capital, a subsidiary of Abu Dhabi's Mubadala Investment Company, acquired a 68% stake in the fort last year, although the U.S. company said it retains full autonomy in investment, decision-making, personnel and operations.

Last month, Mubadala Investments established a $1 billion strategic partnership with Fortress to invest in private credit.

(Y Hadeel Al Sayegh in thebu Dhabi is mass; Eedi and Himani Sarkarse Aranram Aantharaman.