About

In the crisis year of 2008, many sovereign wealth funds (SWFs) in the Gulf region were taking a wait-and-see approach to investment. The Saudi Arabian government, however, announced it would establish a new SWF with a share capital of over $5bn to help it pursue growth opportunities in domestic and overseas bonds, real estate, foreign currencies and equities. Since that time, the Public Investment Fund-owned Sanabil has been a critical part of the Kingdom of Saudi Arabia’s (KSA) economic future. Senior in-house counsel and head of legal Colin Ray has led the legal function at Sanabil since 2011 and has, along with a small but highly competent team, overseen some of its most important, and legally complex, investments. Of particular merit has been the team’s recent role in helping Sanabil to fulfil its domestic investment strategy, with investments in the KSA-based InoChem project, a substantial stake in Virgin Mobile Saudi Arabia, and a stake in Almana General Hospitals, all helping to contribute to KSA’s National Transformation Programme.