Buyer of Goldman Sachs’ Russian Unit Steps Into the Middle East

David Amaryan, known for acquiring Goldman Sachs' Russian unit, is expanding his Armenia-based Balchug Capital into the Middle East, aiming to build a real estate and infrastructure portfolio of up to $500 million. Since opening a Dubai office last year, his firm seeks to leverage the region's deep capital pools, with initiatives including warehouse development at Abu Dhabi airport for the trade and e-commerce sectors (expected closing Q1 2026) and pursuing commercial real estate, logistics, and data center opportunities in Saudi Arabia. This move signifies a strategic pivot towards high-growth sectors within the GCC.

Analysis

David Amaryan, who previously acquired Goldman Sachs' Russian operations, is strategically pivoting his firm, Balchug Capital, towards the Middle East. The Armenia-based firm is targeting the region's substantial capital reserves to build a real estate and infrastructure portfolio valued at up to $500 million. This expansion is already taking concrete form with an established office in Dubai and a significant agreement for warehouse development at Abu Dhabi airport, a project aimed at capitalizing on burgeoning trade and e-commerce sectors, with closing projected for Q1 2026. Concurrently, Balchug Capital is actively pursuing investment opportunities in Saudi Arabia's high-growth areas, including commercial real estate, logistics facilities, and data centers. This deployment of capital into key infrastructure assets signals a clear alignment with the GCC region's long-term economic diversification and growth initiatives.

Key Decisions for Investors

• Investors with an appetite for emerging market private equity and real estate should monitor Balchug Capital as a potential co-investment partner or a new competitor for assets in the GCC's logistics and data center sectors.
• Given the specific focus on warehouse development, funds with exposure to listed real estate and logistics companies in the UAE and Saudi Arabia should assess the potential impact of new, well-capitalized private players entering the market.
• Use the stated Q1 2026 closing for the Abu Dhabi airport project as a key milestone to track the firm's execution capability and progress toward its $500 million regional portfolio target.