Exclusive | Business is still humming across the Persian Gulf even as bombs continue to fly: sources

Some of the biggest investors in the Persian Gulf are dodging Iranian missiles on a daily basis – but they are also still doing deals, On The Money has learned.US financiers who broker investments for the Abu Dhabi Investment Authority, the Saudi Public Investment Fund, the Kuwait Investment Authority and Qatar Investment Authority are still at work despite the ongoing war, sources close to the situation say.Yes, their priorities may now be shifting to how best to build out infrastructure devastated by the attacks, but I am told their long-term goals remain intact, including their diversification away from energy and into places like tech and AI.Collectively, these sovereign funds control trillions of dollars and they’re some of Wall Street’s biggest customers.That’s why American financiers have been so focused on their activities since they became the somewhat surprising targets of the Ayatollahs.“Somewhat surprising” is the operative term because Qatar has maintained decent relations with the mullahs over the years, although the Saudis have largely been rivals.

In any event, sources tell me they were all prepared for something big to go down weeks before the actual bombs started flying based on their own intelligence.What they weren’t planning on necessarily was to be hit with Iranian drones and missiles.That was the reason for the rather late cancellation, just last week, of the April Formula 1 Grand Prix in Bahrain and Saudi Arabia.In the meantime, it’s business as usual – at least to the degree that it can be in a war zone.  “The people at the sovereign wealth funds are all working from home since it’s still Ramadan,” the holiest month on the Islamic calendar that ends later this week, one hedge fund executive told me. “But they are going out at night for dinners and business meetings,” the source added.

“Everyone is just hoping this ends in the next few weeks.”Most of the Gulf states, Qatar included, now want Iran leadershi...