HONG KONG: Gaw Capital plans to bolster investments in the Middle East, its top executive said, as the Hong Kong-based multi-asset investment manager looks to tap into the post-COVID boom in the region’s real estate and other industrial sectors.

Christina Gaw, Gaw’s managing principal and global head of capital markets, said the firm is looking at real estate and other businesses in the UAE and Saudi Arabia as their population has a large demand for real assets.

Gaw acquired a residential building in Abu Dhabi in May for more than $150 million, and signed a pact in November with Expo City Dubai and Lingang Group to explore creating the Expo Life Science Park in Dubai.

The firm, which had $34.4 billion of assets under management as of the end of 2024, expects to close another deal in the region in the second half of the year, said Gaw, whose two elder brothers founded the company in 2005.

Gaw’s interest in the Middle East comes against the backdrop of a post-pandemic property boom there, fueled by business demand and foreign investment.

“(The Middle East) is very wealthy, what can you bring to them? It’s the expertise ... they want to attract talents and different businesses,” Gaw said in an interview. “And we have tenants and business who want to expand there, so we act as a bridge ... to provide them funding and local connections.”

The firm plans to set up a separate vehicle to build an investment track record in the Middle East first before using its main funds in the future.

Gaw, whose main focus has been Greater China and in recent years in Japan and Australia, is also raising a $2 billion fund for private equity and private credit opportunities in Asia Pacific.

The fund is receiving interest from Middle Eastern and Asian investors, as well as in North America, who are looking to diversify amid changing geopolitics.

“Currently the US has many uncertainties. Investors who have been overweighting the US and have done well for many years now may say, ‘I need a little level play’,” Gaw said.

“Asia, on the other hand, has underperformed in the past five years, creating relative value, and people feel they need a repositioning and add some positions in Asia.”

Besides the Middle East, Gaw this year also made investments including more than $1 billion in the Tokyu Plaza Ginza mall in Tokyo with a joint venture partner, and a 45 percent stake in Agility Asset Advisers, a real estate manager in Japan.

In its home market, Gaw said that the firm was focusing on a private credit business linked to upper-middle class residential projects, and was in talks with developers with liquidity needs as well as banks that are selling their non-performing loans. 

BEIRUT: Lebanon has pledged to pursue comprehensive digital transformation, with President Joseph Aoun framing it as the nation’s best hope to tackle corruption, moderne governance, and engage its skilled diaspora in rebuilding efforts.

Speaking at the “Smart Government, Diaspora Experts for Lebanon” conference in Beirut on June 3, Aoun described the initiative as a “sovereign decision to build a better future.”

The event, organized by the Lebanese Executives Council, aimed to connect Lebanon’s global talent pool with efforts to revitalize both public and private sectors.

The conference’s core themes included smart governance, public sector reform, and private sector collaboration, all driven by digital innovation. Aoun emphasized that Lebanon must abandon outdated and corrupt administrative structures in favor of efficient, transparent systems.

“Digital transformation is not a technical choice. Digitalization is not just a government project; it is a national project.” He also announced Lebanon’s application to join the Digital Cooperation Organization, a global body founded in 2020 to promote inclusive growth in the digital economy.

Aoun criticized systemic corruption that forces citizens to navigate bureaucracy through bribery or political favors. He highlighted the need for a government that serves all Lebanese equally, free from sectarian or partisan influences.

“We want Lebanon to open up to regional and international partnerships and to be eligible for foreign investments. This goal is an absolute necessity, indispensable and unavoidable,” Aoun said. “The time has come for them (the diaspora) to achieve it for their homeland and in their homeland.”

The day-long conference brought together ministers, private sector leaders, and diaspora experts for panel discussions on digitizing Lebanon’s institutions. Topics included the creation of a national digital ID, policy harmonization, and leveraging technology to reconstruct public services.

In an interview with Arab News, LEC President Rabih El-Amine highlighted the importance of engaging the Lebanese diaspora.

“We know by fact that diaspora is willing to help, but they don’t have the medium to offer this help, and we know by fact that the government needs this help, but they don’t know how to reach the diaspora,” he said.

El-Amine stressed that despite weak governance, Lebanon’s private sector and diaspora have helped sustain the country. However, implementing modern laws and digital systems is now critical. He called the digital ID system a foundational step toward enabling services like passport renewals and license issuance.

“This is probably the starting point. But I think the biggest challenge for us is how we can make the government and the parliament work together in order to issue modern laws for this system to take place,” he added.

Hajar El-Haddaoui, director general of the DCO, expressed strong confidence in Lebanon’s digital potential, citing the country’s talent pool and expansive diaspora.

“We trust that Lebanon does have all the ingredients to succeed during this digital economy transformation,” she told Arab News.

She said the DCO’s support will focus on investment, public-private partnerships, and capacity-building, including the Digital Economy Navigator program, which helps countries assess and close gaps in digital readiness.

El-Haddaoui underscored the importance of aligned policies, strong infrastructure, and openness to international cooperation.

“Any digital economy or digital transformation needs harmonization of policies. That’s really important and critical. Working on a regulation and standard of regulation is really one of the pillars of successful digital transformation,” she said.

Speaking to Arab News, Fadi Makki, Lebanon’s minister of state for administrative development affairs, outlined key reforms to upgrade the country’s administrative structures.

“We’re far behind in digital readiness. We’re trying to catch up through digital transformation, skilling, and reskilling programs,” he said.

Makki explained that Lebanon lacks planning and performance monitoring units that are standard in functional governments. He proposed modernizing human resources and encouraging the private sector to deliver services, while the government ensures oversight.

“We don’t want to compete with them (the private sector), but at the same time, we want to create opportunities for them while ensuring we provide the necessary oversight like any government,” he told Arab News..

“One of the missing functions in government is planning and performance monitoring. We don’t have that. So, part of our work is creating these basic units, not just centrally but eventually in every ministry. Without them, we’re building on weak foundations,” he added.

The event also featured remarks from Lebanese American University’s Chaouki Abdallah and panels with Minister of Technology and Artificial Intelligence Kamal Shehadi, along with global figures like Jad Bitar of the Boston Consulting Group.

In closing, Prime Minister Nawaf Salam thanked all participants for their contributions and reaffirmed the government’s resolve.

“Digital transformation in Lebanon is not a luxury but a necessity and a reform,” he said. “It directly serves the citizens, reduces corruption, and enhances the quality of life. It is also a prerequisite for economic growth.”

Salam called for full inter-ministerial coordination, asserting, “Lebanon cannot remain outside the digital world or on its margins.”

He concluded: “We are determined to be part of the regional and global digital economy and to reconnect Lebanon with the chains of knowledge and production in the 21st century.”

As Lebanon continues to navigate a complex political and economic crisis, the conference marked a clear call for reform. The message from both domestic and diaspora leaders was unambiguous: digital transformation is not only possible—it is imperative.