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

David Amaryan, the former hedge fund manager who bought Goldman Sachs Group Inc.’s business in Russia, is expanding into the Middle East, looking to draw on the region’s deep pools of capital to broaden his firm’s real estate and infrastructure portfolio.

Since his Armenia-based Balchug Capital opened an office in Dubai last year, Amaryan’s aim has been to build a real estate and infrastructure portfolio of as much as $500 million. In the UAE, he has signed an agreement for the development of warehouses at Abu Dhabi airport to serve the region’s growing trade and e-commerce sectors, with closing expected in the first quarter of 2026. In Saudi Arabia, he is pursuing opportunities in commercial real estate, logistics facilities and data centers.