Gulf Petrostates See Opportunity in Tech Amid Rout

A rout in tech stocks was in part to blame for a record $174 billion loss at Norway’s sovereign wealth fund. But just as others stampeded out, oil-rich Gulf states sensed an opportunity to double down.

With coffers bolstered by a surge in crude prices, countries in the Middle East have seized on lower valuations to hasten their efforts to diversify and prepare for life after oil. With liquidity drying up elsewhere and few investors willing to stomach the volatility, they are in pole position.