(Bloomberg) -- Private credit lender Monroe Capital is finalizing plans to establish an office in Abu Dhabi in an effort to expand into the Middle East, according to a person familiar with the matter.

The company has also made a strategic hire in the region, appointing Waleed Noor as managing director and head of Middle East distribution. He previous worked at Commerzbank AG, according to his LinkedIn page. Noor will be responsible for representing Monroe throughout the region, where he’ll be based, said the person who asked not to be identified discussing private information.

Noor and representatives from Monroe declined to comment.

The move represents a broader push in the $1.7 trillion private credit market to establish a presence in the Middle East where billion dollar deals have been struck in recent months. Institutions like Mubadala and the Abu Dhabi Investment Authority have formed partnerships to strengthen their presence in the market and managers including Blue Owl Capital Inc. and Hayfin Capital Management have expanded their presence in the region to drum up business.

Headquartered in Chicago and with nine offices around the US and one in Seoul, this will be Monroe’s first move into the Middle East. The firm has over $18 billion under management as of July 2023, according to the website. 

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