By Oliver Renwick, Founder & Managing Director, Palmes Advisory Group
The End of the Suitcase Businessman
There was a time, not long ago, when the Gulf was seen by many international executives as an exotic fundraising stop. The perception was familiar: fly in, take 20 meetings in 48 hours, deliver a polished pitch and leave with a commitment in hand. Some did exactly that. A few even succeeded.
But that era is over.
Today, that model is not just outdated, it is actively counterproductive. The archetype of the transient Western “placement agent,” dropping in with a slide deck and shallow intentions, is now met with polite scepticism, if not quiet dismissal. Around the region, such figures have been given a new name: the suitcase businessman.
The Gulf is no longer a passive pool of capital waiting to be tapped. It is a sophisticated, maturing marketplace with strategic clarity and deep national purpose. And unless you’re offering more than a pitch, unless you are truly prepared to participate in the vision, the door will remain firmly shut.
From Oil Revenue to Economic Autonomy
This evolution is not accidental. In the years since the 2008 financial crisis – and more recently, in response to shifts in global wealth flows and geopolitical fragmentation – the Gulf states have redefined what capital is for.
What began as an effort to diversify income away from oil has grown into a bolder, more integrated mission: to onshore intellectual property, employment, innovation and operational capacity. It is not just about earning revenue abroad; it is about building durable economies at home.
This shift goes hand in hand with a pursuit of economic autonomy. In a world increasingly defined by contested supply chains and strategic decoupling, the Gulf seeks to control its own growth levers. That isn’t political, it’s practical. In many ways, it’s analogous to the US push for independence from Chinese manufacturing – an effort to insulate long-term development from external vulnerability.
A New Equation: Contribution Before Capital
The result? Those seeking to access Gulf capital must be ready to contribute something far more substantial than an opportunity to deploy money. Today, value-add is the price of admission.
This does not mean symbolic “localisation” or token hiring commitments. It means relocating key personnel. Building real operational footprints. Sharing technology. Training talent. Integrating supply chains. And showing up – not just with capital but with intent.
Gulf institutions are now less interested in financial returns divorced from national outcomes. They want partnerships. Co-investment. Alignment. They want to back businesses that help build the very economies they call home.
And that means the relationship must be reciprocal. Capital here is not a commodity – it is a partnership. And it must be earned.
The Slow Courtship of Trust
One of the most important – and least understood – features of the Gulf business environment is the centrality of relationships. This isn’t transactional capitalism. It’s relational. It’s human.
It is often said that “you never have a bad meeting in the Gulf.” That’s true. Meetings are warm, respectful and welcoming. But politeness is not a signal of intent. A ‘no’ may come dressed as “not now,” or worse, as silence. For the uninitiated, that ambiguity creates a mirage of opportunity. For those with experience, it is a message in plain sight.
To progress beyond the first meeting – beyond the exchange of information, which itself is highly prized – you must invest time. And not just in formal sessions but in everything else that matters: in shared meals, in WhatsApp messages, in casual coffees, in quiet conversations during cultural events and chance encounters in hotel lobbies.
(The Al Meylas Lounge at the Four Seasons Al Maryah Island is well known for seeing more meaningful business interaction than the floor of most global stock exchanges.)
Serendipity, Presence and Patience
This is not a region where you win by moving fast. You win by being present. Being “around” is a strategy. Serendipity is currency. The unexpected introduction, the unscheduled dinner, the shared anecdote – these are the moments when rapport is built, trust is formed and real opportunity begins.
It is no exaggeration to say that a personal connection often matters more than a professional credential. Not instead of, but ahead of. The Gulf is full of talent. What it prizes is intent. Are you here to extract – or are you here to stay?
The Most Over-Brokered Market in the World
Perhaps no region on Earth is more over-brokered than the Gulf. Introductions are easy. Intelligence is traded freely. Everyone has a friend, a cousin, a contact who “knows someone at a sovereign wealth fund.”
But unlocking capital is another matter entirely. The conversion rate from meeting to mandate is punishingly low. Unless you are Microsoft, SpaceX, or another of a select few strategic megabrands, there are no shortcuts.
The traditional three-month retainer model – the “burn and churn” approach of the placement agent – has been exposed as not just ineffective but farcical. Success here takes 18–24 months, at minimum. Even then, there are no guarantees. Just like investing money, investing time is a risk. But it is the only path to real engagement.
When the Gulf Moves, It Moves
There is, however, a reward.
When the Gulf moves, it moves with a conviction, scale and speed that is unmatched anywhere in the world. When a sovereign entity or aligned family office decides to partner with you, the impact is transformative – not just financially but strategically.
It is a region that backs its priorities. That makes bold bets. That follows through.
But only if you’ve earned the right to be taken seriously.
The Future Belongs to Builders
At Palmes Advisory Group, we have spent decades understanding this environment. Not studying it from afar but participating in it. Listening, learning, engaging. Our conviction is simple: the Gulf is one of the most exciting, strategically important and dynamic regions on Earth. But it is not a shortcut. It is a journey.
And because we know that relationships here are earned, finite and reputation-dependent, we are highly selective about whom we represent. You are only ever as good as your last introduction. We undertake a ruthless assessment of seriousness because if a client is not willing to engage with the region on its terms, we are not willing to position them within it. Simple.
The suitcase businessman is a relic of the past. The future belongs to those who show up – and stay. Who give, not just take. Who build, not just ask.
If that is your approach, the opportunity here is immense. But if not, the door will stay shut – politely, permanently and quite possibly, without a word.
