We've noted that the likes of Lehman Brothers are bent on establishing a toehold in the Mideast. And why not? There's business to be had. The latest: Saudi Arabia's Public Investment Fund is soon to launch the kingdom's first sovereign wealth fund, according to the Financial Times. You might think it would be an instant power. Alas, it will be only in the $5.5 billion range to start. But the kingdom may develop an appetite and add to the fund. Consider some of the region's other funds. Kuwait's sovereign fund is estimated at $200 billion, and the Abu Dhabi Investment Authority's up to $850 billion, notes the Times. This money will have to be put to work, but the fees potential is just awesome.  

For more:
- here's the Financial Times article

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