Global Capital Markets: New Centers of Gravity

Capital markets are entering a phase defined by geopolitical fragmentation, competition for capital and strategic resources, and a broadening of economic leadership beyond the traditional centers. Rates and inflation still matter, but industrial policy, fiscal strain, and currency volatility increasingly set the terms. Sovereign investors and financial institutions across the Middle East and Africa are moving from capital sources to agenda-setters—allocating globally, partnering strategically, and building regional centers that keep more capital at home. Where will the most compelling opportunities emerge as flows regionalize? Which risks are markets mispricing? And how should investors build portfolios for a world with several centers of gravity rather than one?