Welcome to a new era of petrodollar power

Apack ofadiaqiapif hungry headhunters has descended on Europe’s financial quarters. Over coffee in the mid-morning lull, they tempt staffers at blue-chip investment funds with tax-free jobs, golden visas and gorgeous vistas at the firms’ clients: sovereign-wealth funds in the Gulf.A decade in Doha was once a hard sell, but the roles are juicy enough that many would-be recruits volunteer for desert-bound “business trips” to see headquarters. In October recruiters nabbed the second-in-command at Amundi, Europe’s biggest money manager, to deploy artificial intelligence at the Abu Dhabi Investment Authority (), which oversees assets worth $1trn. Now they are chasing others to invest in infrastructure for the Qatar Investment Authority () and oversee finance for Saudi Arabia’s Public Investment Fund (). Together these two funds manage another $1trn.