Several Middle East hedge fund firms including Waha Capital and Aventicum have recorded strong performance so far in 2023, according to a report by Business Insider citing data from HSBC's latest Hedge Weekly Report.

Dubai-based Waha Capital's $865m MENA Equity fund, which invests in equities in the region and northern Africa, is up 14.8% to the end of October, while Aventicum, a Doha-based joint venture between Credit Suisse and Qatar's sovereign wealth fund, has recorded a 13.9% YTD return for its MENA strategy.

Cheyne Capital's EMEA Long Short Equity fund meanwhile, which is run by Dubai-based Carl Tohme, is up 11% as of 10 November.