Singaporean state-owned investor Temasek Holdings is expanding operations across the Middle East, with plans to open new offices in Saudi Arabia and the United Arab Emirates from next year as it ramps up investments despite geopolitical tensions in the region. The firm, which had a net portfolio value of S$518 billion ($406 billion) as of March 31, will start offices in Riyadh and Abu Dhabi while seeking to engage with institutions in Qatar, it said in a statement. The openings are subject to regulatory approvals, it added. "The pace and ambition of economic transformation across the region are remarkable, and its long-term fundamentals remain highly attractive," said Temasek Holdings CEO Dilhan Pillay in a statement.

The Middle East is home to some of the world's biggest sovereign wealth funds that have been deploying capital at scale despite the war and the influx of firms into the region has continued. The $84 billion private markets firm Pantheon also announced plans to open an Abu Dhabi office on Wednesday. Temasek's subsidiaries have already operated across the region for many years.

Its wholly-owned asset manager Seviora Group announced the opening of an office in Abu Dhabi in 2025, and in May Temasek announced it would work with the Gulf city's new sovereign wealth fund L'imad Holding, the Abu Dhabi National Oil Co. and BlackRock on an investment partnership looking at opportunities across the Gulf. In July, Temasek Global Investments President Nagi Hamiyeh said it would be open to funding the rebuild and expansion of energy facilities in the Middle East that have suffered widespread damage in the war.