Brookfield Asset Management Ltd. is opening an office in Qatar to deepen its presence in the Middle East, a region grappling with economic fallout from ongoing conflict. The office will be anchored by Brookfield's global credit platform, including Oaktree. This move builds on a partnership with Qai, Qatar's artificial intelligence company and a subsidiary of the Qatar Investment Authority, to invest $20 billion in artificial intelligence infrastructure.
Brookfield manages about $20 billion in assets across private equity, real estate, credit and infrastructure across the six-nation Gulf Cooperation Council. Establishing presence in Doha is a natural next step as the firm continues to grow its business in the region. Jad Ellawn, Brookfield's managing partner and regional head of the Middle East, stated they see significant opportunity ahead and look forward to continuing to invest and deepen collaborations for the long term.
The expansion follows a trend of global firms doubling down on the Middle East. Recent entrants include Advent International, Eurazeo, EQT AB and Pantheon in Abu Dhabi, while Robinhood Markets Inc. plans a Dubai base next year. Before the conflict, the QIA signaled a return to large transactions establishing it as a top sovereign investor.
An Iranian strike on Ras Laffan in March knocked out about 17% of Qatar's liquefied natural gas export capacity, with losses estimated at $20 billion and repairs expected to take at least three years. Despite this, the QIA continues to pursue global deals, targeting a $20 billion partnership with JPMorgan Chase & Co. following a similar agreement with Goldman Sachs Group Inc.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing