Brookfield Asset Management Ltd. Is opening an office in Qatar, deepening its presence in the region where many countries are grappling with the economic fallout from the war.
The office will be anchored by Brookfield’s global credit platform, including Oaktree, the firm said in a statement recently. Brookfield manages about US$20 billion (QR72.8 billion) in assets across private equity, real estate, credit and infrastructure across the six-nation Gulf Cooperation Council.
The move builds on its partnership with Qai, Qatar’s artificial intelligence company and a subsidiary of the QIA to invest US$20 billion (QR72.8 billion) in artificial intelligence infrastructure in Qatar and international markets. Qai has since been transferred to Doha Investment, which was unveiled last month to focus on domestic investments and is wholly owned by the QIA.
“Establishing our presence in Doha is a natural next step as we continue to grow our business in the region,” said Jad Ellawn, Brookfield’s managing partner and regional head of the Middle East. “We see significant opportunity ahead and look forward to continuing to invest and deepen our collaborations here for the long term”.
The expansion is the latest sign of global giants doubling down on the Middle East, which is home to sovereign wealth funds that oversee assets worth trillions of dollars. These investors have become increasingly crucial to financial firms, who’ve been keen to signal their willingness to back Gulf countries during the conflict.
