Singapore’s Temasek to open Gulf offices despite war uncertainty

Temasek, Singapore's sovereign wealth fund, is set to establish its first offices in the Gulf region early next year, marking the firm's expansion into the area despite ongoing conflict. The fund, which manages around $400 billion on behalf of the Singapore government, will open offices in Abu Dhabi and Riyadh. Temasek intends to increase its investments in the region and utilize these offices as a base for portfolio companies looking to expand into the Middle East. The firm is also looking to strengthen its engagement with Qatar.

The decision to open offices in the Gulf comes despite the recent retaliatory attacks from Iran following US military strikes. Although these attacks have slowed, the threat of further escalation remains. The Middle East is an area of significant economic transformation with remarkable long-term fundamentals, according to Temasek's CEO Dilhan Pillay. The firm's presence in the Gulf region will be used to deepen its engagement with the area and capitalize on the region's attractiveness for foreign direct investment.