Brookfield expands Middle East presence with Qatar office

Brookfield Asset Management is setting up an office in Doha, expanding its footprint in the Middle East. The firm is bolstering its regional credit business and forging new investment partnerships, as detailed in a Bloomberg report. Brookfield's new office will leverage its global credit platform, including Oaktree Capital Management, to further its private equity, real estate, infrastructure, and credit activities.

The firm currently oversees around $20 billion in assets across the six Gulf Cooperation Council countries. The move follows a strategic partnership with Qai, Qatar's artificial intelligence investment firm, which has committed $20 billion towards AI infrastructure in Qatar and globally. Qai, formerly a subsidiary of the Qatar Investment Authority (QIA), was recently transferred to Doha Investment, the sovereign wealth fund's new domestic investment vehicle.

Brookfield's managing partner and regional head for the Middle East, Jad Ellawn, announced that establishing a presence in Doha marks the next phase of the firm's regional growth strategy, emphasizing investment opportunities and long-term partnerships. This expansion aligns with the trend of global alternative asset managers increasing their presence in the Gulf, as they aim to strengthen ties with sovereign wealth funds and tap into regional investment opportunities.

Other firms, such as Advent International, Eurazeo, EQT, and Pantheon, have recently established offices in Abu Dhabi, while BlackRock's Global Infrastructure Partners has expanded into Doha. Despite ongoing economic challenges from the Iran conflict, Qatar's sovereign wealth fund remains committed to international investment partnerships.

In September, QIA announced a $20 billion partnership with JPMorgan Chase, following an earlier agreement with Goldman Sachs.