Brookfield Asset Management is establishing an office in Doha, expanding its Middle East operations as the alternative asset manager strengthens its regional credit business and investment partnerships, according to a report by Bloomberg.
The office will be anchored by Brookfield’s global credit platform, including Oaktree Capital Management, and will support the firm’s wider activities across private equity, real estate, infrastructure and credit.
Brookfield currently manages approximately $20bn in assets across the six Gulf Cooperation Council countries.
The expansion follows its partnership with Qai, Qatar’s artificial intelligence investment company, to invest $20bn in AI infrastructure across Qatar and international markets. Qai, previously a subsidiary of the Qatar Investment Authority (QIA), has since been transferred to the sovereign wealth fund’s newly established domestic investment vehicle, Doha Investment.
According to Bloomberg, Jad Ellawn, Brookfield’s managing partner and regional head of the Middle East, said establishing a presence in Doha represented the next stage of the firm’s regional growth strategy, highlighting opportunities for investment and long-term partnerships.
The move comes as global alternative asset managers increase their presence in the Gulf, seeking closer relationships with sovereign wealth funds and access to regional investment opportunities.
Advent International, Eurazeo, EQT and Pantheon have recently established offices in Abu Dhabi, while BlackRock’s Global Infrastructure Partners has also expanded into Doha.
Despite economic disruption from the conflict with Iran, Qatar’s sovereign wealth fund reportedly continues to pursue international investment partnerships. In September, QIA announced plans for a $20bn partnership with JPMorgan Chase, following a similar agreement with Goldman Sachs.
