Brookfield to open Doha office to deepen Middle East reach

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Photo by Jakub Porzycki/NurPhoto via Getty ImagesBrookfield Asset Management Ltd. is opening an office in Qatar, deepening its presence in the Middle East where many countries are grappling with the economic fallout from the war.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe office will be anchored by Brookfield’s global credit platform, including Oaktree, the firm said in a statement on Sunday. Brookfield manages about US$20 billion in assets across private equity, real estate, credit and infrastructure across the six-nation Gulf Cooperation Council.This advertisement has not loaded yet, but your article continues below.The move builds on its partnership with Qai, Qatar’s artificial intelligence company and a subsidiary of the Qatar Investment Authority, to invest US$20 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.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“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.In recent days, Advent International, Eurazeo, EQT AB and Pantheon have opened offices in Abu Dhabi, while Robinhood Markets Inc. plans to launch its retail investing platform in the Middle East from a new Dubai base next year.This advertisement has not loaded yet, but your article continues below.Before the conflict began, the QIA had been signalling a return to the large transactions that helped establish it as one of the world’s biggest sovereign investors. That prompted firms including BlackRock Inc.’s Global Infrastructure Partners to establish offices in Doha.Now, Qatar’s energy sales have taken a major hit. An Iranian strike on Ras Laffan in March knocked out about 17 per cent of the country’s liquefied natural gas export capacity, with losses estimated at US$20 billion and repairs expected to take at least three years. LNG shipments remain well below prewar levels amid risks to tanker traffic through the Strait of Hormuz.Still, the QIA has continued to pursue global deals and partnerships. In September, it said it was targeting a US$20 billion partnership with JPMorgan Chase & Co., following a similar agreement with Goldman Sachs Group Inc.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.