DOHA/DUBAI: Qatar Investment Authority and Goldman Sachs have signed a preliminary agreement to expand their strategic partnership, targeting $25 billion in investments by the Gulf wealth fund in Goldman-managed vehicles and co-investment opportunities.
Under the memorandum of understanding, QIA will commit to be an anchor investor in several of the U.S. bank’s flagship and innovative strategies, they said in a joint statement on Tuesday. Goldman Sachs will also look to “meaningfully” increase its headcount in Doha, though it did not provide figures.
Qatar, one of the world’s top exporters of liquefied natural gas, is seeking to diversify its economy away from hydrocarbons and attract more foreign investment.
As part of those efforts, it has been expanding its financial sector by drawing in global asset managers and investment banks, many of which have been boosting their presence in Doha to work with entities including QIA.
QIA has about $580 billion in assets under management, according to sovereign-wealth-fund research firm Global SWF.
The expanded partnership “provides QIA with premium deal flow in sectors critical to our investment strategy, including AI, fintech, digital infrastructure and private credit,” QIA CEO Mohammed Saif Al-Sowaidi said, adding that it would reinforce Doha’s position as a regional financial centre.
(Reporting by Andrew Mills and Federico Maccioni. Editing by Alison Williams and Mark Potter)
