The Qatar Investment Authority (QIA) and Goldman Sachs Asset Management have expanded their alliance, committing $25bn from QIA to a range of Goldman Sachs managed funds and co-investment opportunities.
The two parties have entered a memorandum of understanding in this regard.
Under the agreement, the Qatari sovereign wealth fund will be an anchor investor in various key strategies run by Goldman Sachs Asset Management, covering established and new private market initiatives along with direct investments.
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QIA CEO Mohammed Saif Al-Sowaidi said: “QIA is pleased to partner with Goldman Sachs in this landmark agreement, which sees two institutions with aligned investment goals joining together to gain enhanced access to world-class investment opportunities for the years to come.
“This agreement builds on our longstanding relationship with Goldman Sachs and provides QIA with premium deal flow in sectors critical to our investment strategy, including AI, fintech, digital infrastructure and private credit.”
As part of the plan, Goldman Sachs will expand its operations in Doha.
The company will increase staffing at the site to better serve local clients and facilitate access for global investors to opportunities in the region.
The partnership will see Goldman Sachs, along with its Value Accelerator network, provide resources linked to Qatar’s national development efforts and promote further integration within the financial sector.
The firm will also offer strategic advice relating to capital formation, merger and acquisition prospects, and the development of Qatar’s economy and financial markets.
This initiative is intended to encourage greater foreign direct investment and support the growth of leading Qatari businesses.
Further collaboration is expected on fostering relationships between Gulf Cooperation Council states and international partners, including those in Asia-Pacific regions.
The agreement remains subject to certain terms and deliverables.
Both QIA and Goldman Sachs are considering other possible areas for joint work that could be mutually beneficial.
Goldman Sachs chairman and CEO David Solomon said: “Qatar is on an exciting path of economic diversification, including the expansion of its impressive ecosystem of national champions, the development of its capital markets and the growth of its talent base.
“This creates substantial opportunity to widen the state’s impact, global connectivity, and attractiveness as a multi-faceted investment partner.”
In October, Goldman Sachs launched its onshore private wealth management services in Riyadh, Saudi Arabia.
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