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  Necessity is the mother of invention for Kuwaiti lenders

  6 August 2026

  

   

  If 2025 was marked by the advent of reform in the shape of public debt and mortgage laws, 2026 has been a year of resilience in the face of sharp shifts in the operating environment.

  Like their peers across the GCC, Kuwait’s banks have stood out this year for their crisis preparedness. With Kuwait facing sustained attacks from Iran – testing a hydrocarbons-based economy that is uniquely vulnerable to such shocks – banks are focusing on maintaining durability under especially challenging conditions.

  The sector entered 2026 in a relatively strong position. As of March 2026 – one month into the US-Israeli campaign against Iran – the non-performing loan (NPL) ratio stood at a creditable 1.7%. A capital adequacy ratio of 17.5% in Q1 is another sign of resilience, underscoring banks’ capacity to absorb unexpected losses.

  Kuwaiti banks’ reserve coverage stands at 223% of problem loans, one of the highest levels of loan-loss allowance coverage for Stage 3 exposures in the region. This is in large part due to the Central Bank of Kuwait’s (CBK’s) strict regulatory requirements.

  Overall, banks have strong capitalisation, solid liquidity, high loan loss-absorption buffers and sound asset quality. That mix provides confidence that the banking sector can continue to support the economy in difficult circumstances.

  Kuwait has retained significant sovereign financial strength. There are large fiscal buffers, there is the existential hydrocarbon wealth, and there is a long track record of supporting the banking sector when required
  Abdulla Al-Hammadi, Moody’s

  Bank dominance

  Banks also remain central to Kuwait’s economy. As the Washington-based IMF has noted, financial intermediation is overwhelmingly bank-based, with domestic currency bond and equity markets underdeveloped by emerging-market standards.

  “Kuwait has retained significant sovereign financial strength. There are large fiscal buffers, there is the existential hydrocarbon wealth, and there is a long track record of supporting the banking sector when required,” says Abdulla Al-Hammadi, an analyst at Moody’s.

  Bank assets reached 250% of GDP in 2024 – among the highest in the GCC, according to the IMF. This is supported by strong balance sheets, high liquidity and a large Islamic finance segment. Kuwait Finance House, Boubyan Bank, Kuwait International Bank and Warba Bank – the four main Islamic lenders – together account for KD53bn ($172bn), or 51% of total banking sector assets.

  Early 2026 performance metrics show a solid rise in assets at listed Kuwaiti banks, growing by 12.5% year-on-year to KD130.82bn ($366.4bn) in Q1. Net profits increased by a smaller margin, 1.1%, to KD382.96m ($1.07bn) in the same quarter, according to KPMG.

  National Bank of Kuwait (NBK), the largest bank by assets, reported net profit of KD324.8m ($1.06bn) for the first half of 2026, a 3% year-on-year increase. Despite the impact of the conflict, the second quarter saw profits rise 4.5% to KD181.2m ($588.4m).

  Ratings support

  Ratings agencies have retained their confidence in Kuwaiti banks. In a rating action announced on 18 June, Moody’s affirmed the long-term deposit ratings of eight Kuwaiti banks, reflecting their resilient credit profiles supported by strong capital, provisioning reserves and liquidity buffers.

  Under Moody’s central scenario – which assumes a prolonged disruption to the Strait of Hormuz through autumn and persistently high and volatile energy prices – the expected deterioration in operating conditions remains within the absorption capacity of these banks’ baseline credit assessments.

  Kuwait’s strong sovereign ratings and high level of system support provide additional comfort. Government financial assets are estimated at more than 475% of GDP, while the debt burden was around 19% of GDP as of March 2026 – factors that underpin the government’s capacity to support the banking system in the event of stress.

  Nor is Kuwait at particular risk of external funding outflows. According to S&P Global, Kuwait has a comfortable net external asset position that mitigates such risks.

  “Depositor confidence has remained stable. The banks continue to access international interbank markets,” says Al-Hammadi. “Their liquidity buffers will support their ability to continue lending and absorb any potential shock.”

  Regulatory response

  Regulatory supervision is another core strength. The CBK has a reputation for hands-on oversight of the banking sector. In March, it rolled out a stimulus package to encourage banks to lend as the Iran conflict buffeted the region. The measures included a temporary easing of macroprudential requirements, with the minimum liquidity coverage ratio and net stable funding ratio reduced from 100% to 80%. The minimum regulatory ratio was cut from 18% to 15%.

  These measures appear to have had the intended effect. According to NBK’s research arm, domestic credit growth picked up in May, rising by half a percentage point over the previous month to 6.7% in year-on-year terms. Signs of stronger business lending, with gains across services, trade and real estate, will have been particularly welcome.

  “Many Kuwaiti banks have concentrated their lending activity around the Kuwait economy,” says Al-Hammadi. “Overall GDP is under pressure given recent developments in the hydrocarbon sector. It’s still an oil-driven economy, but if you look at non-oil activity, it has continued to benefit from government investment.”

  Credit growth will be supported by improving economic sentiment, so long as deposit growth keeps pace. However, lending is unlikely to match previous years’ levels.

  “Our expectation is that lending growth will drop, given what is happening in the macroeconomic environment. Growth could be a bit slower compared to previous years,” says Al-Hammadi.

  The CBK has urged local banks to be flexible towards customers, although anecdotal evidence suggests greater caution, including tighter personal loan limits.

  Reforms, including the mortgage and housing law, provide an additional opportunity for Kuwaiti banks to support broader growth. The Real Estate Financing Law permits banks to offer supported loans under which the state covers interest payments via the Kuwait Credit Bank, while borrowers repay only the principal.

  Although hydrocarbon-sector growth will be negatively impacted by events in the Gulf this year, banks should be able to secure growth by focusing on the non-hydrocarbon economy.

  “We see growth driven by the non-oil economy and some of the project finance opportunities, which will benefit from the banking sector’s capital and liquidity position. It places the banks in the right place to grab this opportunity,” says Al-Hammadi.

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  MEED’s September 2026 report on Kuwait also includes:

  > OIL & GAS: Regional war to have lasting impact on Kuwaiti oil sector
  > CONSTRUCTION: Kuwait construction holds up despite regional strife

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  James Gavin
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  PDO floats tender for major flare gas monetisation scheme

  6 August 2026

  

   

  Petroleum Development Oman (PDO) has launched a major scheme to monetise gas flared across two of its largest hydrocarbon-producing zones in the sultanate. The initiative aligns with PDO’s commitment to achieve zero routine flaring and net-zero methane emissions by 2030, on the way to attaining full carbon neutrality by 2050.

  The scheme involves the monetisation of flare gas and gas associated with oil production in the Qarn Alam cluster and the Fahud field, both of which fall under PDO’s northern portfolio within its main hydrocarbon concession area, Block 6.

  The scope of the flare gas and associated gas monetisation scheme has been divided into two parts. Bundle A involves the offtake of associated gas from the Wadi Umayri oil field development, located in the Qarn Alam cluster. Bundle B relates to the monetisation of flare gas and natural gas liquids (NGLs) from the Fahud North Oman Crude Stabilisation (FNOCS) facility, located at the Fahud field.

  PDO issued the request for proposal document for the flare gas monetisation scheme on 21 July, inviting local and international developers to submit technical and commercial proposals by 25 August.

  Developers have the option of submitting proposals for the complete design, financing, construction, operation and maintenance of offtake or monetisation facilities for one or both bundles. PDO will evaluate proposals for each bundle separately and award contracts independently.

  PDO is the operator of Block 6, Oman’s largest and most prolific hydrocarbon concession. Situated onshore and covering an area of 75,119 square kilometres, Block 6 contains 202 oil fields and 43 gas fields, with PDO producing approximately 680,000 barrels a day (b/d) of oil and condensate from those fields.

  The Omani government holds a 60% stake in PDO through Energy Development Oman (EDO). The other shareholders are UK-based Shell (34%), France’s TotalEnergies (4%) and Thailand’s state-owned PTTEP (2%).

  Scope of Bundle A

  The Wadi Umayri field development, located within the Qarn Alam cluster, produces crude oil from the Lekhwair, Shuaiba and Sudair reservoirs. A permanent processing facility is planned to come onstream by the first quarter of 2030.

  As a by-product of oil production, the development will generate associated gas at an initial rate of approximately 60,000 to 68,000 standard cubic metres a day (cm/d), declining over field life.

  PDO will install a sweetening unit as part of its own scope to meet Oman’s regulatory requirement of all gas with sulphur dioxide (SO₂) concentrations above 0.035 g/m³ to be treated prior to any disposal.

  At the delivery point (battery limit flange), the gas made available to the future developer will consist of a blended stream from two sources: approximately 80% sweetened separator gas and 20% flashed gas recovered from atmospheric storage tanks. This blended gas composition forms the basis for downstream utilisation, processing, or disposal considerations under the development concept.

  The duration of the contract to be awarded by PDO to the developer is 10 years.

  The scope of work on Bundle A is split between PDO and the developer, and covers the following:

  PDO tie-in scope:

  • Tie-in works from the production separator and oil tank to the defined delivery point (flange at battery limit), including piping, metering and ESD/control valves.
  • Sweetening unit upstream of the delivery point to treat the main gas stream and meet regulatory SO₂ limits for any non-routine flaring events.
  • Allocate a designated plot plan adjacent to the permanent facility, at no cost to the developer.
  • The gas delivery point is defined as the flange at PDO’s battery limit of the Wadi Umayri permanent facility. Gas will be supplied as-is at approximately 1.00 bar, with PDO bearing no obligation to provide gas at higher pressure or low hydrogen sulphide (H₂S) concentration.

  Developer scope:

  • Design, build, maintain and operate the gas monetisation system outside PDO’s battery limit.
  • Provide all equipment, infrastructure, compression, conditioning and downstream handling from the delivery point onward.
  • Bear full capital expenditure (capex), operational expenditure (opex), leases, health, safety and environment (HSE), and regulatory responsibilities for all developer scope.
  • Self-generation of all required utilities, such as power, water and chemicals.
  • Handling, treatment and disposal of all product and by-product streams.

  Scope of Bundle B

  FNOCS is a centralised processing facility at the Fahud field. The facility processes associated hydrocarbons from producing fields in PDO’s northern portfolio, generating two primary streams: produced NGL stream at FNOCS is blended into the Main Oil Line (MOL), while the produced fuel gas is supplied to the Fahud power plant.

  The continued flaring of NGLs at FNOCS is an interim risk-mitigation measure and not a sustainable operating solution. To identify a viable long-term outlet for these volumes, and to meet PDO’s broader strategy to eliminate flaring and comply with its zero routine flaring commitment by 2030, the company is seeking third-party developers to monetise hydrocarbon streams currently being flared at FNOCS.

  PDO’s target is to secure an attractive commercial structure to stop flaring by offering two independently proposed operating options:

  Option 1 – Monetise the flare gas stream, upstream of main gas compressor: Take the currently flared gas, at an output rate of 90,000 standard cm/d, as-is in the current interim operating mode. Developer to design, build and operate a gas monetisation system outside PDO’s battery limit. This option has the highest zero routine flaring compliance impact and eliminates the need for re-operating the main gas compressor and its associated equipment.

  Option 2 – Monetise NGL + fuel gas: Restart the main gas compressor and stabiliser to separate NGL and fuel gas streams for sale. Vendor takes NGL (downstream of stabiliser), at a current rate of 106,000 standard cm/d and fuel gas (upstream of Fahud power plant), at a current rate of 44,000 standard cm/d, through a combined commercial structure.

  The duration of the contract to be awarded by PDO to the developer for Bundle B is five years, with the proposed facility to come onstream by the first quarter of 2029.

  The scope of work on Bundle B is also split between PDO and the developer, and covers the following:

  PDO tie-in scope:

  Approximately 200 metres of piping to FNOCS fence, including control/ESD/relief valves and a flowmeter.

  Allocate a designated plot plan approximately 4km from the existing FNOCS facility for the developer’s monetisation system.

  • The delivery point for option 1 is defined as the flange at FNOCS’s fence, upstream of the main gas compressor. The delivery points for option 2 are: (i) the NGL outlet downstream of the stabiliser, and (ii) the fuel gas outlet upstream of the Fahud power plant. Streams from both options will be supplied as-is at approximately 1.00 bar, with PDO bearing no obligation to provide gas at higher pressure or low H₂S concentration.

  Developer scope:

  • Design, build, maintain and operate the gas monetisation system outside PDO’s battery limit.
  • Provide all equipment, infrastructure, compression, conditioning and downstream handling from the delivery point onward.
  • Bear full capital expenditure (capex), operational expenditure (opex), leases, health, safety and environment (HSE), and regulatory responsibilities for all developer scope.
  • Self-generation of all required utilities, such as power, water,and chemicals.
  • Handling, treatment and disposal of all product and by-product streams.

  PDO has been striving to curb, and eventually end, flaring across its operations for several years, as part of its own targets, as well as in alignment with the environmental sustainability framework under Oman Vision 2040.

  In May last year, PDO initiated a flare gas recovery project at the Zulaiyah station in Hazar South in partnership with Hungary-based Enerhash, which aims to convert flare gas into a sustainable energy source through modular digital mining infrastructure.

  Enerhash’s technology powers containerised data centres directly with flare gas, offering a decentralised solution suitable for remote oil fields.

  The project is designed to avoid around 25,000 tonnes a year of carbon-dioxide-equivalent emissions, and builds on PDO’s earlier South AP flare recovery project, which sought vendors to recover gas from atmospheric dehydration tanks across sites such as Bahja, Rima, Amal, Marmul and Nimr.

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  Indrajit Sen
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  Sabic completes $450m divestment of thermoplastics business

  6 August 2026

  Saudi Basic Industries Corporation (Sabic) has completed a transaction to divest its engineering thermoplastics business in the Americas and Europe to German venture capital and private equity firm Mutares, for an enterprise value of $450m.

  Sabic’s Americas and Europe engineering thermoplastics business produces polycarbonate, polybutylene terephthalate and acrylonitrile butadiene styrene resins and compounds, and operates manufacturing sites in Mt Vernon, Bay St Louis and Burkville in the US; Ottawa, Canada; Tampico, Mexico; Campinas, Brazil; Cartagena, Spain; and Bergen op Zoom, the Netherlands.

  The divestment process was initiated by Sabic in January this year and marks a significant milestone in the company’s broader portfolio optimisation programme.

  “The transaction supports Sabic’s continued focus on exiting structurally underperforming assets, reducing cash losses, improving return on capital employed and maximising long-term shareholder value,” the Saudi chemicals giant said.

  The divested business reported an operating loss of approximately $498m for full-year 2025, and approximately $173m for the first half of this year.

  On a pro forma basis, the carve-out of the engineering thermoplastics business improved Sabic’s earnings before interest, taxes, depreciation and amortisation (Ebitda) margin by approximately 130-140 basis points, “reflecting the positive impact of the transaction on the company’s overall profitability and portfolio quality”.

  In addition to agreeing the sale of its engineering thermoplastics business in January, Sabic also began a process to divest its European petrochemicals business to Aequita for an estimated enterprise value of $500m.

  Aequita is a Munich-based venture capital and private equity firm.

  Sabic’s European petrochemicals business produces and markets ethylene, propylene, low- and high-density polyethylene, polypropylene and value-added polymer compounds, and operates manufacturing sites in Teesside, the UK; Geleen, the Netherlands; Gelsenkirchen, Germany; and Genk, Belgium.

  Q2 2026 financial results

  Sabic reported a net loss of $100m for the second quarter of 2026, which it attributed to the impact of the Iran-US regional conflict on its business.

  The company had only returned to profit in the first quarter, registering a net income of $3.52m, after posting a full-year 2025 loss of $6.87bn.

  The Saudi petrochemicals giant also said Q2 2026 revenue fell 5% year-on-year to $6.62bn.

  Sabic posted adjusted Ebitda of $900m for the three months to 30 June, a drop of 18% compared to the previous quarter.

  Adjusted earnings before interest and taxes in Q2 also fell by 72% quarter-on-quarter to $110m, while adjusted earnings per share stood at $0.03.

  Saudi Exchange-listed Sabic said its net debt position remained largely unchanged at $730m at the end of June, compared with $740m at the end of March.

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  Indrajit Sen
• 
  Contractors submit interest for Oman oil storage park expansion

  5 August 2026

  

   

  Register for MEED’s 14-day trial access 

  Contractors have submitted prequalification documents to state-owned Oman Tank Terminal Company (OTTCO) for a major project related to the expansion of the Ras Markaz crude oil storage complex at Duqm, on the sultanate’s Arabian Sea coast.

  The project involves the engineering, procurement and construction (EPC) of eight large storage tanks, each with a capacity of 650,000 barrels. This will increase the Ras Markaz terminal’s total storage capacity by 5.2 million barrels.

  OTTCO issued the prequalification notice on 28 July, with contractors submitting responses by 4 August, according to sources.

  The project represents the second phase of the Ras Markaz oil storage terminal within the Special Economic Zone at Duqm (Sezad).

  OTTCO commissioned the first phase of the Ras Markaz crude oil storage park – which covers 10 square kilometres and has a capacity of 26.7 million barrels – in December 2022.

  The storage facility has two parts. The first is a marine services area, which includes a floating station for crude import and export. This zone is about 7 kilometres (km) offshore and is connected via two 42-inch pipelines and associated facilities.

  The floating station, with a depth of up to 42 metres, can accommodate very large crude carriers (VLCCs). It is linked to four main pumps that transfer crude oil to the storage area, which is located more than 120 metres above sea level. OTTCO could add pumps at a later stage to keep pace with future demand for oil storage.

  The second part of the storage facility features oil pumping systems, water treatment facilities, reservoirs, power station networks and other associated systems.

  Region’s largest oil storage park

  The Ras Markaz oil storage facility will be built in five phases over several years, across an area measuring about 40 square kilometres, for which OTTCO signed a land agreement with Sezad in July 2017.

  It will be able to hold 200 million barrels of crude a year. The total investment commitment for the scheme is understood to be $5.2bn.

  The storage terminal at the first phase of the Ras Markaz facility is connected to the estimated $7bn Duqm refinery and other oil derivative production plants at Sezad via a pipeline that will supply crude feedstock, when required, to the refinery.

  In 2017, Sezad awarded Netherlands-based dredging and maritime services specialist Royal Boskalis Westminster a $510m contract to construct the bulk liquid terminal at the Port of Duqm.

  The contract called for, among other things, the construction of a 980-metre quay wall, deepening the port basin to 18 metres and the approach channel to 19 metres, dredging and reclamation works and the establishment of a new double berth jetty island.

  In conjunction with the liquid berth project, about 79 hectares of terminal capacity was developed adjacent to the 4.6km-long secondary breakwater.

  ALSO READ: Omani storage tank operator prepares crude pipeline tender

  Following increased investor interest in Duqm – due to the refining and petrochemicals industrial potential it offers – a further 55 hectares was reclaimed from the sea to create new terminal capacity for existing and future companies looking to invest in Sezad.

  Following the completion of the marine infrastructure works at the liquid terminal, a consortium of Italy’s Saipem and US-based Chicago Bridge & Iron commenced work on a crude tank farm, product export terminal and other facilities. The group was awarded the contract for the Duqm refinery project’s EPC package three in February 2018.

  As a result, storage capacity at the bulk liquid terminal will increase to cater for a variety of refined products from the Duqm refinery. In addition, the pipeline network running from the refinery to the berth will facilitate direct shiploading, particularly of liquefied petroleum gas and high-sulphur fuel oil.

  Dry bulk products, such as petroleum coke and elemental sulphur from Duqm refinery, will be transported by truck to the liquid bulk terminal and stored in warehouses pending export.

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  READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDF

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

  Distributed to senior decision-makers in the region and around the world, the August 2026 edition of MEED Business Review includes:

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

  To see previous issues of MEED Business Review, please click here

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  Indrajit Sen
• 
  PIF anchors Brookfield Middle East fund

  5 August 2026

  Canada’s Brookfield has announced the first close of Brookfield Middle East Partners (BMEP), a private equity fund anchored by Saudi Arabia’s Public Investment Fund (PIF), raising about $2bn.

  The capital was raised from a group of anchor investors comprising PIF and other global and regional institutional partners.

  The fund will invest in businesses based in Saudi Arabia and the wider Middle East, pursuing buyouts, minority growth equity and other opportunities across sectors including financial, business and consumer services, industrials, technology and healthcare.

  Capital will be allocated to investments in the Middle East, with a focus on the GCC. The fund targets allocating 50% of its investments to Saudi Arabia.

  Brookfield is committing $500m to the fund. The $2bn figure is a first close; neither the size of PIF’s commitment nor the fund’s final fundraising target was disclosed.

  “Our partnership with Brookfield is designed to help anchor international private equity into Saudi Arabia and the region. It will also accelerate deal flow while continuing to bring world-class expertise to the local capital market ecosystem,” said Yazeed Al-Humied, deputy governor and head of Mena investments at PIF.

  The fund draws on Brookfield’s offices in Riyadh and its wider global network. As part of the initiative, Brookfield will make the Brookfield Academy, its professional learning programme founded in 2019, available in Saudi Arabia to develop local investment talent.

  PIF and Brookfield agreed to create the fund in October 2024. The announcement follows the approval of PIF’s 2026-30 strategy in April, which focuses on maximising financial returns, improving investment efficiency and increasing private sector participation.

  “We are grateful for the collaboration with PIF and our other strategic anchor partners, reflecting the global confidence and strong demand for private equity opportunities in Saudi Arabia and the region. Brookfield has been active in the Middle East for nearly three decades, and we bring deep local investment expertise, local networks and an owner-operator approach to transforming high-quality businesses. We see a compelling opportunity to partner with businesses across the region and position them for long-term growth,” said Bruce Flatt, CEO of Brookfield Corporation.

  Saudi footprint

  The fund is the latest step in Brookfield’s expansion in Saudi Arabia. Its local unit, Brookfield Arabia for Business Services, received Capital Market Authority approval in June to manage investments and run funds in the country. In May 2025, Brookfield launched a $1bn joint venture with Abu Dhabi’s Lunate focused on residential real estate in the Middle East, with a focus on the UAE and Saudi Arabia.

  The fund also fits a wider PIF pattern of using relationships with global asset managers to channel international capital into the domestic economy rather than deploying Saudi money abroad. In the same month as the BMEP close, PIF signed $24.5bn in memorandums of understanding with the World Bank Group and US Export-Import Bank to draw outside capital into its portfolio companies, alongside a $2bn co-investment agreement with US-based I Squared Capital targeting infrastructure and district cooling.

  Gulf expansion

  Brookfield has signalled a broader push into the Gulf. In May, Flatt said the company intended to increase its investments in the region despite the ongoing conflict.

  “In fact, [we're] doubling down; we are doing more,” Flatt said when asked at the Milken Institute Global Conference on 4 May whether the ongoing conflict in the region was changing the way he thought about the Gulf.

  “When you find great businesses, countries, great people, and the market offers you an opportunity to invest when others are not, it is always the best opportunity in the world, so we are doing more. We have been there for 25 years; we are continuing to do all of the investments we have there, and we are going to do more,” he added.

  Flatt suggested the current period of geopolitical stress could accelerate long-term economic strengthening across the Gulf, arguing that governments and businesses would respond by investing in self-sufficiency and strategic infrastructure.

  Since the conflict began on 28 February, Flatt has travelled to the region to meet senior UAE officials. In Abu Dhabi on 9 April, he met Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, to discuss cooperation in investment and asset management between UAE-based institutions and Brookfield.

  Two days later, in Dubai, Flatt met Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Finance Minister and chairman of Dubai International Financial Centre, to explore opportunities to expand cooperation.

  Regional deals

  Brookfield has also been active elsewhere in the region. In May, the firm formed a joint venture with Kuwait-based Alshaya Group to develop a 480,000-square-foot mixed-use project in the Dubai Hills area of Dubai, a master-planned community developed by Emaar. The project will include Grade A office space, build-to-rent residential units and retail components, with Brookfield Properties acting as development and real estate manager.

  In late 2025, Brookfield and Qai, Qatar’s artificial intelligence (AI) company and a subsidiary of Qatar Investment Authority, announced a strategic partnership to establish a $20bn joint venture focused on AI infrastructure in Qatar and select international markets. The venture is slated to be backed through Brookfield’s Artificial Intelligence Infrastructure Fund, part of a broader programme targeting up to $100bn in global investment.

  Brookfield has been directly investing in the region since 2015 and has built a portfolio of more than $16bn of managed assets across private equity, real estate and infrastructure.

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  Colin Foreman