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  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
• 
  SSH wins Muscat cultural complex

  5 August 2026

  Kuwait-based engineering and architecture consultancy SSH has been appointed as the construction supervision consultant for the Sayyid Tarik Bin Taimur Cultural Complex in Oman.

  The firm will provide construction supervision services across the project, overseeing construction activities, monitoring quality, coordinating specialist subconsultants and working with stakeholders throughout delivery.

  SSH was appointed by UK-based Mace, the project management consultant, on behalf of Oman’s Ministry of Culture, Sports & Youth.

  The complex is located in Al-Seeb, Muscat, on a 400,000-square-metre (sq m) site. It is centred on an urban plaza and brings together a range of cultural and institutional facilities.

  These include a 23,000 sq m national library, a 15,500 sq m national archives, four facilities buildings with a combined area of 14,000 sq m and a 5,000 sq m energy and data centre.

  At the heart of the development is the national theatre, comprising a 1,000-seat auditorium and a 250-seat auditorium. The facilities are set within landscaped gardens and water features, alongside a signature canopy structure.

  In October 2023, the Ministry of Culture, Sports & Youth awarded a design-and-build construction contract for the complex to a joint venture of local firm Saif Salim Issa Al-Harrasi and Turkiye’s Sembol Construction, MEED reported.

  In January 2026, UAE-based steel structure manufacturer Emirates Building Systems, a wholly owned subsidiary of Dubai Investments, won a contract to deliver the project’s complete structural steel package.

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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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  Colin Foreman
• 
  PIF completes $55bn EA buyout

  5 August 2026

  A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has completed the acquisition of US video games publisher Electronic Arts (EA), taking the company private in a deal valued at $55bn.

  The transaction closed on 4 August, resulting in EA’s delisting from the Nasdaq stock exchange 36 years after its listing. Shareholders will receive $210 in cash for each share, a premium of about 25% on the closing price before the deal was announced in September 2025.

  PIF holds about 94% of the company, while US technology investor Silver Lake holds 5.5% and Affinity Partners, the firm founded by Jared Kushner, holds 1.1%.

  The deal is described as the largest leveraged buyout in history, a structure in which a large share of the purchase is funded by debt that is transferred to the acquired company. The acquisition is backed by about $36bn in equity, with a further $20bn in debt added to EA’s balance sheet.

  EA publishes some of the games industry’s biggest franchises, including EA Sports FC, formerly Fifa, alongside Madden NFL, Apex Legends, Battlefield and The Sims. The company generated revenue of $7.5bn last year, while the October release of Battlefield 6 sold more than 7 million copies in its first three days.

  The acquisition is the second-largest in gaming history, after Microsoft’s $69bn purchase of Activision Blizzard. It ranks among PIF’s largest investments to date under its strategy of building positions in gaming, esports and digital entertainment as part of Saudi Arabia’s Vision 2030 economic diversification programme. The fund already holds stakes in games companies including Take-Two Interactive and owns Japanese developer SNK.

  The consortium’s control of EA strengthens its links to the global football ecosystem through the EA Sports FC franchise, adding to PIF’s investments in the sport, which include English Premier League club Newcastle United and four clubs in the Saudi Pro League. Saudi Arabia has also hosted esports events, including the 2025 Esports World Cup.

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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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  Colin Foreman
• 
  What foreign companies still get wrong about Iraq

  5 August 2026

  

   

  Improved security, political stability and stronger oil revenues have brought Iraq back into investor conversations in recent years. Higher oil prices restored state finances, revived public spending and reinforced the narrative that Iraq was once again open for business. Relative calm strengthened that sentiment among regional and international firms.

  Yet Iraq’s investment narrative has improved faster than its operating reality. A common mistake among foreign investors has been to view operations in Iraq primarily through the lens of security. While physical security remains important – particularly in the current regional climate – some of the most persistent risks are structural. These include opaque counterparties with hidden political backing, fragmented authority and overlapping power centres, exposure to sanctions-linked networks, and weak and often corrupt law enforcement and judicial institutions.

  For most firms, the real test begins after market entry: when choosing a partner, bidding for contracts, moving funds, securing government approvals or attempting to enforce a contract or court judgment.

  The current conflict has not changed these risks; rather, it has made them harder to ignore.

  Basic due diligence and document checks are often insufficient to mitigate risks in a market as complex as Iraq

  Counterparty risks and how to mitigate them

  For many foreign investors operating in Iraq, one of the most significant risks lies in dealing with local counterparties – business partners, contractors, suppliers, clients and customers. Companies may appear conventional on paper, but ownership and control are often obscured through proxies.

  One challenge is identifying who ultimately controls or benefits from a business and whether it has links to politically exposed persons, armed groups or sanctioned networks. Another is examining its business practices for signs of corruption or other illicit activity.

  Every so often, we encounter seemingly well-established and reputable Iraqi business groups with extensive foreign partnerships that, following in-depth investigation, appear to be ultimately controlled by or linked to politicians, militia leaders, sanctioned individuals or Iran-aligned armed groups. Such connections often indicate a history of corrupt practices, ranging from bribery and the use of high-placed connections to secure government contracts to involvement in sophisticated money-laundering schemes or smuggling and diversion operations benefiting the Iranian state.

  Foreign firms engaging with local counterparties may enter what appears to be a routine commercial arrangement, only to discover later that they are doing business with a highly sensitive or controversial political actor. The consequences extend beyond commercial risk. Regulatory, legal and reputational repercussions can follow, particularly where sanctions or criminal exposure exists.

  Basic due diligence and document checks are often insufficient to mitigate risks in a market as complex as Iraq. Obtaining a deeper understanding of a potential counterparty’s ownership, control and track record is often constrained by the limited availability of credible information.

  One of Iraq’s paradoxes is that it is not a data-poor jurisdiction. It generates abundant media reporting, leaks and social-media narratives. The challenge lies in judging what information matters, who is driving it, and what is missing.

  The government also maintains a publicly accessible corporate register – Tasjeel – which contains basic information on the ownership of Iraq-registered private companies. The details, however, can be incomplete or out of date, and names on official filings often do not reflect actual control. There is also a notable lack of transparency when it comes to legal searches in Iraq: neither criminal nor civil litigation records are publicly available.

  The availability of information also varies across the country. Iraq is not a single commercial jurisdiction. In practice, overlapping and sometimes competing systems of authority exist, particularly between federal Iraq and the Kurdistan Region. Licensing, customs procedures, taxation, political sponsorship and legal recourse can differ significantly, as can the accessibility of official records, with the Kurdistan Region generally offering less transparency.

  For all these reasons, source-based enquiries remain central to any serious risk assessment in Iraq. Human intelligence gathered on the ground through a network of knowledgeable sources often fills critical information gaps, providing context and insights that cannot be obtained from public records alone.

  The impact of regional war and political changes on structural weaknesses

  The recent deterioration in the regional security environment has renewed attention on Iraq. Investors are once again weighing insurance costs, movement restrictions, supply-chain exposure and the risk of disruption from armed escalation.

  The implications, however, extend well beyond immediate security concerns. Regional conflict often strengthens informal power structures, elevates the influence of armed factions, increases exposure to pro-Iran networks and complicates sanctions assessments. Institutions may slow decision‑making, while border friction, diversion risk and financial scrutiny intensify.

  As a result, the risk categories familiar to foreign investors – political, compliance, legal and operational – often become intertwined in Iraq. A politically exposed counterparty can become a sanctions issue; a regulatory delay can turn political; and a commercial dispute may prove unenforceable where the other party operates within a stronger network of influence.

  There is also a new variable in play. Iraq’s new prime minister, Ali Al-Zaidi, is a seasoned businessman with significant interests in banking, the food industry and other sectors. For foreign investors, this background may be viewed as a positive signal, suggesting a greater emphasis on deal-making, investor outreach and easing market entry. However, a businessman at the top can help only up to a point. Iraq’s core business risks are rooted in institutions, networks and entrenched political structures that even a pro‑business leader must navigate.

  Counterparty risk assessment should sit at the centre of any market-entry strategy

  What serious investors should do differently

  None of this means Iraq should be written off. It remains a market with scale, unmet demand and clear areas of opportunity. But it does mean foreign companies need a more disciplined approach.

  Counterparty risk assessment should sit at the centre of any market-entry strategy. That means identifying beneficial ownership, mapping political exposure, screening for sanctions links and understanding the broader network surrounding a local counterparty rather than relying solely on a basic corporate registry check.

  Iraq should also be treated as a market that requires continuous monitoring, not one-off screening. Ownership, influence and compliance exposure can change quickly. A clean partner at onboarding is not guaranteed to remain a low risk a year later.

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  About the authors

  Dr Anastasia Nosova is associate managing director at K2 Integrity, a prominent global risk advisory, compliance and corporate investigations firm. Renwar Ahmed is an associate at the company’s Investigations & Disputes practice. 

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  MEED’s June 2026 report on Iraq includes:

  > COMMENT: Iraq’s reform window narrows
  > GOVERNMENT: Al-Zaidi takes Iraq’s premiership under US shadow
  > BANKING: Financial challenge tests Iraq’s resolve
  > ECONOMY: Iraq enters era of resilience, reform and rising risks 
  > OIL & GAS: Iraqi oil and gas sector in crisis
  > POWER & WATER: Focus shifts to delivery of Iraq utilities expansion
  > CONSTRUCTION: Momentum builds in Iraq’s post-war construction sector

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

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• 
  Riyadh qualifies bidders for Quality Valley PPP project

  5 August 2026

  Register for MEED’s 14-day trial access 

  Saudi Arabia’s State Properties General Authority (SPGA), in collaboration with the National Centre for Privatisation & PPP (NCP), has qualified five consortiums and three individual companies to bid for the contract to develop the Quality Valley Riyadh project.

  The public-private partnership (PPP) scheme will transform the Saudi Standards, Metrology & Quality Organisation’s headquarters site in Riyadh’s Al-Muhammadiyah area into a mixed-use district.

  The first consortium includes Alrashid Properties, Saudi Bonyan Real Estate Investment and Artar Real Estate Development.

  The second brings together Albawardi, Arabian Real Estate Investment Company (Areic) and US-based SkyBridge.

  The third comprises AlOula and Ajdan.

  The fourth consists of Buna, Bany Holding and Sumou Investment.

  The fifth is formed by Assets for Facilities Management (AFM), BA, Heyazah and Ahmad Mohammed Alsaif & Sons for Trade & Investment.

  The three companies qualified to bid individually are Tanama, Al-Ayuni and Mada International Holding.

  In July, MEED reported that SPGA and NCP had tendered the contract, with bidders allowed until 8 October to submit their proposals.

  Known as the Quality Valley Riyadh project, the scheme will be developed on a design, build, finance, operate, maintain and transfer basis.

  The project comprises commercial offices, a four-star hotel and retail facilities. The contract term is 32 years, in addition to a three-year construction period. The site covers about 191,000 square metres.

  UK-based PricewaterhouseCoopers, US-based engineering firm Jacobs and Saudi Arabia’s Al-Nowaisser & Al-Suwaylimi are advising on the project.

  ---

  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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/18117953/main.jpg

  Colin Foreman