(Bloomberg) -- Brookfield Asset Management Inc. plans to expand into Saudi Arabia, joining BlackRock Inc. and global banks to tap investment opportunities in the biggest Gulf economy.
Managing director Aanandjit Sunderaj will relocate to the Riyadh office once open, according to a statement.
“There are vast investment opportunities within our main areas of focus including infrastructure, renewables, private equity and real estate,” said Jad Ellawn, regional head of Middle East at Brookfield. “We are very excited about the future and look forward to many opportunities within the kingdom in the years ahead.”
Brookfield, which manages more than $750 billion, follows global firms in expanding into Saudi Arabia after wide-ranging economic reforms that sparked a flurry in capital markets activity and dealmaking. International banks including JPMorgan Chase & Co., HSBC Holdings Plc and Citigroup Inc. have also been increasing their presence in the oil-rich kingdom.
Brookfield and rival alternative-investment firms are looking at high-net-worth clients as a pool of untapped capital for their private equity, real estate and credit funds. Blackstone Inc. was an early proponent and is now accelerating its efforts, while KKR & Co. is also building out its own private-wealth division, leading to the creation of a London-based team last year.
BlackRock Inc this week signed a pact with Saudi Arabia’s $620 billion wealth fund to explore infrastructure projects in the Middle East. The world’s largest asset manager also plans establish a Middle East infrastructure strategy.
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