Sovereign wealth fund Qatar Investment Authority will invest $25 billion in Goldman Sachs Asset Management funds and direct investments, building on an existing arrangement.

QIA will also become an anchor investor in several of GSAM’s flagship and other strategies, with a particular focus on AI, fintech, digital infrastructure and private credit.

Mohammed Saif Al-Sowaidi, CEO of QIA, said that the partnership also extends beyond capital deployment and continues the expansion of Doha as a key strategic hub for asset management. “This commitment will deliver meaningful benefits to our economy through knowledge-transfer, job-creation and enhanced expertise in alternative investments,” he said in a statement. “We look forward to working with the 
Goldman Sachs team to source and execute transformational investments that generate strong risk-adjusted returns for Qatar’s future generations.”

In addition, Goldman Sachs will grow its headcount in the country, making the office a regional hub for asset management, and will work with the State of Qatar to help the push towards its own objective of broadening the financial system beyond its large gas reserves.

The move marks the latest in a wave of large asset managers opening in the country and wider region of late, as international firms look to cater to the growing demands of sovereign wealth funds and shifting investor appetite. These demands reflect the momentum in the Middle East and its continued transformation.