DOHA/DUBAI: Qatar Investment Authority and Goldman Sachs have signed a preliminary agreement to expand their strategic partnership, targeting $25 billion in investments by the Gulf wealth fund in Goldman-managed vehicles and co-investment opportunities.
Under the memorandum of understanding, QIA will commit to be an anchor investor in several of the US bank’s flagship and innovative strategies, they said in a joint statement. Goldman Sachs will also look to “meaningfully” increase its headcount in Doha, though it did not provide figures.
In a statement, David Solomon, chairman and CEO of Goldman Sachs, said Qatar is on an “exciting path of economic diversification,” citing the expansion of national champions, the development of capital markets and growth in the talent base.
He added: “This creates substantial opportunity to widen the state’s impact, global connectivity, and attractiveness as a multi-faceted investment partner.”
Qatar, one of the world’s leading exporters of liquefied natural gas, is seeking to diversify its economy away from hydrocarbons and attract more foreign investment.
The expanded partnership “provides QIA with premium deal flow in sectors critical to our investment strategy, including AI, fintech, digital infrastructure and private credit,” QIA CEO Mohammed Saif Al-Sowaidi said.
“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,” he said.
Al-Sowaidi added: “Importantly, this partnership extends beyond capital deployment. By committing to expand its presence in Doha as a key strategic hub for asset management, Goldman Sachs is reinforcing Doha’s position as a regional financial center.”
Al-Sowaidi said the partnership would deliver meaningful benefits to the economy through knowledge transfer, job creation and enhanced expertise in alternative investments.
As part of its diversification efforts, Qatar has been expanding its financial sector by drawing in global asset managers and investment banks, many of which have been boosting their presence in Doha to work with entities including QIA.
QIA has about $580 billion in assets under management, according to sovereign-wealth-fund research firm Global SWF.
Goldman Sachs is one of the leading global alternative investors, with more than $625 billion in assets and over 30 years of experience across private equity, private credit, real estate, infrastructure and other alternative strategies.
