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(Bloomberg) -- BlackRock Inc.’s recently acquired unit, Global Infrastructure Partners, is opening an office in Doha in a boost for Qatar’s nascent efforts to attract global financial firms.
GIP will pursue investment opportunities in the Middle East and North Africa region from the office, according to a statement.
With over $170 billion in assets under management, GIP’s portfolio in the region includes a stake in Abu Dhabi National Oil Co.’s gas pipeline unit.
GIP’s announcement comes days after Qatar said that six venture capital firms — including Eduardo Saverin’s B Capital — are setting up offices in the country after receiving funding from its $510 billion wealth fund.
The gas-rich nation is following in the footsteps of its regional peers, the United Arab Emirates and Saudi Arabia, which have leveraged the financial heft of their sovereign entities to attract global firms.
Saudi Arabia has drawn regional headquarters of several Wall Street firms after it introduced policies that made such a presence mandatory for certain government contracts. Meanwhile, several high-profile hedge funds have established offices in Abu Dhabi and Dubai, transforming the UAE into an emerging hub for the industry.
BlackRock completed its $12.5 billion buyout of GIP late last year, marking the firm’s biggest deal in more than a decade.
The $11 trillion asset manager is making steady inroads into the wider Middle East. The firm received approval from Saudi Arabia last year to set up its regional headquarters in Riyadh, as well as a commercial license to operate in Abu Dhabi. It’s also exploring opening an office in Kuwait, Bloomberg News has reported.
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