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November 18, 2022

Brookfield Asset Management forays into Saudi Arabian wealth market

Brookfield Asset Management is set to beef up its business activities in Saudi Arabia by opening a new office in Riyadh.  

With the move, the Canadian firm will be able to integrate local market-related inputs with its global investment capabilities.

The firm, through the new office, aims to explore new investment opportunities and better serve wealthy individuals in the kingdom.

Brookfield managing director Aanandjit Sunderaj will transfer to Riyadh, following the opening of the branch.

Brookfield CEO Bruce Flatt said: “We started in the region in 2005 and in 17 years we have built one of the largest global investment networks now comprising over $28bn of assets, over 100 asset management professionals and over 20,000 operating employees.

“We want to be at the heart of the Kingdom as it grows.”

Recently, many other investment first including BlackRock, JPMorgan Chase, HSBC, and Citigroup have enhanced their footprint in the kingdom.  

The expansion comes after Saudi Arabia undertook a range of economic reforms that paved way for capital markets and dealmaking activities within its territory, reported Bloomberg.

Brookfield managing director and regional head of Middle East Jad Ellawn said: “There are vast investment opportunities within our main areas of focus including infrastructure, renewables, private equity and real estate.”

Currently, the company is said to have more than $750bn asset under management.

In September this year, Brookfield won an approval to publicly list and allocate 25% of interest in its asset management arm.

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