EQT Unveils Middle East Platform with New Abu Dhabi Office to Boost Gulf Investment
By Federico Maccioni
EQT Expands Presence and Investment Strategy in the Gulf Region
Opening of Abu Dhabi Office
ABU DHABI, Sept 23 (Reuters) - Swedish private equity firm EQT is launching a Middle East platform, it said on Wednesday as it opened an office in Abu Dhabi, establishing an on-the-ground presence in the Gulf and joining a slew of firms that have expanded in the region in recent years.
Objectives of the New Platform
• The platform will deepen support for EQT's existing portfolio companies, build on its institutional relationships in the region and pursue new investment opportunities, the company said in a statement.
Leadership and Team Structure
• Jimmy Mahtani, who was appointed chairman of the company's Gulf operations, leads the platform, while its office in Abu Dhabi's financial centre is led by Middle East head Smiyet Belrhiti.
• The office will also welcome a team spanning private capital and infrastructure investment alongside capital raising and business operations.
EQT’s Portfolio and Market Position
Assets Under Management and Regional Presence
• EQT has $389 billion in assets under management. Its portfolio companies with an active presence in the Gulf region include Nord Anglia Education.
Global Investment Trends in the Gulf
• Global investment firms have increased their Gulf footprint, lured by proximity to some of the world's largest sovereign wealth funds.
• They are also attracted by a growing pipeline of deals as regional governments diversify away from hydrocarbon revenue.
Impact of Regional Events
• The inflow comes amid the Middle East conflict, which has brought turmoil, with heavy disruption to travel and supply chains.
Statements and Regional Context
Comments from EQT Leadership
• “The launch of EQT's Middle East platform reflects our conviction in the scale and momentum of opportunity across the GCC (Gulf Cooperation Council)," EQT CEO and Managing Partner Per Franzén said.
Abu Dhabi’s Financial Landscape
• Abu Dhabi is home to the vast majority of the United Arab Emirates' oil reserves and its sovereign funds are estimated to collectively manage over $1.8 trillion in assets.
• The number of financial services entities operating from Abu Dhabi's financial centre rose 27% in the first half of the year to 392.
(Reporting by Federico Maccioni; Editing by Jamie Freed)