EQT, Europe’s largest private markets investment firm, is setting up its first Middle East office in Abu Dhabi’s financial centre, ADGM, joining a growing roster of global asset managers expanding in the emirate.
The firm, which manages $389 billion in client assets, will use Abu Dhabi as the base for its new Middle East platform as it seeks investment opportunities across the Gulf, EQT said.
The expansion reflects the “distinct priorities and market dynamics” across the Gulf and wider Middle East, with EQT planning to build out its regional platform over time.
“The launch of EQT's Middle East platform reflects our conviction in the scale and momentum of opportunity across the GCC,” said Per Franzen, chief executive and managing partner at EQT, referring to the Gulf Co-operation Council.
“We see significant opportunities to support the growth of our existing portfolio companies and invest in new businesses across sectors undergoing structural transformation and attracting long-term capital.”
EQT's global sector expertise and company-building capabilities can contribute “meaningfully to the GCC's long-term economic development”, he added.
Growing roaster
EQT’s entry on the ADGM roster follows $315 billion private credit provider Blue Owl’s move to set up a base in Abu Dhabi in June. The two are among several alternative investment managers who have chosen the emirate as a base, underscoring its continued appeal for global asset managers and financial giants despite war-driven uncertainties.
The UAE, like its Gulf and wider Middle Eastern peers, initially faced waves of missile and drone attacks from Tehran after the breakout of the US and Israel's war with Iran on February 28. However, the conflict, now in its seventh month, has not deterred international financial firms from setting up an operational base in Abu Dhabi.
A base in the UAE capital provides global investors and money managers with opportunities to expand regional operations and work closely with some of the world's largest sovereign wealth funds, as well as large family offices and institutional partners.
EQT said the ADGM base will help deepen engagement with investors, companies and partners” across the wider Gulf markets.
The Gulf region is increasingly playing an important role in global capital flows and economic growth, supported by the ambitious national development agendas of the member states.
These development goals of Gulf nations “align closely with EQT’s long-standing thematic investment approach, active ownership model, as well as its expertise in digital and AI infrastructure investments, the company said.
EQT’s Middle East platform is led by Jimmy Mahtani, who has been appointed chairman of Gulf operations, in addition to his role as chairman of South and South-East Asia for EQT Private Capital.
The ADGM office is led by Smiyet Belrhiti, who has been appointed senior executive officer. With the addition of Abu Dhabi, EQT now has offices in more than 25 countries that together account for more than 80 per cent of global economic output.
“Across the Middle East, we are seeing a growing pool of high-quality companies in sectors central to EQT’s long-term strategies,” said Mr Belrhiti, who also runs the company’s Middle East operations.
With the region’s potential to “produce globally significant companies over the next decade”, the company is committed to being a long-term partner in that journey, he added.
