"Brookfield" and Qatar Alliance to Invest $20 Billion in Artificial Intelligence

SadaNews - "Brookfield Asset Management" has begun collaborating with the Qatar Investment Authority on a joint project worth $20 billion aimed at developing infrastructure for artificial intelligence, in a move that underscores the rising regional competition to enhance influence in this rapidly growing sector.

The two companies stated in a statement today that "Brookfield" and the newly established "Qai" company - a subsidiary of the Qatari sovereign wealth fund with assets of $524 billion - will contribute capital aimed at investing in AI infrastructure within Qatar and selected international markets.

Read also: Following in the footsteps of Saudi Arabia and the UAE.. Qatar establishes the national "Qai" company for artificial intelligence

"Brookfield" is investing in this project through its recently launched artificial intelligence fund, which aims to attract up to $100 billion in global investments and has already received commitments from investors including the Kuwait Public Investment Authority.

The company currently manages about $1 trillion in assets and is one of the most active foreign investors in the Gulf in recent years.

Qatar and Brookfield Partnership

CEO Bruce Flatt stated: "As our first investments in artificial intelligence infrastructure in the Middle East, this partnership combines the strategic vision of Qatar with Brookfield's global expertise."

"Brookfield" estimates that building global AI infrastructure will require $7 trillion over the next decade. The largest sovereign funds in the Middle East manage trillions of dollars, making them a key pillar in meeting this massive demand.

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In recent years, major regional powers have accelerated their technology spending to reduce dependence on traditional energy revenues. Through their sovereign funds, these countries inject billions of dollars into AI industries, including chips, data centers, and chatbot applications.

Both the UAE and Saudi Arabia - Qatar's wealthy neighbors - have established multi-billion dollar funds to support AI startups, alongside building leading national companies like "G42" in Abu Dhabi and "Humain" in Riyadh.

Qatar's Expansion in AI

On the Qatari side, the Qatar Investment Authority continues to enhance its presence in this sector; it participated in a $13 billion funding round for "Anthropic" in Silicon Valley and partnered with "Blue Owl Capital" on a $3 billion project to create data centers.

CEO Mohamed Saif Al-Suwaidi stated that the joint project with "Brookfield" "will contribute to advancing Qatar's National Vision 2030 and help in building an innovative diversified economy."

Read also: Qatar Sovereign Fund expands its bet on AI through "Anthropic"

This deal comes as part of broader efforts by Doha to attract global investors, efforts that have encouraged companies such as "Global Infrastructure Partners" (part of BlackRock) and "B Capital", owned by Eduardo Saverin, to plan the opening of offices in the Qatari capital.

Dubai and Abu Dhabi are major regional financial centers, while Qatar is known for being an intermediary in geopolitical disputes. Today, Doha aims to leverage its sovereign wealth to encourage private equity and infrastructure funds to establish a presence within the country, benefiting from its investment heft, according to Bloomberg.