The joint venture is Brookfield’s inaugural AI infrastructure investment in the Middle East, according to its CEO.
Brookfield, a New York-based asset manager, and Qai, a subsidiary of the Qatar Investment Authority (QIA), are establishing a $20bn (around QAR 73bn) joint venture to invest in AI infrastructure locally “and select international markets”.
“The partnership will benefit from strategic support from the Government of Qatar to invest in the skills and supply chain needed to support the backbone of AI infrastructure and the adoption of AI throughout Qatar,” Brookfield said in a statement on Tuesday.
The move, according to the statement, is expected to advance Qatar’s goal of establishing itself as a prominent regional center for AI services while supporting Brookfield’s global AI infrastructure programme.
Brookfield plans to invest through its AI fund, which aims to globally mobilise $100bn (approximately QAR 364.4bn) in investments.
QIA’s CEO Mohammed Al-Sowaidi noted in the press release that the sovereign Qatari wealth fund “has been at the forefront of driving advancement through” investments.
Qai’s Chairman Abdulla Al-Misnad separately said the partnership marked a significant milestone in Qatar’s drive towards building “world-class AI infrastructure and capabilities”.
“We are creating a robust platform to drive responsible AI adoption. This collaboration will not only attract investment and top-tier talent, but also strengthen Qatar’s position as a trusted hub for advanced digital technologies in the region and beyond,” Al-Misnad said in the press release.
Brookfield’s CEO Bruce Flatt has also expressed his enthusiasm over the joint venture, noting that Qatar is the entity’s “inaugural AI infrastructure investment in the Middle East”.
“As our inaugural AI infrastructure investment in the Middle East, this partnership combines Qatar’s strategic vision with Brookfield’s global expertise in developing and operating large-scale, mission-critical infrastructure with global partners,” he explained.
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