U.S.-based Investment firm Global Infrastructure Partners (GIP) said on Monday it would open an office in Qatar to serve as the hub for its operations in the Middle East and North Africa.

“We are excited by the prospects for the Middle East region, driven by strong economic growth, the expansion of the capital markets and the emergence of transparent regulatory frameworks,” Chairman and CEO Bayo Ogunlesi said in a statement.

GIP, which specializes in infrastructure and manages more than $100 billion in assets, did not say when the office in Doha would open.

BlackRock-owned BLK GIP is the latest private equity group to set up base in the Gulf as firms look to build teams on the ground and invest in local businesses in a region that had previously been where buyout groups went to raise money to invest in other markets.

Permira said last month it would open an office in Dubai, while New York-based General Atlantic opened an office in Abu Dhabi last year.

One of the world’s largest LNG exporters, Qatar is one of several Gulf countries trying to diversify away from energy while attracting foreign investment, making the region increasingly attractive for Western firms.

Founded in 2006, GIP has a portfolio including Britain’s Gatwick airport, the Port of Melbourne and major offshore wind projects.

BlackRock purchased GIP last year for $12.5 billion.