JPMorgan invests $20B in Gulf, betting on reconstruction boom

JPMorgan Chase says it has invested more than $20 billion across the Gulf since the Iran war began, positioning itself for what could become one of the world’s largest reconstruction efforts.

“The one thing I think is certain, the number will be substantial – in the hundreds of billions of dollars,” Doug Petno, the bank’s co-chief executive of commercial and investment banking, told The National.

The Wall Street investment bank expects rebuilding demand to center on energy infrastructure, logistics networks, data centers and AI-related projects damaged during the conflict with Iran that began Feb. 28 or on projects needed to strengthen the region’s IT infrastructure.

Petno said JP Morgan has expanded its risk appetite in the Middle East and is working with governments, sovereign wealth funds and corporate clients on financing opportunities tied to the recovery.

The bank, which last year established a regional headquarters in Riyadh, plans to expand its UAE operations and double its regional staff over the next three to five years, Petno said.