Qatar is lining up a dealmaking spree with Wall Street’s assistance amid fallout from the US-Israel-Iran war. On Sept. 21, the gas-rich Gulf state’s sovereign wealth fund and J.P. Morgan unveiled a $20 billion strategic investment partnership on the heels of the Qatar Economic Forum, the annual showcase of Doha’s global clout.

On paper, the J.P. Morgan deal appeared to be business as usual for the Qatar Investment Authority (QIA), a prolific global dealmaker. In reality, however, the backdrop was anything but normal, starting with Qatar’s flagship investment forum being held in New York rather than Doha. Originally scheduled for May, the conference was postponed as Iranian attacks battered Gulf states.

The "special edition" of the delayed forum took place Sept. 20, ahead of the annual UN General Assembly gathering of leaders and in the wake of Qatar having suffered severe blows from the war, with the closure of the Strait of Hormuz disrupting the liquefied natural gas exports that have made it one of the world’s wealthiest nations. As hostilities near the seven-month mark, the Gulf country stands as one of the war’s biggest economic casualties, with little sign of a deal on the horizon to fully reopen the strait.

The Qatar Economic Forum offered a timely glimpse at Doha's strategy for responding to a crisis shaking the foundations of a national strategy centered on LNG. The J.P. Morgan deal, in particular, sent a message: Qatar still has the financial firepower to play on the global stage.