Gulf sovereign wealth funds are expected to look for ways to do more deals and profit from market volatility caused by the Iran war over the next few months, according to US asset manager TCW’s top executive in the region.

Sovereign investors across the region, which together control around $5 trillion, have the liquidity to move quickly: “when everyone else steps back sovereigns will step in,” Wael Younan, co-head of sovereign wealth management at TCW, said at the debut Semafor Gulf Live event in Abu Dhabi on Thursday.

Despite the UAE being the top target of Iranian missile and drone strikes during the conflict, the war is unlikely to deter Wall Street’s biggest firms from opening offices or expanding in the Gulf, Younan said. The region’s sovereign funds have evolved from allocators into “an integral part of the global economy,” he said.