Key Takeaways
- Sector: Digital Infrastructure, Energy Infrastructure & Renewables, Social Infrastructure, Transport Infrastructure & Services (traditional).
- Geography: Saudi Arabia.
Analysis
Stonepeak, one of the world’s leading infrastructure investment firms, has officially expanded its global footprint with the opening of a new office in Riyadh, Saudi Arabia. The move represents a strategic deepening of the firm’s Middle East presence and aligns with the Kingdom’s Vision 2030, an ambitious national initiative aimed at transforming the Saudi economy through diversified, private sector-led growth.
The establishment of the Riyadh office follows Stonepeak’s receipt of a license from the Saudi Ministry of Investment, granting it permission to operate non-securities business activities within the Kingdom. This marks a significant milestone in Stonepeak’s ongoing efforts to pursue infrastructure opportunities across high-growth global markets.
Leadership and Strategy
The firm’s Middle East operations will be spearheaded by two seasoned investment professionals:
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Steven Ciobo, a former Australian Minister for Trade, Tourism, and Investment, brings a wealth of policy and global trade experience to the role. Since joining Stonepeak in 2020, he has leveraged his international network to originate infrastructure investment opportunities and build institutional relationships across the region.
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Fadi Kerbaj, who previously led Saudi operations at Tribe Infrastructure, has over 15 years of experience in infrastructure investment across the Middle East. His expertise spans district cooling, water, waste management, and social infrastructure—critical sectors for Saudi Arabia’s development agenda.
Together, Ciobo and Kerbaj will focus on identifying transformative investments across core sectors, including energy, utilities, transport, and social infrastructure.
Vision 2030 and Regional Context
Stonepeak’s expansion is timely, as Saudi Arabia accelerates its Vision 2030 goals to enhance infrastructure, healthcare, tourism, and education through increased foreign investment and public-private partnerships.
The Kingdom has become an increasingly attractive destination for global asset managers. I Squared Capital, another global infrastructure investor, has also recently announced plans to open a Riyadh office in 2025. The firm, which manages more than $45 billion in assets, is targeting investments in energy transition, digital infrastructure, and logistics across the Gulf Cooperation Council (GCC) region.
This wave of interest from international players underscores Saudi Arabia’s growing prominence as a hub for long-term infrastructure capital in the Middle East.
A Global Player With Local Commitment
With approximately $73 billion in assets under management and a global presence spanning New York, London, Hong Kong, Tokyo, and now Riyadh, Stonepeak is well-positioned to contribute meaningfully to Saudi Arabia’s infrastructure ambitions. The Riyadh office reflects not just a geographic expansion, but a strategic commitment to supporting the Kingdom’s economic transformation through impactful, sustainable investment.