Stonepeak Expands Operations into Saudi Arabia
Stonepeak, a leading global infrastructure investment firm, has announced the establishment of its presence in the Kingdom of Saudi Arabia, marking a significant expansion into the Middle East. This strategic move includes the opening of an office in Riyadh and the appointment of senior investment professionals, the Honorable Steven Ciobo and Fadi Kerbaj, to lead the firm’s regional engagement.
Strategic Expansion into Saudi Arabia
Stonepeak’s decision to establish a foothold in Saudi Arabia aligns with its broader strategy to deepen partnerships and identify investment opportunities across the Middle East’s infrastructure sector. The firm has obtained a Ministry of Investment license to operate non-securities business activities in the Kingdom, facilitating its operations and collaborations within the region.
Mike Dorrell, CEO, Chairman, and Co-Founder of Stonepeak, emphasized the significance of this expansion:
“Saudi Arabia is one of the world’s most exciting areas for infrastructure investment and innovation with a unique combination of strong, ambitious, well-resourced leadership and a young, educated, and fast-growing population. Stonepeak is market-leading in creating and building infrastructure businesses in fast-growing economies, and we look forward to ramping up our service as a valuable partner for stakeholders in the Kingdom.”
This move reflects Stonepeak’s commitment to contributing to Saudi Arabia’s Vision 2030 initiative, which aims to diversify the economy and develop public service sectors such as health, education, infrastructure, and tourism.
Leadership Appointments
To spearhead its operations in Riyadh, Stonepeak has appointed two seasoned professionals:
- Honorable Steven Ciobo: Joining Stonepeak in 2020, Ciobo brings nearly two decades of experience from the Australian Parliament, where he held senior roles including Minister for Trade, Tourism, and Investment, and Minister for Defence Industry. His extensive network and global stakeholder relationships position him to focus on originating infrastructure investment opportunities and fostering relationships in the Middle East.
- Fadi Kerbaj: With 15 years of infrastructure investment experience, primarily in the Middle East, Kerbaj previously served as the Head of Saudi Arabia for Tribe Infrastructure. In that role, he led strategic transactions across sectors such as district cooling, water, waste, and social infrastructure. His deep regional network and expertise will be instrumental in driving Stonepeak’s initiatives in the Kingdom.
Hajir Naghdy, Senior Managing Director and Head of Asia and the Middle East at Stonepeak, highlighted the importance of these appointments:
“We are excited to deepen our commitment to the Kingdom of Saudi Arabia as we add senior representatives in Riyadh. This is a critical next step in our Middle East strategy, allowing us to support the realization of Vision 2030 on the ground. We look forward to creating and building infrastructure businesses in the Kingdom, combining Stonepeak’s global infrastructure sector expertise with our regional insights and capabilities.”
Stonepeak’s Global Presence
In addition to its new office in Riyadh, Stonepeak employs more than 300 professionals across major global financial centers, including New York, Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. The firm manages approximately $73 billion in assets, focusing on investments in defensive, hard-asset businesses globally.
Stonepeak’s expansion into Saudi Arabia follows its recent establishment of an office in Abu Dhabi, United Arab Emirates, in September 2024. This move was part of the firm’s strategy to enhance its presence in the Middle East and better serve its partners in the region.
Commitment to the Middle East
Stonepeak’s growing presence in the Middle East underscores its commitment to the region’s infrastructure development. By establishing offices in key locations such as Abu Dhabi and Riyadh, the firm aims to leverage local insights and build strong partnerships to support infrastructure projects that align with regional economic visions and development plans.
The firm’s focus on infrastructure investment is particularly relevant to the Middle East, where countries are investing heavily in diversifying their economies and developing critical infrastructure. Stonepeak’s expertise in sectors such as communications, energy and energy transition, transport and logistics, and real estate positions it well to contribute to these regional initiatives.
Conclusion
Stonepeak’s establishment of a presence in Saudi Arabia represents a significant milestone in its Middle East expansion strategy. With the appointment of experienced leaders and the opening of a Riyadh office, the firm is well-positioned to identify and pursue infrastructure investment opportunities that support the Kingdom’s Vision 2030 and contribute to the region’s economic growth and diversification.
