Infrastructure-focused investment manager Stonepeak has opened a new office in Riyadh, marking its second location in the Middle East following its expansion into Abu Dhabi last year, according to a report by Bloomberg.
The move comes after the firm, which manages approximately $73bn in assets, secured regulatory approval to operate in Saudi Arabia. Stonepeak’s regional growth aligns with increasing investor appetite for infrastructure projects in the Gulf, where governments are channelling substantial capital into economic diversification and development initiatives.
The Riyadh office will be anchored by senior executives Steven Ciobo, former Australian Minister for Defence Industry, and Fadi Kerbaj, who recently joined from Tribe Infrastructure Group.
Stonepeak’s investment portfolio spans energy transition, digital infrastructure, and transport and logistics. The firm employs around 300 professionals across offices in the US, UK, Asia, and now the Middle East.
