KKR has agreed to provide private credit financing to a desalination plant in Saudi Arabia, marking the alternative asset manager’s first investment deal in the kingdom, according to a report by Bloomberg.
The firm will act as an anchor lender in a long-term financing package for the facility, which is majority owned by Acwa Power. The Saudi-listed utility, backed by the Public Investment Fund, plays a key role in supplying water to the Mecca region.
The transaction follows a busy period for KKR in the Middle East, where it has invested around $2bn over the past 10 months. Recent investments include a stake in Abu Dhabi National Oil Company’s gas pipeline network, an interest in a Gulf data centre operator, and a $220m investment in a regional data and analytics business focused on quantitative investing.
KKR said the deal reflects its intention to expand its footprint in Saudi Arabia and deploy capital into essential infrastructure. The investment also highlights growing demand for private credit in the region, as local bank liquidity tightens amid large-scale economic diversification initiatives.
