KKR & Co. has made its first investment in Saudi Arabia, using long-duration private credit to finance a major desalination project as the alternative asset manager accelerates its expansion into global infrastructure lending.
The firm is acting as anchor lender on a long-dated financing for the Rabigh 3 desalination facility, according to a statement. The transaction partners KKR with Riyadh-listed ACWA Power, the project’s majority owner and Saudi Arabia’s largest private desalination operator backed by the kingdom’s wealth fund. The statement didn’t provide further financial details.
“Our investment reflects KKR’s broader ambition to scale our presence across the Kingdom, deepen partnerships with leading corporates, and deploy capital behind essential infrastructure that contributes to long-term, sustainable growth,” said Julian Barratt-Due, head of Middle East investing at KKR.
Saudi Arabia’s push to secure long-term water supplies has emerged as a core pillar of Vision 2030, creating opportunities for private capital to back essential utilities traditionally funded by banks or the state. KKR has increasingly targeted such assets globally, betting on stable cash flows and long tenors amid tighter bank lending.
The investment builds on KKR’s growing Middle East platform. The firm has maintained a presence in Saudi Arabia since 2014 and has deployed capital across the region in assets including ADNOC Gas Pipelines, Gulf Data Hub, ART Fertility Clinics and Premialab.
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📌 Why it matters:
The deal highlights how global private credit firms are stepping into strategic infrastructure financing in Saudi Arabia as the Kingdom opens key sectors to long-term foreign capital.
📌 Bottom line:
KKR’s first Saudi investment underscores how private credit is reshaping infrastructure finance in the Gulf — and positions the firm for a bigger role in funding Vision 2030 projects.
