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Blackstone targets fourfold Gulf AUM growth by 2030
Alternative asset manager commits record capital to region in past 12 months, eyes expansion in infrastructure and technology.
Blackstone has committed more capital to the Gulf in the past 12 months than in any prior period and plans to grow its regional assets under management three to four times current levels by the end of the decade. Steve Schwarzman, chief executive and co-founder of the $1.3 trillion alternative asset manager, disclosed the target in an interview with The National published 28 October 2024.
Record deployment across infrastructure and technology#
The firm invested $16 billion in July 2024 in Kuwait Oil Company's crude oil pipeline network, in partnership with global investors. In March, Blackstone allocated $250 million to Abu Dhabi's Advanced Digital Gaming Technology. The group followed in April with a partnership with Dubai Aerospace Enterprise to invest approximately $1.6 billion annually in aircraft leasing. In October 2023, Blackstone and Abu Dhabi's Lunate established Glide as a $5 billion logistics platform. A month earlier, the firm participated in a $525 million financing round for UAE property portal Property Finder.
Shift from capital raising to direct investment#
Blackstone, present in the Gulf for more than 15 years, is pivoting from capital raising in the region to direct investment in digital infrastructure, technology, real estate and energy sectors. Last year, Schwarzman said the combined asset base in Europe and the Middle East had reached $400 billion, with an opportunity to reach $500 billion in Europe alone by 2035. The firm is competing for opportunities across the Gulf's digital infrastructure, technology, real estate and energy sectors.
Data centre and AI infrastructure expansion#
Blackstone manages more than $200 billion in data centres and AI-related infrastructure globally. Portfolio company AirTrunk signed a $3 billion data centre agreement with Saudi Arabia's Humain, the first of potentially multiple deals in the region including the UAE. Schwarzman stated in the interview that Abu Dhabi has nuclear power capacity and opportunities exist for collaboration in AI. The firm is targeting investments across digital infrastructure, technology, real estate and energy as regional financing requirements increase.
Sources1 source across 1 domain
- thenationalnews.comThe NationalBlackstone plans three to four times growth in Gulf AUM by decade end, $16bn Kuwait pipeline investment, $250m Abu Dhabi gaming allocation, $1.6bn annual Dubai aircraft leasing commitment, $5bn Glide logistics platform, $525m Property Finder round, $3bn AirTrunk-Humain data centre deal, and Schwarzm
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