Stonepeak, I Squared Capital Partner with TAEF to Boost MENA Energy and Infrastructure

Stonepeak and I Squared Capital, two prominent U.S.-based infrastructure and real asset investment firms, have entered into strategic agreements with The Arab Energy Fund (TAEF) to drive energy and infrastructure development across the Middle East and North Africa (MENA) region. 

Stonepeak, managing $73 billion in assets, unveiled a partnership to invest in MENA’s energy infrastructure, leveraging the region’s focus on energy diversification. “This partnership will support the continued growth and evolution of the region’s energy sector,” said Hajir Naghdy, Stonepeak’s Senior Managing Director and Head of Asia and the Middle East, highlighting the firm’s expertise and established offices in Riyadh and Abu Dhabi. CEO Mike Dorrell emphasized Saudi Arabia’s ambitious energy goals as a catalyst for the initiative.  

Stonepeak recently expanded its portfolio by acquiring a majority stake in JET Tankstellen Deutschland, a leading fuel retailer, alongside Energy Equation Partners from a Phillips 66 subsidiary. 

I Squared Capital, with $45 billion under management, signed a non-binding Memorandum of Understanding (MoU) with TAEF to invest in key infrastructure sectors, prioritizing regional and global connectivity. “The deal marks a significant milestone in our strategic expansion in the Middle East, reinforcing our long-term conviction in the region’s potential,” said Chairman Sadek Wahba. 

Founded in 1974 by 10 Arab oil-exporting countries, TAEF supports energy development across 35 MENA markets, with 20% of its $5.8 billion loan portfolio dedicated to environmentally and socially responsible projects, aligning with its mission to foster a sustainable energy future.