Abu Dhabi’s sovereign wealth fund L’imad and state energy giant ADNOC have partnered with BlackRock’s Global Infrastructure Partners (GIP) and Singapore’s Temasek to launch a $30 billion infrastructure investment partnership. The consortium will target high-quality infrastructure assets across the Gulf Cooperation Council (GCC) and Central Asia, with scope for investments in the broader Middle East and North Africa (MENA) region. The deal, announced at the Abu Dhabi Infrastructure Summit 2026, will raise a combination of equity and debt capital to pursue opportunities in energy, transport, logistics, digital infrastructure, water, and waste management.
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Key Overview
- Deal Value: Up to $30 billion in targeted infrastructure investments
- Partners: L’imad Holding, ADNOC, Global Infrastructure Partners (GIP/BlackRock), and Temasek
- Geographic Focus: GCC and Central Asia, with select MENA investments
- Target Sectors: Energy, transportation, logistics, digital, water, and waste management
- Structure: Combination of equity and debt capital
- Asset Types: Greenfield and brownfield infrastructure assets
- Status: Subject to definitive agreements; no fundraising timeline or equity split disclosed
- Context: Announced during the Abu Dhabi Infrastructure Summit (ADIS) 2026
Four of the world’s most prominent institutional investors have joined forces to pursue one of the largest infrastructure investment platforms ever assembled for the Gulf region. Abu Dhabi sovereign wealth fund L’imad Holding and the Abu Dhabi National Oil Company (ADNOC) are partnering with BlackRock’s Global Infrastructure Partners (GIP) and Singapore’s Temasek Holdings to launch a partnership targeting $30 billion in infrastructure investments across the GCC and Central Asia. The announcement, made through a joint statement on May 14, 2026, came during the closing day of the Abu Dhabi Infrastructure Summit (ADIS), a three-day event held at the Abu Dhabi National Exhibition Centre (ADNEC).
The proposed partnership brings together some of the region’s most active infrastructure capital allocators alongside one of the world’s largest alternative asset managers. It will raise a mix of equity and debt capital, targeting a diversified pipeline of high-quality infrastructure investment opportunities across sectors such as energy, transportation, logistics, digital infrastructure, water, and waste management. The consortium will also consider select investments within the broader MENA region, although no fundraising timeline or equity split among the founding partners has been disclosed.
A Strategic Alliance of Investment Heavyweights
Each of the four partners brings distinct capabilities and significant capital to the table. GIP, which was acquired by BlackRock in October 2024 for $12.5 billion, now manages over $193 billion in assets and operates a global workforce of more than 600 professionals handling over 300 active investments across 100 countries. The firm focuses on investing in, owning, and operating large-scale assets across energy, transport, digital infrastructure, and water and waste management. GIP’s track record in the Gulf region is well-established. In 2025, a GIP-led consortium signed an $11 billion lease and leaseback deal with Saudi Aramco for Jafurah gas processing facilities, the largest non-associated gas development in Saudi Arabia. That deal involved investors including Hassana Investment Company, The Arab Energy Fund, and Aberdeen Investcorp Infrastructure Partners.
Temasek, Singapore’s state-owned investment company, reported a net portfolio value of S$434 billion (approximately $324 billion) as of March 2025. The firm has been steadily expanding its Middle Eastern footprint, with its subsidiary Seviora Group establishing an office in Abu Dhabi in early 2025 to add to its operations in Singapore, India, China, and Indonesia. Core-plus infrastructure has become a strategic focus area for Temasek, and the partnership reflects its deepening engagement with the GCC’s growing infrastructure pipeline.
L’imad Holding, Abu Dhabi’s newest sovereign wealth fund, has rapidly emerged as one of the region’s most significant investment vehicles. In January 2026, Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) consolidated the assets of the $263 billion ADQ into L’imad, creating a sovereign investment powerhouse. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, was appointed as L’imad’s chairman. The entity now manages an estimated $300 billion in assets, with a portfolio spanning 25 investment companies and platforms and more than 250 group subsidiaries. These include major holdings such as Taqa, Etihad Airways, PureHealth, Etihad Rail, Wio Bank, and Abu Dhabi Ports.
ADNOC, the UAE’s state-owned oil company and one of the world’s largest energy producers, contributes proven expertise in project delivery, infrastructure management, and large-scale financing. The company has a long history of partnering with global investors, including a 2019 deal worth $4 billion in which a consortium including GIC, BlackRock, KKR, and the Abu Dhabi Retirement Pensions and Benefits Fund acquired a 49% stake in ADNOC Oil Pipelines.
What the Leaders Said
Dr Sultan Al Jaber, ADNOC’s Managing Director and Group Chief Executive, and UAE Minister of Industry and Advanced Technology, described the deal as targeting disciplined investments that build on ADNOC’s successful track record. He emphasised ADNOC’s focus on strengthening long-term energy security, supporting economic resilience, and enabling sustainable value creation, adding that the partnership leverages ADNOC’s deep experience of deploying capital to unlock new revenue streams.
Bayo Ogunlesi, Chairman and Chief Executive of GIP, said the partnership deepens GIP’s longstanding commitment to investing across the GCC and Central Asia. He noted that investing in and creating best-in-class infrastructure has become a critical driver of economic growth and resilience.
Jassem Al Zaabi, Managing Director and Group Chief Executive of L’imad, said infrastructure is one of the key pillars of L’imad’s investment strategy, particularly in markets where demand is underpinned by structural trends. He highlighted the region’s attractiveness for long-term capital, driven by urbanisation, digitisation, and productivity-led growth, and described the partnership as focused on supporting the development of resilient assets aligned with long-term regional demand.
Chia Song Hwee, Chief Executive of Temasek Global Investments, called core-plus infrastructure a strategic focus area for Temasek and said the partnership underscores Temasek’s continued interest in the GCC and broader region, bringing together complementary expertise to pursue high-quality infrastructure opportunities.
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Abu Dhabi’s Infrastructure Momentum
The $30 billion partnership announcement arrives amid a significant ramp-up in Abu Dhabi’s infrastructure agenda. Just days earlier, the Abu Dhabi Investment Office (ADIO) and the Abu Dhabi Projects and Infrastructure Centre (ADPIC) jointly unveiled a Dh55 billion ($15 billion) public-private partnership pipeline comprising 24 projects across the transport, infrastructure, and social sectors. The tenders are expected to be rolled out progressively throughout 2026 and 2027.
The PPP pipeline includes Dh35 billion allocated to 11 major road developments, covering more than 300 kilometres of new and upgraded roads, tunnels, and intersections. A further Dh11 billion has been set aside for five strategic projects in dams, water storage systems, and flood management, while Dh9 billion is earmarked for social infrastructure including education and healthcare facilities. To date, ADIO has successfully delivered PPP projects worth approximately Dh2.4 billion, with a further Dh25 billion in projects launched during 2025 progressing through advanced procurement stages.
The Abu Dhabi Infrastructure Summit 2026, themed “The Urban Evolution, Rethinking Cities, Redefining How We Live,” drew more than 4,100 participants from over 100 countries. The summit served as a platform for advancing Abu Dhabi’s broader $57 billion infrastructure agenda, with partners including Modon, Aldar, Bloom Holding, Abu Dhabi Housing Authority, and Etihad Rail all participating to showcase upcoming developments.
UAE’s Diversification Drive Fuels Investor Confidence
The partnership reflects broader global investor confidence in the UAE and the wider Gulf region. The joint statement noted that the deal highlights continued international interest in the UAE as a destination for long-term capital, supported by strong macroeconomic fundamentals, a growing pipeline of investable opportunities, and an increasingly mature investment landscape.
The UAE’s economic diversification strategy has been delivering tangible results. Abu Dhabi’s economy expanded by 7.7% in the third quarter of 2025, reaching its highest quarterly GDP value on record at AED 325.7 billion, while non-oil activities accounted for 54% of total GDP. The UAE Central Bank has projected 5.6% real GDP growth for 2026, driven primarily by non-hydrocarbon sectors including financial services, manufacturing, and construction. Policy reforms enabling 100% foreign ownership in most sectors, long-term residency programmes, and streamlined government services have all contributed to attracting foreign investment and business formation.
The infrastructure partnership also follows a wave of recent foreign investment commitments in the UAE. Major global firms, including Brookfield and Lockheed Martin, have recently expanded their presence in Abu Dhabi, drawn by the emirate’s stable regulatory environment and ambitious development pipeline.
GCC Infrastructure: A Growing Global Opportunity
The deal is part of a broader pattern of large-scale infrastructure investment flowing into the Gulf region. The GCC’s infrastructure needs have expanded significantly in recent years, driven by urbanisation, population growth, energy transition requirements, and digital transformation initiatives. Saudi Arabia’s Vision 2030 and the UAE’s own long-term economic planning frameworks have created a vast pipeline of investable projects spanning transportation, energy, water, and technology infrastructure.
GIP’s involvement in both the $30 billion Gulf partnership and the $11 billion Aramco Jafurah deal demonstrates the depth of appetite among global institutional investors for Gulf infrastructure assets. The region’s combination of sovereign-backed projects, strong macroeconomic fundamentals, and growing populations makes it an increasingly attractive destination for long-term capital deployment.
For Abu Dhabi specifically, the partnership strengthens the emirate’s position as a global infrastructure investment hub. The formation of L’imad and the consolidation of ADQ’s assets under a single entity chaired by the Crown Prince signal a more centralised and strategically coordinated approach to sovereign investment, one that prioritises operational clarity, faster decision-making, and alignment with national economic priorities. The SCFEA, which oversees Abu Dhabi’s principal sovereign investment funds — the Abu Dhabi Investment Authority, Mubadala Investment Company, and L’imad — as well as ADNOC, provides the governance framework for this increasingly integrated approach.
The founding partners have stated that they will seek to focus on operational excellence and active, long-term value creation, aiming to accelerate the development and expansion of critical infrastructure assets that contribute to building resilient, future-ready infrastructure across their target markets. The partnership remains subject to the finalisation of definitive agreements.
Sources: The National News / Global Infrastructure Partners / Gulf News / Zawya / Semafor / Global Finance Magazine / Khaleej Times / Economy Middle East / Aramco / BlackRock / BusinessWire / The Global Economics / Saudi Gulf Projects / Statistics Centre Abu Dhabi / Abu Dhabi Media Office / AGBI
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