Saudi Private Credit Partnerships: Unlocking Growth in Energy Transition and Infrastructure

The Kingdom of Saudi Arabia is at a pivotal moment in its economic evolution, and nowhere is this clearer than in its strategic alliances with global investment firms. Hassana Investment Company, the manager of Saudi Arabia’s $320 billion General Organization for Social Insurance (GOSI) pension fund, has emerged as a linchpin in this transformation. Its recent memoranda of understanding (MoUs) with Warburg Pincus and EIG—both leaders in private equity and energy infrastructure—signal a new era of private credit opportunities aligned with Vision 2030. These partnerships are not merely transactional; they are catalysts for capital inflows into sectors critical to Saudi Arabia’s future: energy transition and infrastructure.

The Strategic Power of Hassana’s Scale

Hassana’s $1.2 trillion (SAR1.2T) in assets under management (AUM) places it among the world’s largest pension fund managers. This scale is not just a number—it’s a lever to attract global capital and de-risk investments. By partnering with firms like Warburg Pincus and EIG, Hassana combines its deep understanding of Saudi regulatory and market dynamics with the partners’ expertise in deploying capital across high-growth sectors. This synergy is central to Vision 2030’s goal of diversifying the economy away from oil and attracting $180 billion in annual foreign direct investment by 2030.

Warburg Pincus: Fueling High-Growth Sectors

The March 2025 MoU with Warburg Pincus—a $86 billion global private equity giant—targets investments in sectors like tourism, healthcare, and technology. These are all pillars of Vision 2030, which aims to boost non-oil GDP contributions to 50% by 2030. Warburg’s track record in scaling businesses in emerging markets (e.g., Gradiant’s clean-tech water solutions) positions it to help Saudi Arabia meet its ambitious targets.

Hassana’s CIO, Hani Al-Jehani, framed the partnership as a bridge between Saudi Arabia’s long-term vision and global capital: “This collaboration leverages Warburg’s expertise in scaling high-growth companies to support sectors critical to reducing oil dependency.” With tourism projected to grow by 8% in 2025 alone, Warburg’s focus on sectors like hospitality and healthcare aligns with the Kingdom’s push to attract 100 million annual visitors by 2030.

EIG: Anchoring Energy Transition

The October 2024 MoU with EIG—a $24.9 billion energy and infrastructure specialist—has already yielded a landmark deal. Hassana is considering a $250 million anchor investment in EIG’s $1 billion Middle East-focused fund, which targets energy transition projects like renewable power and grid modernization. This fund is a template for scalable, thematic investing in Saudi Arabia’s $1.2 trillion energy transition plan, which aims to reduce carbon emissions by 27.3% by 2030.

EIG’s Chairman, R. Blair Thomas, emphasized the partnership’s urgency: “Saudi Arabia’s Vision 2030 creates a market for energy transition at scale. Hassana’s anchor investment de-risks projects by providing local capital and regulatory clarity.” The fund’s focus on projects like the Pearl Pipelines—a prior collaboration—demonstrates how Hassana and EIG can accelerate infrastructure buildout while meeting ESG mandates.

Why This Matters for Global Allocators

These partnerships are not isolated events; they’re part of a coordinated strategy to open Saudi Arabia’s private credit market to global investors. For allocators seeking emerging market exposure, the appeal is clear:
- De-Risking Through Local-Global Synergy: Hassana’s knowledge of Saudi regulations and Warburg/EIG’s international best practices reduce execution risk.
- Thematic Scalability: The EIG fund’s $250M anchor investment provides a replicable model for future deals in sectors like green hydrogen or smart cities.
- Vision 2030’s Backing: Projects benefit from government support, including land grants, streamlined permitting, and subsidies for renewable energy.

Competition from regional peers like the UAE’s Dubai Financial Hub is fierce, but Saudi Arabia’s sheer scale—its $930 billion Public Investment Fund (PIF) is also expanding private equity partnerships—ensures it remains a gravitational force for capital.

The Bottom Line: Act Now or Miss the Wave

The Hassana-Warburg and Hassana-EIG partnerships are not just about Saudi Arabia’s future—they’re about global investors’ returns. With Vision 2030’s infrastructure and energy transition targets creating a $3 trillion investment pipeline by 2030, these alliances are the clearest entry points for capital. The $250M anchor in EIG’s fund is a starting gun for thematic investing in Saudi’s energy transition; the Warburg MoU opens doors to high-growth sectors.

For allocators, the message is clear: Saudi Arabia’s private credit market is no longer a frontier—it’s a frontier being rapidly transformed into a mainstream opportunity. The question is no longer if to invest, but how fast to act.

The stakes are high, but so are the rewards. These partnerships are more than deals—they’re the engine of Saudi Arabia’s economic revolution. For investors, sitting on the sidelines risks missing a once-in-a-generation shift.