Global investment firm KKR has acquired a minority stake in the entity that leases the gas pipeline assets of the Abu Dhabi National Oil Co. (ADNOC), continuing a trend of Gulf nations seeking foreign institutional capital for critical infrastructure.

Announced on Wednesday, October 1, the investment is being made through KKR’s managed accounts, aligning the type and tenure of the investment with long-duration capital, according to a company statement. 

ADNOC will maintain ownership and operational management of the pipelines, with the financial details of the acquisition not disclosed. 

The move is the latest in a series of partnerships sought by Gulf countries, including the United Arab Emirates, Saudi Arabia, and Bahrain, to attract new pools of foreign investment while keeping control of vital infrastructure.

The transaction marks KKR’s second major investment in ADNOC's pipeline network. The firm made a prior investment in ADNOC’s oil pipeline network in 2019, a deal that was a first for a foreign asset manager in Gulf energy infrastructure. 

KKR and BlackRock later divested that holding last year, transferring it to Abu Dhabi-based Lunate.

Other Gulf energy giants have pursued similar deals. In August, Saudi Aramco signed an $11 billion lease and leaseback agreement for its Jafurah gas processing facilities with a consortium led by Global Infrastructure Partners, which is part of BlackRock. 

Last month, Kuwait’s national oil company announced its intention to revive a plan to lease and then lease back its crude oil pipelines.

KKR, which manages over $90 billion in infrastructure assets globally, has been actively expanding its regional presence. Earlier this year, it appointed General David Petraeus as its Middle East chairman. 

The firm also acquired a stake in Dubai-based Gulf Data Hub, a major regional data center company, alongside KKR, with both parties committing to support more than $5 billion in total investment to expand data center capacity.