BlackRock Sees $323 Billion of Gulf AI and Digital Infrastructure Investment by 2030

Khoman said the estimate covers sovereign and cloud computing capacity, cybersecurity, fibre networks and subsea cables, and AI-enabled manufacturing. He said leadership in sovereign AI infrastructure increasingly depends on three things: capital, computing capacity and electrical power. He described the UAE as one of the most advanced countries in the region at bringing together sovereign capital, national technology platforms and large-scale compute.

UAE Share of Gulf Projects

According to Khoman, the UAE has accounted for about 50 percent of the value of major projects in the Gulf since the start of 2026. He said the share reflects not only how much capital is being spent but also how well the country's financial services, logistics, utilities and digital sectors turn announced projects into working assets that produce recurring profits and cash flow.

He said the needs of large-scale AI go beyond chips. They include reliable access to power grids, cooling systems, power equipment and cyber resilience. He cited the planned 5-gigawatt AI campus in Abu Dhabi as a sign of how much physical infrastructure the build-out requires. That widens the investment opportunity beyond data centres and technology platforms to utilities, grids, telecoms and cooling, he said.

A Wider Capex Cycle

BlackRock's analysis puts total capital spending opportunities in the GCC at about $2.1 trillion through 2030, with more than 80 percent of that outside oil and gas exploration and production, Khoman said. He described the move into digital infrastructure as a widening of the investment cycle rather than a shift away from energy, because AI creates new structural demand for power generation and grids.

Asked about the UAE's share of that spending, Khoman said it falls under five strategic pillars. He cited $135 billion for sovereign capabilities, including digital and sovereign compute, physical AI, advanced manufacturing, security infrastructure, research and life sciences; $147 billion for national infrastructure and resilience, covering logistics, ports, aviation, energy, power grids, water and desalination; and $177 billion for resources and industry, including upstream energy, manufacturing, LNG, chemicals and materials. The published interview was cut off before the remaining figures, and it did not make clear whether these amounts refer to the UAE alone or to the wider Gulf.

Khoman said BlackRock's latest Global Insights report on the Middle East looks at how capital spending reaches investors through banks, utilities and logistics companies. In his view, announced spending is not a return in itself. Returns come when projects can be financed, are backed by contracts and generate real cash flow. Projects with contracted demand, clear execution phases and private-sector participation will fare better than those built on uncertain forecasts of future capacity needs, he said.

Trade Route Resilience

Khoman also said recent shipping disruption had made alternative trade routes, ports, storage and logistics into strategic assets. He said the UAE was well placed because of its east-west route options and access to open water through Fujairah. Diversification does not remove geopolitical risk, he added, but it reduces dependence on single chokepoints.

For investors, the interview reflects a growing view among large asset managers that the Gulf's AI build-out is as much a power and infrastructure story as a technology one.