Renowned Swiss banking institution Edmond de Rothschild Group is poised to broaden its reach within Saudi Arabia by inaugurating a new office and establishing a funding platform dedicated to infrastructure projects, as announced by the bank.
The initiative is anticipated to contribute to Saudi Arabia’s ambitious Vision 2030 blueprint, which is designed to diversify the nation’s economy beyond its traditional reliance on petroleum. Despite its comprehensive scope, the plan has seen limited external financial engagement to date.
Championed by Crown Prince Mohammed Bin Salman, the multifaceted Vision 2030 strategy envisions the creation of sprawling new urban areas and the enhancement of various industry sectors, with the ultimate goal of generating a multitude of employment opportunities.
In a collaborative effort, Edmond de Rothschild will partner with SNB Capital to facilitate the funding of infrastructure endeavors throughout the Gulf state, as per a joint communique from both entities.
The Swiss financial powerhouse, with a substantial 5 billion euros in assets under management specifically earmarked for infrastructure debt, is also forming an alliance with Watar Partners. This joint venture aims to deliver infrastructure debt advisory services to Saudi family offices and institutional investors.
The dual launch of the partnership and the Riyadh office is slated for the latter half of the current year. This is a logical next step for our group, building on the long-standing business relationships we have with the country,
stated Ariane de Rothschild, CEO of the Geneva-based bank.
Last year, Edmond de Rothschild expanded its footprint in the Middle East by opening an advisory office in Dubai, one of the United Arab Emirates.