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Investing in Saudi Arabia’s infrastructure opportunities

2 April 2025

 

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With a background in private banking and asset management, Edmond de Rothschild is an established player in infrastructure investment. Since launching its infrastructure platform in 2014, the firm has raised over $6.5bn, ranking among Europe’s top infrastructure debt investors.

The bank prides itself on a conviction-led approach. “We at Edmond de Rothschild are a company that has convictions. Private markets are not a broad, generalist approach for us; we adopt a highly focused strategy, particularly in infrastructure,” says Jean-Francis Dusch, CEO of Edmond de Rothschild Asset Management UK and global head of infrastructure and structured finance.

This strategic approach has allowed Edmond de Rothschild to establish itself as a key player in infrastructure finance, growing from a small team of fewer than 10 people in 2014 to one that has now raised billions in capital. “We decided to focus first on real estate, then private equity with very specific strategies, and finally infrastructure, where we maintain a global approach,” says Dusch.

Edmond de Rothschild initially engaged in advisory services for governments and private consortiums, providing expertise in project implementation. The firm’s work in the public-private partnership (PPP) space led to the development of a dedicated infrastructure lending platform. “In less than 10 months from the initial idea being discussed, we raised $400m. Fast forward to today, and we have now raised more than $6.5bn, positioning us as a major player in infrastructure debt,” says Dusch.

Saudi infrastructure

Saudi Arabia’s Vision 2030 has set the stage for significant infrastructure development, and Edmond de Rothschild is positioning itself to play a crucial role. “Saudi Arabia is already the largest infrastructure market in the region, and we see significant opportunities to contribute,” says Dusch.

A major part of Edmond de Rothschild’s approach focuses on debt financing rather than equity. “The platform I represent is dedicated to debt. There has been a lot of equity investment from the kingdom and the strong regional banks, as well as large global banks. However, as infrastructure investment accelerates, we anticipate a liquidity gap that we can help bridge,” says Dusch.

This is particularly relevant given Saudi Arabia’s ambitious infrastructure programmes. “With Vision 2030 driving development, the need for private liquidity will increase. Our goal is to provide that liquidity in a structured way, supporting sustainable capital structures while ensuring robust returns for investors,” he says.

To reinforce its commitment, Edmond de Rothschild has established a local joint venture in Saudi Arabia.

The firm takes a diversified approach to infrastructure, ensuring it remains at the forefront of evolving sector trends. “Ten years ago, infrastructure was primarily about transport and social infrastructure,” says Dusch. “But we have always believed it also includes renewable energy, digital infrastructure and decarbonisation efforts.” 

The shift toward digital infrastructure has been particularly notable. “The rise of AI and data-driven technologies has increased demand for digital infrastructure. Sustainable data centres, fibre optics and digital connectivity are becoming key pillars of modern infrastructure investment,” says Dusch.

Edmond de Rothschild’s portfolio comprises a mix of greenfield and brownfield infrastructure projects. “As a project financier, our natural inclination is to focus on new projects. However, when managing
investor capital, we also look at brownfield projects that require modernisation. About 30% of our portfolio is greenfield, and 70% is brownfield,” says Dusch.

This focus aligns with the evolving nature of infrastructure investment. “Assets need to be modernised,
especially in energy transition and digitalisation,” he says. “Many brownfield projects are still in a growth phase, so while they are technically existing assets, they require significant new investment.”

Broader region

While Saudi Arabia is the focus, Edmond de Rothschild is also eyeing broader regional expansion. “Our goal is to develop a multibillion-dollar infrastructure programme in the region, as we did in Europe. The first step is Saudi Arabia, where we have strong local partners. However, we aim to expand our coverage to other GCC countries over time,” says Dusch.

We don’t need to do everything – we focus on areas where we can add real value

This approach mirrors the firm’s European expansion strategy. “In Europe, we started with a focused mandate in core markets and gradually expanded,” he says. “We plan to follow a similar trajectory in the Middle East, leveraging our experience and track record to drive growth.”

One of the critical questions for international investors is whether Saudi projects are investment-ready. “It’s a mix,” he acknowledges. “Like in Europe, large programmes are announced, and while not every project is immediately ready, there is a concrete pipeline of opportunities.”

Edmond de Rothschild sees particular potential in small to mid-sized projects. “The debt instruments we offer are currently more suited to small and medium-sized projects rather than megaprojects. However, as the market evolves, we anticipate broader participation,” he says.

Saudi Arabia’s infrastructure financing model is also undergoing a shift. “Previously, infrastructure was largely government-led with a first-generation PPP approach. Now, we are seeing more private sector initiatives. Europe has largely transitioned to private infrastructure development, and Saudi Arabia is following a similar path,” says Dusch.

Long-term commitment

With infrastructure demand growing across sectors, Edmond de Rothschild will remain selective with its strategy. “We don’t need to do everything – we focus on areas where we can add real value. That is what has made us successful, and that’s the approach we will continue in Saudi Arabia and beyond.” 

Hear directly from the gigaproject owners at the biggest construction event—The Saudi Giga Projects 2025 Summit, happening in Riyadh from 12-14 May 2025. Click here to know more

MEED’s April 2025 report on Saudi Arabia includes:

> GOVERNMENT: Riyadh takes the diplomatic initiative
> ECONOMY: Saudi Arabia’s non-oil economy forges onward
> BANKING: Saudi banks work to keep pace with credit expansion
> UPSTREAM: Saudi oil and gas spending to surpass 2024 level
> DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
> POWER: Saudi power sector enters busiest year
> WATER: Saudi water contracts set another annual record
> CONSTRUCTION: Reprioritisation underpins Saudi construction
> TRANSPORT: Riyadh pushes ahead with infrastructure development
> DATABANK: Saudi Arabia’s growth trend heads up

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Colin Foreman

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    Syrian strategy

    In addition to its involvement in Iraq’s strategic export pipeline project, Qatar’s UCC is developing a pipeline project in Syria that will increase the country’s ability to deal with future supply disruptions.

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    The 36-inch pipeline will have a transmission capacity of up to 11 million cubic metres a day of gas and will connect gas networks in Jordan to those in Turkiye via Syria.

    In its announcement, UCC said that the project is scheduled for completion within 22 months and will contribute to strengthening Syria’s gas infrastructure; enhancing the capacity of its gas transmission network; and supporting regional connectivity with Jordan, Turkiye and Lebanon.

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    Speaking to the state-owned Syrian Arab News Agency, he said that the project will add an estimated 8 million cubic metres of storage capacity to the Syrian gas network, providing greater flexibility in managing gas production and use.

    Egyptian ambitions

    Egypt is also ramping up pipeline project activity in order to increase the number of oil and gas links that it has with neighbouring countries.

    The North African nation has long had ambitions to try and become a major regional energy hub.

    These plans have been given a boost by the ongoing disruption to shipping through the Strait of Hormuz and the Bab Al-Mandab Strait, which has reduced exports from nations like Qatar, Kuwait, Iraq, the UAE and Saudi Arabia.

    Concerns about the reliability of exports from Iraq and the GCC have led to increased investment in oil and gas infrastructure in countries that are not reliant on these waterways to transport hydrocarbons.

    In recent months, significant progress has been made on an integrated project that was launched to export offshore gas reserves in Cyprus via Egyptian energy infrastructure.

    In October, Italian oil and gas company Eni signed the main EPC and drilling contracts for the project, which will develop the Cronos field.

    The project includes contracts with several companies that will develop infrastructure in both Egypt and Cyprus.

    The awards include a $170m contract that has been won by Egypt’s Petrojet for a new onshore gas pipeline in Egypt that will help to transport gas to Egypt’s Damietta liquefied natural gas (LNG) facility.

    Separately, US-based Baker Hughes signed a contract for the design, procurement and construction of subsea production systems, including associated equipment and control systems.

    In September, it was announced that US-headquartered McDermott will carry out offshore work for the project, including the transportation, installation and connection of subsea pipelines and equipment.

    The Cronos development project will significantly increase the volume of gas being imported into Egypt, where it can be exported as LNG as well as helping to meet domestic demand.

    On top of the major pipeline project allowing the importation of gas from Cyprus, Cairo is also looking at other regional pipeline projects, including gas links to Libya.

    In a statement released earlier this month, Egyptian Foreign Minister Badr Abdelatty said that a Libyan team will ​visit ⁠Cairo soon to continue technical talks about the gas pipelines, as well as other energy projects, with Egypt’s petroleum and electricity ministers.

    Pipeline problems

    While the planned oil pipeline projects in Iraq are seen as a possible solution to the disruption to shipping through the Strait of Hormuz, they are also likely to face problems relating to the importation of necessary equipment that would normally be shipped through the waterway.

    The Common Seawater Supply Project, designed to bring water from the sea to inject into oil fields, is behind schedule, largely because of problems importing the pipeline segments through the strait.

    This issue could plague other planned pipeline projects in Iraq if the disruption to shipping continues, forcing contractors to use other, more costly, import routes.

    Challenging conditions

    Even when Iraq’s major export pipeline projects are completed, they may fail to resolve the country’s oil export problems to the extent many are expecting.

    While the export pipelines will go some way towards diversifying away from reliance on exports through waterways where oil and gas tankers are vulnerable to militant attacks, many industry insiders say Iraq could just be replacing one vulnerable export route with another.

    Oil pipelines in the Middle East and North Africa region have a long history of suffering attacks and often stretch long distances through remote regions where they are difficult to defend.

    Ultimately, it is likely that finding a diplomatic solution to the regional conflict will be the only way that Iraq can reliably increase its oil exports in the long term.

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21305172/main.jpg
    Wil Crisp