meed-logo

line1 line2 line3
SIGN IN / REGISTER

Investing in Saudi Arabia’s infrastructure opportunities

2 April 2025

 

Register for MEED’s 14-day trial access 

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

https://image.digitalinsightresearch.in/uploads/NewsArticle/13550738/main.jpg
Colin Foreman

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Chinese contractor appointed for 500MW Oman solar plant

    22 July 2026

    China's Shanxi Installation Group has secured an estimated $222m engineering, procurement and construction (EPC) contract for the 500MW Al-Kamil 1 solar independent power project (IPP) in Oman.

    In a filing on the Hong Kong stock exchange, the company said the deal marks its first major project in the Middle East.

    The contract covers the EPC, grid connection, testing and commissioning of the utility-scale solar photovoltaic (PV) plant, as well as 2.5 years of operations and maintenance. 

    A consortium comprising France's EDF Power Solutions, Oman National Engineering & Investment Company and OQ Alternative Energy signed the power purchase agreement for the project with Nama Power & Water Procurement Company (Nama PWP) in June.

    Nama PWP is the sole procurer of new electricity generation capacity in Oman.

    The Al-Kamil 1 solar IPP is EDF Power Solutions' third renewable energy project in Oman, following the 500MW Manah 1 solar PV IPP and the 120MW JBB wind IPP.

    As MEED has previously reported, the Al-Kamil 1 project is part of Nama PWP's renewable energy development pipeline, which also includes the 400MW Sinaw and 280MW Marsa solar IPPs.

    Nama PWP is currently tendering supervisory services for the Marsa IPP, with a bid submission deadline of 26 July.

    The pipeline also comprises the 800MW Mahout and 300MW Duqm 2 wind IPPs, both targeted for commissioning between 2027 and 2029.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17725741/main.jpg
    Mark Dowdall
  • Fluor wins feed contract for key Bahrain aromatics facility

    22 July 2026

    Bahrain’s Gulf Petrochemical Industries Company (GPIC) has awarded US-based consultant Fluor a contract for front-end engineering and design (feed) on an aromatics facility in the country.

    The project will be an expansion of GPIC’s existing petrochemicals facility in Bahrain’s downstream complex in Sitra, which produces ammonia, urea and methanol.

    The new aromatics facility will utilise “commercially-proven process technologies” to produce approximately 1.2 million metric tonnes a year (t/y) of paraxylene and 500,000 metric t/y of benzene, Texas-headquartered Fluor said.

    Paraxylene and benzene are critical building blocks for plastics, polyester fibers and packaging materials, supporting global demand for high‑performance consumer and industrial products.

    Founded in 1979, GPIC is a joint venture of Bahraini state energy enterprise Bapco Energies, known at the time as Nogaholding; chemicals giant Saudi Basic Industries Corporation (Sabic); and Petrochemical Industries Company – a subsidiary of state energy conglomerate Kuwait Petroleum Corporation. The three partners hold equal stakes of 33.3% in GPIC.

    GPIC utilises locally available natural gas as feedstock to manufacture high-quality chemicals and fertilisers for domestic consumption and export, including 1,200 metric tonnes a day (t/d) of ammonia, 1,200 metric t/d of methanol and 1,700 metric t/d of granular urea.

    ALSO READ: Bahrain taps consultants for studying use of nuclear power

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17725737/main1255.jpg
    Indrajit Sen
  • Firms submit bids for second Hassyan SWRO pipeline contract

    22 July 2026

    Dubai Electricity & Water Authority (Dewa) has received bids from three contractors for a second pipeline contract relating to the Hassyan seawater reverse osmosis (SWRO) network expansion.

    Project two requires contractors to supply, install, test and commission glass-reinforced epoxy (GRE) water transmission pipelines and associated works for the plant's phase two network.

    Local firm Tristar Engineering & Construction submitted the lowest offer of AED792.59m ($215.8m), according to tender results published by the state utility.

    Green Oasis General Contracting (UAE) submitted a bid of AED800.02m ($217.8m) and Wade Adams Contracting (UAE) made the other compliant offer of AED989.65m ($269.5m).

    In January, Dewa announced that construction of the 180-million-imperial-gallon-a-day phase one of the Hassyan SWRO independent water project was 90% complete.

    Earlier in July, eight contractors submitted bids for project one of the Hassyan pipeline network expansion.

    Dewa also has a third contract out for tender for GRE water transmission pipeline work related to the Hassyan SWRO phase two network.

    Project three was tendered on 26 January and has a bid submission deadline of 29 July.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17723861/main.jpg
    Mark Dowdall
  • Riyadh seeks contractors for Expo Icon structure

    22 July 2026

     

    Expo 2030 Riyadh Company (ERC), which is tasked with delivering the Expo 2030 Riyadh venue, has asked contractors to express interest in the construction of the Icon, one of the key landmarks at the site.

    The structure will be located at the entrance of the Expo 2030 Riyadh site, within the Collaboration Precinct.

    ERC issued the expressions of interest notice on 20 July. The deadline for submissions of interest is 23 July.

    The structure will be connected to the metro station and will serve as a gateway to the event.

    It will be 66 metres tall and will comprise an observation platform, food and beverage outlets and other features.

    The total built-up area will be approximately 16,279 square metres and it will be able to accommodate more than 1,450 visitors an hour during the event.

    The contract duration is 29 months from the start of construction.

    ERC tendered the contract for the construction of the Saudi Arabia pavilion at the site in May.

    The pavilion is a major asset located within the venue's KSA District, on the eastern side of the Expo 2030 Riyadh masterplan, within the Loop of Nations district.

    Construction progress

    The tendering of the pavilion structure followed swift progress on the site’s infrastructure development works.

    In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Al-Yamama Company.

    The scope covered the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle charging.

    These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners. That scope covered about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communications systems, and electric vehicle charging stations.

    The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – are split into three packages:

    • Lot 1 covers the main utilities corridor;
    • Lot 2 includes the northern cluster of the nature corridor;
    • Lot 3 comprises the southern cluster of the nature corridor. 

    The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites ever designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport and will provide direct access to landmarks within Riyadh.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17723204/main.jpg
    Yasir Iqbal
  • EtihadWE tenders $150m Ajman substation project

    21 July 2026

    The UAE’s Etihad Water & Electricity (EtihadWE) has tendered a contract to build three new substations in Ajman.

    Estimated to cost $150m, the project involves the construction of three new 132/11kV substations in the Bahya, Rumaila and Liwara districts. It also includes associated 132kV underground cabling works to connect the substations to the existing transmission network.

    The bid submission deadline is 10 August.

    According to tender documents, the project will add distribution capacity to support load growth and improve the security of electricity supply in the emirate.

    The scope of work includes site preparation, construction of three substation buildings and foundations, installation of 132kV GIS/AIS switchgear, 132/11kV power transformers and 11kV switchgear, as well as protection, control, Scada and telecommunications systems.

    Etihad WE is responsible for electricity and water services in Ajman, Umm Al-Quwain, Ras Al-Khaimah, Fujairah and parts of Sharjah. The utility has been investing in new substations and transmission infrastructure as electricity demand continues to increase across the Northern Emirates.

    This includes a 132/33/11kV substation project on Al-Marjan Island in Ras Al-Khaimah. Construction work is ongoing on the project, with Maetal Dubai serving as the main contractor.

    EtihadWE is also finalising a new masterplan that will cover network capacity requirements and expansion priorities for the next 10 to 15 years.

    In June, Abdulla Al-Khemeiri, chief operations officer, told MEED: “We are currently reviewing it, and we need to obtain shareholder approval first. Once it is approved, it will be released, hopefully by the end of the year.” 

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17710661/main.jpg
    Mark Dowdall