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
  • Morocco plans second high-speed rail phase to Agadir

    26 October 2026

    Morocco has outlined a second rail investment cycle for 2030-35, which includes beginning construction of a high-speed rail extension from Marrakech to Agadir and connecting Essaouira to the national rail network.

    The pipeline forms part of the government’s 2026-31 programme, presented to parliament last week.

    The Marrakech-Agadir link is estimated to cost close to MD55bn ($5.5bn) and will cover a 240-kilometre (km) route through the High Atlas Mountains via Chichaoua. Civil engineering structures, including tunnels and viaducts, are expected to account for nearly 70% of the alignment.

    In September, the government issued a decree declaring the Marrakech-Agadir and Chichaoua-Essaouira rail corridors to be of public utility, paving the way for land acquisition and expropriation procedures.

    Under the long-term masterplan Plan Rail Maroc 2040, Essaouira is expected to connect to the network via a separate line branching off at Chichaoua, designed for operating speeds of up to 200km an hour. The mainline to Agadir is designed for speeds of up to 320km/h.

    The 2030-35 cycle also includes rehabilitating the Casablanca-Khouribga-Oued Zem line; constructing a new line between Oued Zem and Beni Mellal via Bejaad, with a branch to Fquih Ben Salah; doubling and upgrading the 140km Benguerir-Safi line; expanding capacity on the Fez-Oujda corridor; and building new-generation passenger stations.

    The plans follow Morocco’s ongoing MD134bn ($13.4bn) 2024-30 rail investment programme, which focuses on completing the Kenitra-Marrakech high-speed line ahead of the 2030 Fifa World Cup.

    The programme also includes developing regional express network services across five regions, electrifying the Fez-Oujda line and completing a freight rail link to the Nador West Med port.

    Work on the Kenitra-Marrakech line had reached about 30% by May 2026, with commercial services targeted to begin in September 2029.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20920349/main.jpg
    Yasir Iqbal
  • Riyadh tenders King Salman Stadium works

    26 October 2026

     

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Sports Ministry has tendered a contract covering early works at King Salman International Stadium in Riyadh.

    The scope includes enabling works, site preparation and initial construction activities.

    The tender was issued on 11 October, with a submission deadline of 19 November.

    The stadium will cover about 660,000 square metres (sq m) and seat 92,000. Facilities will include a 150-seat royal suite, 120 hospitality suites, 300 VIP seats and 2,200 dignitary seats.

    The wider development will include sports facilities covering more than 360,000 sq m, including two training fields and fan zones; a closed sports hall; an Olympic-sized swimming pool; an athletics track; and outdoor courts for volleyball, basketball and padel.

    The stadium is set to host the final of the 2034 Fifa World Cup and will serve as the Saudi national football team’s main base.

    US-based architectural firm Populous is the lead architect for the stadium.

    Construction of the stadium is expected to be completed by 2029.

    The stadium will be located next to King Abdulaziz Park.

    Firms submitted prequalification statements for the main design-and-build contract in February.

    Saudi stadium plans

    In August 2024, MEED reported that Saudi Arabia planned to build 11 new stadiums and refurbish four facilities for the 2034 Fifa World Cup. 

    Eight stadiums will be located in Riyadh, four in Jeddah and one each in Al-Khobar, Abha and Neom.

    A further 10 cities will host training bases: Al-Baha, Jazan, Taif, Medina, Alula, Umluj, Tabuk, Hail, Al-Ahsa and Buraidah.

    There are expected to be 134 training sites in the kingdom, including 61 existing facilities and 73 new venues.

    Saudi Arabia was officially selected to host the 2034 Fifa World Cup during an online convention of Fifa member associations at the Fifa Congress on 11 December 2024.

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

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20919233/main.jpg
    Yasir Iqbal
  • Aramco selects contractors for five offshore tenders

    23 October 2026

     

    Saudi Aramco has selected contractors for five offshore tenders covering the engineering, procurement, construction and installation (EPCI) of structures at the Abu Safah, Berri, Manifa, Marjan, Safaniya and Zuluf offshore oil and gas fields in Saudi Arabia.

    The tenders are numbers 167, 168, 169, 170 and 171 on Aramco’s Contract Release and Purchase Order (CRPO) system, and are estimated to be worth up to $2bn combined.

    Abu Dhabi government-owned NMDC Energy has won CRPOs 167, 169 and 171, while Italian contractor Saipem has secured CRPOs 168 and 170, according to sources.

    NMDC Energy confirmed its contract awards from Aramco in a disclosure to the Abu Dhabi Securities Exchange on 23 October, saying the three contracts are valued at AED2.8bn ($763.3m).

    Work on the contracts is expected to be completed in 18-23 months, NMDC Energy said in its filing, without providing further details.

    Saipem has yet to confirm its contract awards from Aramco.

    The basic scope of EPCI work on the tenders is as follows:

    • CRPO 167 – eight jackets at the Marjan field development
    • CRPO 168 – four production deck modules (PDMs) at the Abu Safah, Berri, Manifa and Safaniya fields
    • CRPO 169 – three PDMs at the Marjan field development
    • CRPO 170 – three PDMs at the Marjan field development
    • CRPO 171 – three PDMs at the Zuluf field development

    Aramco issued the five CRPOs to contractors in its Long-Term Agreement (LTA) pool of offshore service providers in December last year, setting an initial bid submission deadline of 3 February.

    The Saudi energy giant has since extended the bid submission deadline several times – to 31 March, 1 June, 1 July and then 30 July – to allow LTA contractors sufficient time to prepare proposals.

    At the request of some bidders, Aramco granted a final two-day extension, with LTA contractors submitting their proposals for the five CRPOs on 1 August, MEED previously reported.

    Aramco had previously indicated its intention to award contracts for CRPOs 167-171 by October, and the contract awards affirm it has adhered to this schedule.

    Aramco’s LTA pool of offshore service providers comprises the following entities:

    • Saipem (Italy)
    • McDermott International (US)
    • Larsen & Toubro Energy Hydrocarbon (LTEH, India) / Subsea7 (UK)
    • NMDC Energy (UAE)
    • Lamprell (UAE/Saudi Arabia)
    • China Offshore Oil Engineering Company (China)
    • Dynamic Industries (US)
    • Sapura Energy (Malaysia)
    • TechnipFMC (France) / MMHE (Malaysia)
    • Hyundai Heavy Industries (South Korea)

    In April 2025, Aramco renewed its LTAs with the following contractors, whose contracts had either lapsed or were close to expiry:

    • Saipem
    • McDermott International
    • Larsen & Toubro Energy Hydrocarbon / Subsea7
    • NMDC Energy
    • Lamprell
    • China Offshore Oil Engineering Company
    ALSO READ: Aramco upstream spending gathers pace

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

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20869888/main3523.jpeg
    Indrajit Sen
  • Contractors complete Riyadh airport Terminal 6 work

    23 October 2026

     

    Three contractor teams have completed the early contractor involvement (ECI) phase for Terminal 6 at King Salman International airport (KSIA) in Riyadh, moving the scheme towards a main construction tender and contract award.

    The participating consortiums are:

    • UCC Holding / Consolidated Contractors Company (Qatar/Greece)
    • Modern Building Leaders / Powerchina / Metallurgical Corporation of China (loca/China/China)
    • Al-Gihaz Holding / TAV Construction / Webuild (local/Turkiye/Italy)

    King Salman International Airport Development Company (KSIADC), a subsidiary of Saudi sovereign wealth vehicle the Public Investment Fund, is delivering the terminal package on an ECI basis.

    Under the completed phase, the shortlisted teams submitted detailed construction methodologies and technical design proposals.

    Terminal 6 is planned to boost the airport’s annual capacity by 40 million passengers. KSIADC aims to complete the terminal ahead of Expo 2030 Riyadh.

    In May last year, MEED reported that US-based Bechtel had been appointed as delivery partner for the passenger terminals at KSIA.

    KSIADC's acting CEO Marco Mejia previously confirmed that the airport’s masterplan has been completed. UK-based Foster + Partners designed the masterplan, including the terminals, six parallel runways and a multi-asset real estate district.

    US-based engineering firm Jacobs is providing specialist consultancy services for the masterplan and runway design, while UK-headquartered Mace is acting as delivery partner for the broader development. Local firm Nera secured the airspace design consultancy contract.

    The KSIA project covers about 57 square kilometres (sq km) and incorporates the existing terminals at King Khalid International airport. The scheme will feature 12 sq km of airport support facilities, residential and recreational zones, retail assets and logistics parks.

    The development is targeted to handle up to 120 million passengers a year by 2030 and 185 million passengers by 2050, in addition to an annual cargo throughput of 3.5 million tonnes by 2050.

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

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20860938/main.jpg
    Yasir Iqbal
  • Aramco seeks to build sulphur-handling facilities at Ras Al-Khair

    22 October 2026

     

    Saudi Aramco is engaging developers for a planned project to build sulphur-handling facilities at Ras Al-Khair port on Saudi Arabia’s eastern coast.

    Under the build-own-operate-transfer (BOOT) contract, the selected developer would be required to build facilities at Ras Al-Khair port capable of receiving, handling, forming and exporting up to 9,500 metric tonnes a day (t/d) of molten sulphur.

    Additionally, the appointed contractor would be responsible for engineering, procurement and construction, as well as operations and maintenance.

    According to sources, the Saudi energy giant floated the tender for the Ras Al-Khair sulphur-handling facilities project last year. Companies bidding for the BOOT contract have until 30 December to submit proposals, with the previous bid-submission deadline being on 19 September.

    The following developers, among others, are understood to be bidding for the Ras Al-Khair sulphur-handling facilities project:

    • Jereh Group (China)
    • Lamar Holding (Saudi Arabia)
    • Vision Invest (Bahrain/Saudi Arabia)

    Separately, Aramco has appointed Germany-headquartered Fichtner as the consultant on the project.

    The broad scope of work on the project includes development, design, financing, construction, commissioning, testing, ownership, insurance, operations and maintenance of:

    • an onshore sulphur handling and processing station, comprising rail and truck sulphur unloading, molten sulphur storage and sulphur forming facilities;
    • a sulphur exporting station / berth facilities located at berth number 19 at Ras Al-Khair port, comprising formed sulphur storage and a ship loader, with a rail spur system to connect to the Saudi Arabia Railway line to deliver the molten sulphur to the onshore facility, and a sulphur conveyor system to transfer the formed sulphur from the onshore facility to the berth facility;
    • starting from the commercial operation date, the sale of the dependable capacity to Aramco and, to the extent dispatched by Aramco, the formed sulphur output of the plant; and
    • the transfer of the shares in the project company, or alternatively the dismantling and removal of, or transfer of, the plant to Aramco.

    The allocated area for the plant is 1.605 million square metres (sq m), which includes 1.5 million sq m allocated to the onshore facility and 105,000 sq m allocated to the berth facility. The project operator is required to accommodate adequate space for any potential capacity expansion.

    The land for the onshore sulphur station facility is under the jurisdiction of the Royal Commission for Jubail & Yanbu, while the berth plot is under the administration and management control of the Saudi Port Authority (Mawani).

    ALSO READ: Lamprell signs Ras al-Khair fabrication deal for Saudi offshore job

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

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20842631/main3523.jpg
    Indrajit Sen