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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

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

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