The Edmond de Rothschild Group, which specializes in asset management and private banking services, said on Thursday that it intends to open an office in Saudi Arabia this year and launch a platform to provide financing through borrowing for infrastructure projects there.
The platform would help Saudi Arabia in its huge “Vision 2030” plan, which aims to reduce the economy’s dependence on oil, but so far it has attracted only limited investments from outside the Kingdom.
The plan includes building huge new urban projects and investing in various sectors to help provide thousands of new job opportunities.
The group and NCB Capital said in a joint statement that they will work together to create a platform to help finance infrastructure projects throughout the Kingdom.
The Swiss bank also established a joint project with Watar Partners to provide advisory services in the field of infrastructure debt to Saudi family offices and institutional investors. The Geneva-based bank has infrastructure debt under management exceeding five billion euros ($5.4 billion).
The partnership is expected to begin in the second half of this year, along with the opening of a local office in Riyadh.
The statement quoted the bank’s CEO, Ariane de Rothschild, as saying, “This is a logical next step for our group, based on the long-term commercial relations that bind us with the Kingdom.”
Last year, Edmond de Rothschild also expanded its presence in Dubai by opening a consulting office.
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