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SocGen expects more opportunities in Saudi after Mideast expansion

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Societe Generale (SocGen) was among lenders that provided an $11 billion loan to the Kingdom’s Public Investment Fund last year.

Monday 11, February 2019

(Bloomberg) --Societe Generale’s Chief Executive Officer for the Middle East said that the lender sees more opportunities in Saudi Arabia as the Kingdom seeks to diversify its economy away from oil.

In an interview with Bloomberg TV, Richad Soundardjee, said, “One of the major things is the launch of the renewable energy programme which is a big thing for all the countries in the region and we will definitely be a part of that,”

“Progress is there and transformation plans are started to being executed across Gulf states, “added Soundardjee.

Saudi Arabia is attracting the attention of the world’s biggest banks as it undergoes an economic transformation that includes raising debt through bond sales, creating the world’s largest sovereign wealth fund and selling stakes in government assets.

The Kingdom is also overhauling its energy industry to stop burning oil and gas that are more profitable to export. It plans to build at least 16 nuclear reactors over the next 25 years and is developing its first wind power plant and a 300-megawatt solar plant.

Soundardjee said that there is a lot to do in the energy sector when it comes to structured financing as well as in terms of providing intellectual capital and advisory.

SocGen has already deployed its financial capital into the Kingdom and into the GCC as well as in it's intellectual capital. The bank last year expanded with Middle East appointments across areas including structured finance, export finance and fixed income.

The bank also sees opportunities in other Middle Eastern countries such as the UAE, Kuwait and Egypt.

 

TAGS : Societe Generale, PIF

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