Saudi domestic capital to shoulder lion’s share of funding for Vision 2030

Al-Monitor Pro Members

Sebastian Castelier

Business journalist covering Gulf economies

Sept. 25, 2023

Saudi Arabia has appointed the Industrial & Commercial Bank of China to coordinate raising $11 billion from a 10-year loan, Bloomberg reported in mid-September. The Chinese lender has asked other banks interested to come forward before mid-October. The financing deal is expected to be the biggest one in the Europe, Middle East and Africa region this year as Saudi Arabia moves forward with funding its projects under Vision 2030. At Trojena, the Gulf’s first planned outdoor ski resort where Saudi Arabia is scheduled to host the 2029 Asian Winter Games, substantial work is already underway according to an Al Arabiya report last month. Halfway through Vision 2030, the kingdom has started to tap into domestic capital and debt financing to get some of its most futuristic projects off the ground to supplement gaps in international investments. But by deploying its capital into Vision 2030, Saudi Arabia bets that Crown Prince and Prime Minister Mohammed bin Salman’s ideas are right.