Saudi Arabia and Swiss Fund have announced a strategic partnership to finance zero-emissions projects in the Kingdom and beyond. The initiative is expected to mobilize billions of euros and support Saudi Arabia’s vision of becoming a global leader in sustainable development.
The partnership was unveiled by Saudi Minister of Investment, Eng. Khalid Al-Falih, during a Saudi-Swiss round table meeting in Riyadh on Monday. He said the initiative would leverage the debt market to attract global investors from Switzerland and other countries to fund projects that reduce greenhouse gas emissions and promote the circular carbon economy approach.
The initiative is part of Saudi Arabia’s ambitious plan to reach net zero emissions by 2060, in line with the Paris Agreement and the UN Sustainable Development Goals. Al-Falih stressed the Kingdom’s commitment to combat climate change, improve quality of life, and protect the environment for future generations.
A wide range of opportunities for green growth
Al-Falih highlighted the immense potential for infrastructure development in Saudi Arabia, with over $3.3 trillion allocated across sectors such as airports, factories, and green energy networks. A substantial portion of this investment, approximately $1.8 trillion, is expected to be financed through bids aimed at attracting global investors from Switzerland and beyond, ensuring the highest quality standards for these ventures.
Apart from investments in zero-emissions projects, the collaboration also extends to the insurance industry, which is poised for significant growth in the coming years. Al-Falih said the partnership would help create a more resilient and diversified economy in Saudi Arabia, as well as foster innovation and knowledge transfer.
A strong and long-lasting bilateral relationship
The meeting was attended by prominent figures including Swiss Federal Councillor Guy Bernard Parmelin and Saudi Minister of Industry and Mineral Resources Eng. Bandar Alkhorayef, who explored various areas of cooperation. Al-Falih also underscored the robust economic partnership and longstanding bilateral relations between Saudi Arabia and Switzerland, set to mark a century of cooperation by 2027.
Eng. Bandar Alkhorayef outlined Saudi Arabia’s strategy to diversify the economy across 12 industrial sectors, categorized into three main groups focusing on national security, maximizing natural resources, and pioneering future industries such as space and renewable energy. He said Saudi Arabia was a crucial economic bridge connecting the Middle East and Africa region with neighboring countries, and invited Swiss sectors to seize the opportunities offered by the Kingdom.
