Societe Generale seeks more opportunities in Saudi Arabia: report

Societe Generale Bank sees more opportunities in Saudi Arabia as the Kingdom seeks to diversify its economy away from oil, Richad Soundardjee, the bank’s CEO for the Middle East told Bloomberg TV.

“One of the major things is the launch of the renewable energy program which is a big thing for all the countries in the region and we will definitely be a part of that,” he said.

As the Kingdom 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, he added, “There is a lot to do when it comes to structured financing and there is a lot to do in terms of providing intellectual capital and advisory.”

Societe Generale has made progress deploying its financial capital into the Kingdom and into the GCC, and also intellectual capital, Soundardjee noted.