The Asian Infrastructure Investment Bank (AIIB) and Saudi Arabia have signed a joint declaration of intent at the Conference for Emerging Market Economies in Al-Ula, marking the beginning of a long-term collaboration aimed at strengthening investment and sustainable development in the region. The agreement establishes a framework for cooperation, facilitating investment flows and advancing infrastructure projects across the Middle East and North Africa (MENA).
The declaration was signed by Konstantin Limitovskiy, AIIB Chief Investment Officer for Public Sector (Region 2) and Global Project and Corporate Finance Clients, and Abdulmuhsen Alkhalaf, Saudi Arabia’s Vice Minister of Finance and AIIB Board Director. The agreement underscores AIIB’s expanding role in the MENA region and Saudi Arabia’s commitment to fostering regional economic integration.
The framework is designed to mobilise financing for key infrastructure projects, including power generation and transmission, sustainable transport, water supply, sanitation, urban development, and renewable energy with storage. It also paves the way for AIIB to expand its non-sovereign-backed operations through public-private partnerships, setting the foundation for a multi-year rolling investment programme.
Konstantin Limitovskiy described the agreement as a significant milestone in AIIB’s engagement with Saudi Arabia and the broader region, stating that the initiative will help channel long-term financing into sustainable infrastructure, enhancing connectivity, resilience, and economic growth. Vice Minister Alkhalaf emphasised Saudi Arabia’s commitment to shaping a sustainable and interconnected regional economy, noting that the initiative aligns with the country’s long-term development vision while supporting economic integration and shared prosperity.
Both AIIB and Saudi Arabia will appoint designated focal points to coordinate engagement with key stakeholders and conduct regular semi-annual reviews to ensure that the investment pipeline remains aligned with evolving infrastructure priorities.
