Categories: Market

Saudis are investing all over Switzerland

Almost no company likes to be associated with Saudi Crown Prince and Prime Minister Mohammed bin Salman (37). He and his father, King Salman ibn Abd al-Aziz (87), are regularly criticized by Amnesty International for human rights abuses. On the other hand, your petrodollars are very welcome in many companies. Also at Credit Suisse.

The major Swiss bank is planning a capital increase of four billion francs. 1.5 billion comes from the Saudi National Bank, which is owned by the royal family. For cash injections, the Saudis are likely to buy a 9.9 percent stake in Credit Suisse. A Saudi consortium already owns a five percent stake.

Great participation in Swiss chemistry group

CS is in good company. Because Saudis have gone on a shopping spree in Switzerland in the past. The Saudi royal family wants to reduce its reliance on oil revenues. On the one hand, dividends from investments should help. On the other hand, the acquisitions give the kingdom access to important information with which it can rebuild its economy for the future.

Saudi petrochemical company Sabic owns a 31.5 percent stake in Basel-based chemical group Clariant. Sabic is controlled by Saudi oil giant Aramco, which is also owned by the Saudi royal family. There were even rumors that the Saudis might win a majority at Clariant this summer.

Saudi hotels in Swiss mountains

The Saudi royal family also has an almost three percent stake in Swiss pharmacy chain Zur Rose. The royal investment firm originally had a six percent stake.

Saudi investors are also welcome in the Swiss tourism industry. Entrepreneur Sami al-Angari (51) took over the Ferienverein group in 2018, which includes four hotels in Wengen BE, Sils-Maria GR, Crans-Montana VS and Arosa GR and two companies abroad. Since then, they have been managed under the umbrella brand “Arenas The Resorts”.

Martin Schmidt
Source :Blick

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