The French-Saudi Investment Forum has concluded with the signing of 24 Memoranda of Understanding (MoUs) and investment agreements worth a combined value of $2.9 billion.
These agreements covered sectors including clean energy, hospitality, culture, healthcare, manufacturing, military industries, health and education training, and attracting well-known brands.
The forum, which brought together policymakers, business leaders and innovators from both countries, showcased the breadth of the French-Saudi trade and investment partnership.
The agreements signed
·An MoU between Shurfah Holding Company and Hoffman Green Cement Technologies to design and produce decarbonated cement.
·A Joint Venture between Saudi Arabia’s SmartHealth and France’s Visiomed that will establish 40 examination centres in several locations across the kingdom, upgrading health services and upskilling healthcare workers.
·An agreement between Saudi Arabian Military Industries Company (SAMI), the Saudi Arabian Industrial Investments Company (Dussur) and France’s Figeac Aero to manufacture aircraft parts and components to supply global markets.
·An MoU that will enable Saudi healthcare professionals to work alongside French University Health International’s visiting doctors, nurses and professors to enhance service to patients in secondary cities around the kingdom.
·A Joint Venture between Saudi Arabia’s Zamil Group and Knowliom and France’s Chargeurs that will support Saudi Arabia to elevate the designs, offering and events at our museums as well as develop local Saudi talent in the cultural sector.
·An MoU that will bring iconic French restaurant brands including Moto, Manko, Mimosa, Resofair and La Maison Martins to the Kingdom – providing visitors with a world-class dining experience. This will support Saudi Arabia’s objective to welcome 100 million visitors annually by 2030.
Growing strength
Khalid Al-Falih, Minister of Investment of Saudi Arabia, said: “The success of the French-Saudi Investment Forum is a testament to the enduring and growing strength of the French-Saudi relationship and underscores how by working together we can deliver greater prosperity for both of our countries.
“As demonstrated through the agreements signed, the potential for greater investment and cooperation between us goes far beyond traditional sectors such as energy but extends to sectors where Saudi Arabia and France are forging ahead including healthcare, clean energy, hospitality and culture.
“The kingdom attaches great importance to our relationship with France and the rest of Europe, as the high-level delegation in Paris this week – including His Royal Highness Crown Prince Mohammed bin Salman – demonstrates. We look forward to working together with our French partners to unleash the full potential of our relationship.”
Keynote addresses
Attendees witnessed keynote addresses by leading government officials from France and Saudi Arabia including Al-Falih and Oliver Becht, French Minister of Foreign Trade, Attractiveness and French Nationals Abroad.
The Forum also included three panel discussions on tourism and culture, tech and entrepreneurship and clean energy transition. Speakers on these panels included Fahad Hamiddadin, CEO and Board Member, Saudi Tourism Authority; Jerry Inzerillo, Group CEO, Diriyah Company; George-Olivier Reymond, CEO, PASQAL; and Beatrice Buffon, Chairperson, EDF International.
The agreements signed at the Forum come at a time of increasing trade between France and Saudi Arabia. In 2022, French-Saudi trade volumes increased by more than 80% to $11.5 billion while the total stock on French Foreign Direct Investment (FDI) in Saudi Arabia reached nearly $6 billion.
In addition, the number of French companies operating in Saudi Arabia has increased by 43% since 2020 with major French investors operating in the kingdom now including Air Liquide, Airbus, Alstom, Crédit Agricole, L’Oréal, Sanofi Aventis, Thales, Total and Veolia.-- TradeArabia News Service
