Several Memorandum of Understanding signed between the two countries.
The 2024 French-Saudi Investment Forum began a new chapter in the robust economic partnership between France and the Kingdom of Saudi Arabia. With H.E. Emmanuel Macron, President of France, addressing the gathering of government, industry and business leaders, the Forum underscored the deepening ties between the two nations with several investment agreements signed during the event.
President Macron, on a three day state visit to Saudi Arabia, mentioned unique opportunities for collaboration between the two countries, particularly in clean energy, mobility and transport, culture and heritage, and technology and AI.
“France 2030 and Vision 2030 are definitely in total synergy,” commented President Macron.
“For all the French business-people and investors, I want to encourage them to invest more in this country because investing here is investing in the cornerstone of the whole region.”
Organized by Invest Saudi, the one-day event brought together ministers and CEOs from both countries. H.E. Khalid bin Abdulaziz Al-Falih, Minister of Investment of Saudi Arabia, and H.E. Marc Ferracci, France’s Minister Delegate for Industry, opened the Forum with remarks emphasizing the historic and enduring economic partnership between the two nations.
H.E. Al-Falih commented: “We are proud to be hosting in Saudi Arabia close to 500 leading French companies. Significantly, around 30 of these companies have established their regional headquarters here in Riyadh because their target is not just the Saudi market but to use Saudi Arabia as a platform to reach further beyond.”
“We stand today as the world is changing so fast at a new era of partnership. There is alignment of our interests and complementarity in our capabilities. And we also have shared world views that are lifting this partnership to a new height, culminating in the signing of our strategic partnership [between Saudi Arabia and France].”
In his opening speech, H.E. Marc Ferracci, France’s Minister Delegate for Industry, commented: “Vision 2030 and France 2030 are not really plans. They are transformative blueprints designed to tackle the challenges of our time while creating sustainable growth for the future. The Kingdom’s commitment to economic diversification modernizing its infrastructure and innovation is unparalleled. And French expertise is making a tangible impact.”
During the course of the Forum several agreements were signed across both government and the private sector.
Aviation was one of the areas for collaboration with Air France KLM and Saudia signing a maintenance agreement.
Sustainable development and renewable energy were key themes of the agreements inked, with collaborations agreed upon between the Kingdom and French energy companies EDF and Total Energies to construct several solar power plants in the country. Another agreement between French company Suez and the Saudi Investment Recycling company will promote collaboration on waste solutions in Riyadh, AlUla, and beyond to advance the circular economy within the Kingdom.
Further agreements spanned financial services, transport and logistics, defense and space, entertainment, digital, ITC, and industry.
The Saudi-French Investment Forum also included panel discussions on knowledge transfer, green energy, cultural exchange, hosting global events, urbanization trends, and travel and tourism.
Notable speakers included H.H. Prince Faisal Bin Abdulaziz Bin Ayyaf, Mayor of Riyadh Region, Kingdom of Saudi Arabia, H.E. Ahmed Al Khateeb, Minister of Tourism, Saudi Arabia, Chairman of the Executive Council of UN Tourism, H.E. Rachida Dati, Minister of Culture, of France, and Laurent Germain, Co-Chairman of the France-Saudi Arabia Business Council, MEDEF International
Saudi Arabia is a dynamic global hub of opportunity for French and global investors, driven by its Vision 2030 and a resilient economy. Positioned at the crossroads of three continents, the Kingdom offers unmatched investment opportunities through groundbreaking reforms, robust governance, and thriving sectors like green energy, technology, healthcare, and tourism. Saudi Arabia ensures profitability, stability, and access to global markets.
