RIYADH: Saudi Arabia has emerged as one of the top destinations for French investment, estimated at more than SR80 billion ($21.3 billion) according to a new report.
It comes amid a raft of expected partnerships between the pair with Saudi Aramco set to sign eight deals worth $10 billion, Al-Arabiya reported on Monday.
The Saudi Arabian General Investment Authority (SAGIA) released new data to coincide with the visit of Crown Prince Mohammed bin Salman to France.
“The growing interest of French companies in the Saudi markets comes in response to the development of Saudi-French relations politically and economically, boosted by the deep-rooted ties of both countries,” said SAGIA.
The visit by the crown prince to France follows trips to the US and UK as the Kingdom looks to strengthen ties with key trading partners as it drives through a social and economic reform agenda.
There are 179 French licensed projects in Saudi Arabia, covering a range of sectors. Most of these licenses were issued in the services sector, followed by the industrial space, SAGIA said.
The report highlighted ongoing reforms that are being driven by Saudi Vision 2030 — including speedier business registration with investment licenses issued as quickly as four hours.
“France is among the targeted countries to attract specific investments that would contribute in diversifying the Kingdom’s production base,” SAGIA said.
Saudi Arabia wants to make it into the top 20 countries listed in the Global Competitiveness Report by 2020, rising to a top 10 ranking by 2030.
“Major economic reforms are bringing more and more investments in the Kingdom,” said Mohammed Al-Khunaizi, a member of the Shoura Council.
He added: “France has been keen on investing in Saudi Arabia, a move which will bring technology and wealth, and create jobs for the country’s youth.
“The Kingdom’s strategic partner is a technologically advanced country, and the relationship with France will help the country grow technologically in a big way,” said the Shoura member.
Saudi-French relations date back to King Faisal’s visit in 1967, when the two sides first set about building stronger ties. Saudi-French relations have grown from strength to strength in the following five decades.
French investments in Saudi Arabia top $21.3bn
French investments in Saudi Arabia top $21.3bn
- Saudi-French relations date back to King Faisal’s visit in 1967
- Saudi-French relations politically and economically, boosted by the deep-rooted ties of both countries
Saudi Arabia witnessing comprehensive cultural development, says expert
- Clotilde Entrecanales of Acciona hails pace of change in Kingdom
JEDDAH: Museums, exhibitions and art centers play a crucial role in the development of free and educated societies such as the one now burgeoning in Saudi Arabia, an expert has told Arab News.
Clotilde Entrecanales, the Spanish art historian and cultural executive who heads Acciona Living & Culture, a leading creator of technology-driven interactive museums, exhibits and events, said the Kingdom is making efforts to expand the role of culture development to show the world the greatest possible cultural offer.
She added that the Kingdom has quickly infused new energy into the region, and is rapidly establishing itself as a global cultural hub through massive investment in world-class museums, public art and international events, aligning with its 2030 vision.
She said: “With around 70 percent of the population under 30, cultural consumption looks very different than in Europe or the US. These spaces can’t feel like quiet, isolated institutions … they need to be fast, dynamic, brave and deeply connected to the city, blending into everyday urban life rather than sitting apart from it.”
Asked about the role of these sites in the evolving global cultural landscape, particularly in emerging cultural hubs like Saudi Arabia, Entrecanales said: “Our vision is to be a purpose-led partner for cultural and entertainment institutions, helping them be more relevant, connected, inclusive and sustainable.”
She added: “In emerging cultural hubs like Saudi Arabia, that approach feels especially relevant. The cultural transformation underway is moving fast — with major heritage and cultural destinations being developed and opened to the world.”
Speaking about her impression of the Kingdom’s approach to blending heritage with modernity face, Entrecanales said: “Others who attempt to achieve this balance often end up turning heritage into a theme, a layer of storytelling or a cultural program. What feels different about Saudi’s approach is how much pressure there is to treat heritage as the foundation, not just the surface.
“When you’re building at this speed and scale, there’s always a risk that history becomes a backdrop instead of a backbone. The projects that work best are the ones that slow down just enough to let the past set the rhythm for the present.”
Regarding opportunities and challenges, she said: “The opportunity is nothing less than positioning Saudi Arabia as a global cultural center. The challenge, as always, lies in balancing the speed and scale of that ambition with long-term sustainability and a sense of authenticity that remains credible and rooted.”
She added: “You can really feel this in places like the Islamic Arts Biennale, which shows hundreds of historical artefacts of the Islamic world, while re-framing them through contemporary scenography and designs by some of the best design studios in the world; or in AlUla, a world-class heritage site that hosts a major contemporary platform like Desert X, allowing ancient context and present-day artistic practice to coexist in a way that feels genuine.”
Under her guidance, ACCIONA Cultura aspires to create museums and cultural experiences that function as landmarks while fostering sustainable, inclusive and immersive interactions.
She elaborated on how the company is integrating technology, culture, and sustainability to preserve and promote the region’s cultural heritage: “We always start with human connection and storytelling: what’s the story, what should people leave with? Tech comes later.”
Recently, ACCIONA Cultura has been involved in significant projects in Saudi Arabia and is looking forward for more.
She said: “Right now, for example, we’re designing and curating a museum gallery where the entire space is shaped by the practice of a Saudi artist. Another example is the Net Zero exhibition at the King Abdulaziz Center for World Culture (Ithra), where we brought together Saudi and international artists to explore sustainability and our relationship with the planet, including voices like Dina Haddadin, Mohammed Al-Faraj, and Zahrah Al-Ghamdi.”
She added: “One of the projects I’m most proud of isn’t a museum, but our NEXT IN Summit, which we’ve hosted in two editions in our ACCIONA Campus in Madrid, highlighting the Kingdom’s unprecedented cultural momentum as it builds future-facing institutions with a startup mindset.”
About further collaboration with Saudi Arabia, she said: “Let’s just say … something’s definitely simmering in the kitchen.”
Commenting on being recognized among the Blooloop 50 Museum Influencers for 2025, she said: “It means a lot. More than anything, it feels like a nod to the years of teamwork and dedication behind Acciona Cultura, rather than to me personally.”
