RIYADH: A joint venture agreement has been signed between French company Optimum Tracker, which specializes in manufacturing solar energy tracking devices, and Al-Rasheed Petroleum Investment Co.

The Saudi-French partnership will invest SR200 million ($53.3 million) in designing and manufacturing advanced solar panels.

The signing ceremony was held at the headquarters of the Saudi Arabian General Investment Authority (SAGIA), in the presence of its Gov. Ibrahim Al-Omar.

As of the end of the third quarter of 2019, there were 809 foreign investment licenses in the Kingdom.