Largest French business team visits Saudi Arabia

Frederic Sanchez, president of MEDEF international and chairman of Fives Group’s executive board, right, with Francios Touazi, vice president of MEDEF. (Photo/Supplied)
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Updated 28 January 2020

Largest French business team visits Saudi Arabia

RIYADH: The largest French business delegation to tour a country is visiting Riyadh in a two-day trip to meet Saudi ministers.

The delegation is composed of 100 representatives from 80 French companies.

“We are here to tell them (the Saudi government), look, French business wants to be more present in Saudi Arabia and … to be part of Vision 2030. Tell us, (in order for us) to know precisely where you are expecting us to invest,” Frederic Sanchez, president of MEDEF International and chairman of Fives Group’s executive board told Arab News.

“I have to say, the delegation I am leading is the biggest I have ever led, which means French companies think they might benefit. It’s a win-win approach, by benefitting from transformations in your country, and the big ‘giga-projects’ Crown Prince Mohammed bin Salman is launching,” he added. 

Sanchez emphasized the delegation was listening to the needs of the Saudi people and government in helping develop the country’s business sector “because we understand that these transformations need us to evolve.

“We understand that you want more local content, you want us to invest locally, create jobs for young people, and to train them to be future leaders of the economy and business,” he added.

The vice president of MEDEF International, Francois Touazi, said: “We’d like to express our very strong commitment to supporting Saudi Arabia in this transition. We are fully committed to supporting the country and we strongly believe there is a win-win partnership between French and Saudi companies.”

He noted that French companies had solid expertise in many sectors, including tourism, health care and entertainment. 

“We’d like to illustrate and demonstrate to Saudis our full commitment. France and Saudi Arabia are strategic partners, we’d like to consolidate and strengthen the economic dimensions of our statistic partnership,” he added.

Training young people might be a challenge, but one they were willing to take, he said.

“We are sure we can support Saudi Arabia in the training of the youth,” said Touazi.

“In that area, we have expertise,” added Sanchez, alluding to work in Bahrain in the aluminum industry. The French government has put in place a department which helps companies to set training programs overseas, he explained. 

“We know how to do it, and we willing to do it here, because this is way to differentiate ourselves in front of the competition. We know that Saudi Arabia is a competitive country and we need to be competitive,” Sanchez added.

Companies from France, research centers and universities with their expertise will work with the Kingdom “because there is much to do for our partnership. By teaming up, France and Saudi Arabia can do a lot of things, not only in the Kingdom but also in the region, the Middle East and Africa, to develop this win-win partnership,” said Touazi.

The last official French business delegation to Saudi Arabia was led by then-Prime Minister Manual Valls in 2015; since then plenty has changed. “What makes me amazed is the spectacular change in the country in the recent years. You can see it visually. It’s impressive,” Sanchez said.


Libya’s NOC says production to rise as it seeks to revive oil industry

Updated 22 September 2020

Libya’s NOC says production to rise as it seeks to revive oil industry

  • Libya produced around 1.2 million bpd – over 1 percent of global production – before the blockade
  • Libya’s return to the oil market is sustainable

LONDON: Libya’s National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.
Oil prices fell around 5 percent on Monday, partly due to the potential return of Libyan barrels to a market that’s already grappling with the prospect of collapsing demand from rising coronavirus cases.
Libya produced around 1.2 million bpd — over 1 percent of global production — before the blockade, which slashed the OPEC member’s output to around 100,000 bpd.
NOC, in a statement late on Monday, said it is preparing to resume exports from “secure ports” with oil tankers expected to begin arriving from Wednesday to load crude in storage over the next 72 hours.
As an initial step, exports are set to resume from the Marsa El Hariga and Brega oil terminals, it said.
The Marlin Shikoku tanker is making its way to Hariga where it is expected to load a cargo for trader Unipec, according to shipping data and traders.
Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports.
NOC insists it will only resume oil operations at facilities devoid of military presence.
Nearly a decade after rebel fighters backed by NATO air strikes overthrew dictator Muammar Qaddafi, Libya remains in chaos, with no central government.
The unrest has battered its oil industry, slashing production capacity down from 1.6 million bpd.
Goldman Sachs said Libya’s return should not derail the oil market’s recovery, with an upside risk to production likely to be offset by higher compliance with production cuts from other OPEC members.
“We see both logistical and political risks to a fast and sustainable increase in production,” the bank said. It expects a 400,000 bpd increase in Libyan production by December.
The Organization of the Petroleum Exporting Countries and allies led by Russia, are closely watching the Libya situation, waiting to see if this time Libya’s return to the oil market is sustainable, sources told Reuters.