How Saudi Arabia and France aligned national visions for prosperity at Riyadh investment forum

France’s President Emmanuel Macron noted synergies between Saudi and French visions. (AN Photo)
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Updated 03 December 2024
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How Saudi Arabia and France aligned national visions for prosperity at Riyadh investment forum

  • Deals struck at Saudi-French Investment Forum deemed an important milestone in bilateral relations
  • French President Emmanuel Macron highlights the synergy between Saudi Vision 2030 and France 2030

RIYADH: The Saudi-French Investment Forum that took place in Riyadh on Tuesday marked an important milestone in bilateral relations, with the signing of multiple memorandums of understanding and investment agreements worth billions of dollars.

Held to coincide with the state visit of French President Emmanuel Macron, the event brought together officials, policymakers, and business leaders from both nations, aiming to align their national visions for a prosperous future.

In his opening remarks, Saudi Minister of Investment Khalid Al-Falih welcomed French stakeholders, emphasizing the strong ties between the two countries. He lauded Macron as a “good friend of the Kingdom, leading a strong delegation.”  

Al-Falih highlighted the enduring economic partnership, the breadth of sectors covered, and the presence of French companies in Saudi Arabia. “Every time there is an event involving Saudi Arabia and France, there is a special magic and attraction,” he said, noting France’s early support for Riyadh’s bid to host EXPO 2030.




In his opening remarks, Saudi Minister of Investment Khalid Al-Falih lauded Macron as a “good friend of the Kingdom, leading a strong delegation.” (Supplied)

Among the agreements signed were collaborations with French oil giant TotalEnergies and Al Jumeih Energy and Water for the Rabigh 2 solar power plant. Additionally, power purchase agreements for the Al Masa’a and Al Hnakia 2 solar projects involved EDF, SPIC, and the Saudi Power Procurement Company.  

Another major deal involved the Public Investment Fund, Saudi Investment Recycling Company (SIRC), and Veolia, focusing on waste management and recycling initiatives in the Kingdom.  

In his own remarks at the Forum, Macron highlighted opportunities for collaboration in clean energy, mobility, technology, culture, and artificial intelligence, noting the synergy between Saudi Vision 2030 and France 2030.

“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,” he said.




The Saudi-French Investment Forum brought together officials, policymakers, and business leaders from both nations, aiming to align their national visions for a prosperous future. (AN Photo)

On Monday, Macron and Crown Prince Mohammed bin Salman signed a strategic partnership aimed at boosting cooperation in defense, energy, and AI. 

The partnership aims at “multiplying co-operation and concrete achievements in all areas,” the Elesee Palace said in a statement. It also includes plans to co-host a Summit for Action on AI in Paris in February, according to the Elysee.

Tuesday’s Forum built on a long history of cooperation, highlighted by reciprocal delegations at major events like VivaTech in Paris and Saudi Arabia’s LEAP conference. Al-Falih emphasized the shared history, values, and mutual respect underpinning the partnership.

“Saudis love anything French — French design, French furniture, French technology,” he said.  




A major deal involving the Public Investment Fund, Saudi Investment Recycling Company (SIRC), and Veolia, focusing on waste management and recycling initiatives in the Kingdom, was signed during the event. (AFP)

Al-Falih noted that Saudi Arabia, the Gulf Cooperation Council’s fastest-growing economy, achieved 3 billion euros in French investment in 2023. France is the Kingdom’s second-largest foreign investor.

“We are ahead of targets in overall investment, and (France) was a significant part in achieving our targets,” said Al-Falih.

“The value of our trade relations exceeded 10 billion euros last year; and with roughly 3 billion euros of French investment into the Kingdom in 2023, and the nation’s accumulated foreign direct investment in Saudi Arabia reached 17 billion euros.”

He added: “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 in a new era of partnership. There is alignment of our interests and complementarity in our capabilities. And we also have shared worldviews that are lifting this partnership to a new height, culminating in the signing of our strategic partnership.”




French President Emmanuel Macron speaks during the Saudi-French Investment Forum during an official visit in Riyadh on December 3, 2024. (AFP)

Green energy was a central theme, with agreements supporting renewable energy projects and emphasizing sustainability’s role in economic growth. French biopharma leader Sanofi also signed agreements to expand its healthcare projects in Saudi Arabia.  

French expertise continues to play a significant role in Saudi Arabia’s development, from Riyadh Metro to the innovative tram systems in AlUla. The historic region, home to Saudi Arabia’s cherished heritage sites, is set to welcome Macron on Wednesday, reflecting ongoing cultural cooperation led by the French Agency for AlUla Development (Afalula).

French experts have been deeply involved with development in the historic region of northwestern Saudi Arabia. “Sharaan” by Jean Nouvel and Villa Hegra by Lacaton and Vassal are just two examples of cultural and heritage cooperation.

Tuesday’s Forum hosted six panels, featuring 50 keynote speakers, and facilitated hundreds of bilateral meetings. Themes included net-zero policies, urbanization, technology, entertainment, and fostering innovation.




The Saudi-French Investment Forum hosted six panels, featuring 50 keynote speakers, and facilitated hundreds of bilateral meetings. (Supplied)

French Minister Delegate for Industry Marc Ferracci underscored the Forum’s importance in strengthening ties amid Saudi Arabia’s unprecedented transformation.

“The Kingdom is undergoing one of the biggest transformations in recent history,” Ferracci told the Forum. “And as the second largest investor in the Kingdom, France supports the Kingdom in different sectors.

“Saudi Vision 2030 and France 2030 are transformative blueprints designed to tackle the challenges of our time, creating sustainable growth for the future, and the development of smart inclusive cities,” he added.

The objectives of France’s National Vision include achieving carbon neutrality and cooperation on green energy.

Ferracci added that France views Saudi Arabia as a vital partner, emphasizing shared goals of carbon neutrality and innovation. “The forum is a testament to our economic relationship and an opportunity to shape the future of our partnership,” he said.  




Macron was received at Al-Yamamah Palace in Riyadh by Crown Prince Mohammed bin Salman on Monday. (X/@Bandaralgaloud)

The French economy is viewed as a gateway, offering access to the wider European market, making it an attractive investment destination.

“The relationship between Saudi Arabia and France is not new, rather dates back to centuries not decades,” Prince Faisal bin Abdulaziz bin Ayyaf, the mayor of Riyadh, told the Forum.

He highlighted historical milestones, including the meeting between Saudi King Faisal and French President Charles de Gaulle in 1967, which marked the debut of stronger ties, evolving through personal contacts and visits at the highest levels.

King Khalid visited France in 1978 and 1981, and King Fahd visited twice when he was crown prince, in 1975 and 1981.




Prince Faisal bin Abdulaziz bin Ayyaf, the mayor of Riyadh, highlighted historical milestones, including the meeting between Saudi King Faisal and French President Charles de Gaulle in 1967, which marked the debut of stronger ties. (AFP)

“Saudi Arabia’s Vision 2030 represents an ambitious roadmap towards a more prosperous and sustainable future,” said Prince Faisal. 

“Riyadh, as the capital of the Kingdom, plays a pivotal role in achieving that Vision. The city is undergoing an unprecedented economic developmental transformation. The city today stands as a workshop … the future is greater than what we can imagine.”

Prince Faisal highlighted the examples of King Salman Park, which aspires to be the largest urban park in the world, and New Murrabbaa, which is set to become the world’s largest urban development.

“It’s not our journey alone,” said Prince Faisal. “We invite everyone to join.”

 


Kingdom’s 75-year green plan ‘a battle for cleaner air, healthier soil’

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Kingdom’s 75-year green plan ‘a battle for cleaner air, healthier soil’

  • National Greening Program official outlines afforestation program
  • Scheme aims to combat land degradation, boost biodiversity

RIYADH: Saudi Arabia’s 75-year afforestation program is a battle for cleaner air and healthier soil, according to the general manager of the National Greening Program.

Ahmed Al-Anzi made the statement on Tuesday during a presentation titled “Shaping a Sustainable Future for Saudi Landscapes” at the World Environment Social and Governance Summit in Riyadh.

The National Center for Vegetation Cover official spoke about the road map to combat land degradation, boost biodiversity and improve air quality by 2100.

“Trees grow slowly, ecosystems rebuild incrementally. Our vision extends to 2100 to ensure real impact,” Al-Anzi said.

The phased plan allowed for adaptive responses to climate shifts, with milestones aligned with the Kingdom’s Vision 2030 sustainability goals, he said.

Respiratory diseases caused by pollution and sand particles are a significant cause of death in Saudi Arabia.

Al-Anzi said the program represented a battle for cleaner air and healthier soil.

“Our satellite-based NDVI mapping reveals both vegetation decline and recovery pathways,” he said, referring to the surveying method that assesses the density of vegetation.

He highlighted efforts to target zones ravaged by overgrazing and urban sprawl and said that NGP strategies included enforcing protections for the remaining green corridors.

The program’s goal was “to plant 10 million native trees annually by 2030, prioritizing drought-resistant species,” he said.

Deploying AI systems to optimize renewable water use, including treated wastewater, was crucial, and the NGP aimed to train 20,000 citizens in land stewardship through community partnerships, he said.

Al-Anzi also highlighted the program’s efforts to create new forests.

Tree planting initiatives, including mangroves, had achieved “impressive results with over 128 million trees planted to date” and in terms of land rehabilitation, “we have prioritized soil conservation and afforestation, successfully rehabilitating over 288,000 hectares of land,” he said.

The program’s land protection efforts have also focused on measures such as establishing national parks.

“To date, the program has protected more than 4.4 million hectares of land through these efforts,” Al-Anzi said.


Saudi FM heads Kingdom’s delegation at Paris AI Summit

Saudi Foreign Minister Prince Faisal bin Farhan attends the AI Action Summit being held in Paris. (SPA)
Updated 22 min 11 sec ago
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Saudi FM heads Kingdom’s delegation at Paris AI Summit

  • Prince Faisal is attending the global summit on behalf of Crown Prince Mohammed bin Salman, SPA said

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan is heading the Kingdom’s delegation to the AI Action Summit being held in Paris, Saudi Press Agency reported on Tuesday.

Prince Faisal is attending the global summit on behalf of Crown Prince Mohammed bin Salman, SPA added.

The summit is bringing together almost a hundred countries and more than one thousand private sector and civil society representatives from across the world, invited on an inclusive basis in recognition of their commitment to the action promoted by the summit and their desire to contribute actively to debate.

India will host the next international summit on artificial intelligence after co-hosting with France in Paris on Monday and Tuesday, President Emmanuel Macron’s office said.


Pepsico set to expand in the Kingdom, with new HQ opening in Riyadh

Updated 41 min 43 sec ago
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Pepsico set to expand in the Kingdom, with new HQ opening in Riyadh

  • President said PepsiCo had made investments of up to $2.5 billion in the last 10 years

DUBAI: The soft drinks manufacturer Pepsico is set to open its new regional headquarters in Riyadh this month as part of its expansion, President and General Manager of PepsiCo MENA Ahmed ElSheikh told Arab News on Monday.

“We are opening a new office at King Abdullah Financial District, which is going to be the key head office,” ElSheikh said

PepsiCo is also investing in a research and development facility in KAFD, he added, describing Riyadh as “the hub of the Middle East” with an ever-growing market.

The president said PepsiCo had made investments of up to $2.5 billion in the last 10 years. Recently, $55 million was invested to expand their capabilities.

“So, this is about investment: investment in offices, investment in R&D, and investment in capacity,” he said.

“We’re bullish about the growth in the Middle East.”

Pepsico currently has two manufacturing plants in the Kingdom: one in Damam and one in Riyadh, which exports to the rest of the Gulf Cooperation Council.

When asked how rapid market changes are affecting the brand, ElSheikh said Pepsico adapts to trends quickly.

“Health and wellness and fitness is a new trend, especially for Gen Z,” he said, referencing products such as Forno (baked potato) chips and Gatorade, which are growing in popularity among the demographic.

“The reason behind this is sports. People are very active,” he explained.

Each demographic has different needs, with Generation Z seeking healthier and more convenient products, said ElSheikh.

“Gen Z are looking for not just healthier products but also looking for on-the-go consumption versus at-home consumption,” he added.


Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says

Updated 11 February 2025
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Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says

  • Robust ecosystem will help prepare for sustainable future
  • Saudi companies need to improve accuracy of reports, says Sindi

RIYADH: Saudi Arabia is developing unified national environmental, social, and governance guidelines that aim to bring reporting up to international standards, an official said.

“By developing a robust ESG ecosystem, we can address current challenges while preparing for a more sustainable future,” Yara Sindi, general manager of monitoring, reporting, and policies for sustainability, and director of corporate sustainability at the Ministry of Economy and Planning said during a conference in Riyadh.

“With 30 percent of our top companies already reporting on sustainability and growing awareness globally, we have an incredible opportunity to capitalize on this momentum,” Sindi said.

Despite this progress, Sindi noted that the quality of these reports remains a challenge. Many are not aligned with international standards, resulting in weak ratings and limited investor engagement, she said.

While there are multiple existing national guidelines that have been developed by different jurisdictions, Sindi pointed out that there is still no unified approach.

She emphasized the need for Saudi companies to improve the accuracy and transparency of their sustainability reports.

“It’s essential to equip our corporates with the tools and frameworks they need to produce high-quality reports,” she said.

Sindi added that this will allow them to better translate their efforts into measurable outcomes that investors can trust.

To tackle these challenges, Saudi Arabia is developing its own national sustainability reporting standards.

“These guidelines, informed by international best practices, aim to provide a unified approach that simplifies reporting for companies while ensuring alignment with global expectations,” she added.

Sindi made the comments during a panel discussion titled “The Evolving Landscape of ESG: Trends, Challenges, and Opportunities” at the fifth World Environmental Social and Governance Summit in Riyadh this week.

She said that investors’ awareness of national ESG initiatives is not where it should be, due to the disconnect between companies and investors regarding sustainability efforts.

“We are working to bridge this gap by fostering conversations and knowledge-sharing between corporates and investors.”

Abdulaziz Al-Ghamdi, director of sustainability at Ardara, also participated in the discussion, emphasizing a critical aspect of proper ESG implementation.

“A lot is going on — the landscape on the policy and the implementation of the strategy — and there’s lots of effort and work to be thanked for.”

Al-Ghamdi added that where most companies fail to address proper ESG implementation strategy, and the way that it can aid decision-making, is in identifying, primarily, many different materiality topics and the sustainability mandate.

“That being said, ESG is a metric for those who have not been involved in it — to calculate, to measure, to track, and to assess the performance of a company towards this broader stakeholder engagement,” he explained.

Al-Ghamdi said that there is a lot of work that has been completed to do that, but there are significant challenges in implementing these kinds of ESG strategies.

Neil Atkinson, senior vice president and head of ESG and sustainability at Riyadh Bank, added further insights into how ESG opens new opportunities for Saudi Arabia’s rapidly transforming sectors such as construction, energy, and real estate.

“I’d say, with the mass transformation we have here in Saudi Arabia for all sectors, how ESG in collaboration with this transformation can provide new opportunities for us here in the Kingdom,” Atkinson said.

He identified four key trends shaping the ESG landscape from a banking perspective.

“The first one is the increasing growth of green, social, sustainability, and sustainability-linked instruments,” Atkinson said.

He noted that in the US, self-identified assets under management in ESG reached $6.5 trillion in 2024, reflecting a significant year-on-year rise.

Atkinson pointed to the scaling of clean energy technologies, particularly solar, hydrogen, and wind, as a second major trend.

The third trend Atkinson highlighted was the increasing demand from investors for measurable ESG metrics.

“There are innumerable macro studies that demonstrate the strong positive correlation between sustainability performance and financial performance,” he said.

This drives investor interest in companies’ ESG integration into corporate planning and strategy. Atkinson linked this trend to regulatory developments.

He added: “Sustainability performance equals financial performance, which equals financial stability. And that’s a trend we see continuing.”

Atkinson said that there are 3,000 Saudi companies impacted by the Corporate Sustainability Reporting Directive requirements.

“This will influence how businesses set up their exports and how we in the financial sector help companies transition to meet these requirements.”


Islamic coalition partners with UN to strengthen global efforts against terrorism

Updated 11 February 2025
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Islamic coalition partners with UN to strengthen global efforts against terrorism

RIYADH: The Islamic Military Counter-Terrorism Coalition and the UN Office of Counter-Terrorism signed a memorandum of understanding in New York to bolster international efforts against terrorism and promote global security and stability.

The MoU aims to unify efforts in addressing terrorist threats in line with the regulations of both parties, the Saudi Press Agency reported on Tuesday.

The coalition was represented by secretary-general, Maj. Gen. Mohammed Al-Moghedi, and the UN office by under-secretary-general Vladimir Voronkov.

The MoU will support joint counter-terrorism projects focusing on capacity-building, training, awareness initiatives, and tackling emerging challenges.

It also outlines strategic cooperation in areas such as specialized law enforcement training and tailored technical assistance to member states.

Al-Moghedi emphasized that the MoU highlights the coalition’s commitment to combating terrorism and enhancing international cooperation for global security.

He added that working with the UN will facilitate the exchange of expertise and strengthen member states’ abilities to address security challenges effectively.