RIYADH: Saudi Investment Minister Khalid Al-Falih underscored the deepening strategic alignment between Saudi Arabia and France during his address at the French-Saudi Economic Roundtable in Paris.
He highlighted the significant progress achieved in fostering bilateral economic cooperation, particularly in the realm of foreign direct investment.
Saudi Arabia and France are strengthening economic ties, with non-oil trade surpassing SR20 billion ($5.33 billion) in 2024. The partnership was further reinforced during President Emmanuel Macron’s visit in December, when both sides endorsed a strategic partnership roadmap and signed a memorandum of understanding to establish a Strategic Partnership Council.
On his official X account, Al-Falih wrote: “I delivered the opening speech at the French-Saudi Economic Roundtable in Paris, in which I spoke about the strategic alignment in visions and the achievements accomplished.”
He added: “What confirms the strength of our investment relations is the 180 percent increase in the volume of French direct investments in Saudi Arabia over 5 years, reaching €16 billion ($18.79 billion).”
The surge in French investment follows a flurry of deals and opportunities across multiple sectors. In June, Saudi and French entities outlined potential investments exceeding SR10 billion ($2.6 billion) in the aviation sector, including airport infrastructure, air navigation, ground support technology, workforce training, and digital solutions.
During the Saudi-French Investment Forum in December, Al-Falih noted that bilateral trade exceeded €10 billion, with roughly €3 billion in French investment inflows in 2023, bringing total accumulated French FDI to around €17 billion.
This growth reflects the success of Saudi Arabia’s Vision 2030 economic reforms, which have streamlined the investment environment and encouraged foreign firms to diversify into industrial, commercial, and service sectors.
The collaboration between Saudi Arabia and France spans various sectors, including energy, infrastructure, and technology.
Notably, during French President Emmanuel Macron's visit to Riyadh in December, TotalEnergies and EDF Renewables were awarded significant solar energy contracts, totaling 1.7 gigawatts in capacity. These projects are part of Saudi Arabia's ambitious goal to achieve 130 GW of renewable energy capacity by 2030.
