PARIS: Saudi Arabia and France signed a series of agreements on Monday covering investment, defense, artificial intelligence, tourism, infrastructure and cultural cooperation, during the first meeting of the Franco-Saudi Strategic Partnership Council.
The agreements were signed during Saudi Crown Prince Mohammed bin Salman’s visit to Paris and followed talks at the Elysee Palace between Saudi and French officials.
Under an agreement extending and amending the existing accord on the development of AlUla, the two countries agreed to extend their cooperation until 2035.
The agreement will open new opportunities in archaeology, cultural initiatives, training, tourism, innovation, sustainable development and preservation of AlUla’s biosphere.
The two sides also signed a letter of intent to strengthen defense cooperation, including the development of capabilities linked to emerging technologies and the defense industry, as well as exchanges of expertise in cybersecurity, artificial intelligence, training and military education.
Another agreement covers a Qiddiya investment project in Cergy-Pontoise in the Paris region. The project represents a projected investment of €6 billion and is expected to create 22,000 jobs through the development of three theme and leisure parks, accommodation and dining facilities, and housing.
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Saudi Arabia and France also signed a memorandum of understanding establishing a framework for cooperation in artificial intelligence, quantum technology and other emerging technologies.
A further series of agreements was signed during the Franco-Saudi Business Forum.
CMA CGM and Red Sea Gateway Terminal signed a contract involving a €434 million investment to develop Terminal 4 at Jeddah port, which will have an annual capacity of 2.6 million TEUs.
Alstom was awarded a €500 million contract to supply additional trainsets for Lines 3 and 6 of the Riyadh Metro. The company also signed an agreement supporting investment in a metro train assembly plant in Saudi Arabia for the new Line 7, supporting industrial localization and skills development.
French nuclear fuel company Orano and Saudi mining company Maaden signed an MoU covering technology development and strategic cooperation.
French AI company Mistral AI and Saudi AI company HUMAIN agreed to establish a long-term strategic cooperation framework covering computing capabilities, joint development of AI models and their commercialization.
The agreements also included financing arrangements backed by the French state through Bpifrance Assurance Export. One provides for up to $3 billion in financing for Saudi Energy, while a separate package of around $5 billion is envisaged for the National Debt Management Center to finance several projects, including Riyadh Metro work, the Sharaan Hotel in AlUla and rolling stock for Riyadh ahead of Expo 2030 and the 2034 FIFA World Cup.
Saudia Group, Saudi EXIM Bank and Crédit Agricole CIB also signed an MoU covering financing for the acquisition of four Airbus aircraft by Saudia.
Atout France and Expo 2030 Riyadh Company signed an MoU to exchange expertise in organizing international events ahead of the World Expo in Riyadh in 2030.
French water services company SAUR and Saudi contractor Nesma & Partners agreed to establish a joint venture to bid for a contract covering two wastewater treatment plants as part of a major leisure project in the Kingdom. The contract is valued at $150 million.
Saudi Investment Minister Fahad bin Abduljalil Al-Saif and French Economy Minister Roland Lescure also signed an MoU aimed at promoting and facilitating direct investment between the two countries, including the exchange of information on investment opportunities, strategic projects and regulations.
The agreement also provides for greater cooperation between investment promotion bodies, joint events and support for investors, particularly in strategically important projects.
