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

Special 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

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.”

 


Saudi university signs 15 new agreements to research defense, AI, and nuclear technologies

Prince Abdulaziz bin Salman, Minister of Energy, attends a signing ceremony at KFUPM. (Supplied)
Prince Abdulaziz bin Salman, Minister of Energy, attends a signing ceremony at KFUPM. (Supplied)
Updated 28 sec ago
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Saudi university signs 15 new agreements to research defense, AI, and nuclear technologies

Prince Abdulaziz bin Salman, Minister of Energy, attends a signing ceremony at KFUPM. (Supplied)
  • King Fahd University of Petroleum and Minerals signed the agreements at a recent ceremony in Dhahran

DHAHRAN: One of the Kingdom’s leading universities has signed 15 new agreements with government entities and major corporations to advance research in areas including defense, artificial intelligence, and nuclear energy.

The King Fahd University of Petroleum and Minerals signed the agreements at a recent ceremony in Dhahran attended by Prince Abdulaziz bin Salman bin Abdulaziz, minister of energy and chairman of KFUPM’s Board of Trustees.

Among the highlights is a memorandum of understanding with the King Abdullah City for Atomic and Renewable Energy to advance technology in nuclear and renewable energy, hydrogen, and AI.

The partnership also seeks to develop skills through scholarships, educational programs and entrepreneurial training.

KFUPM also signed two agreements with the Ministry of Defense.

The first introduces an academic program for military college students, while the second focuses on training and educational enrichment for “war veterans and martyrs’ children.”

Additionally, an agreement with the General Authority for Defense Development was signed to develop national capabilities in defense research and advanced technologies.

This agreement focuses on building research infrastructure and creating frameworks to enhance collaboration in defense systems.

The university also signed a new partnership with the Saudi Data and Artificial Intelligence Authority, which outlines graduate scholarships, faculty exchanges and joint research projects.

Beyond defense, AI, and energy, KFUPM partnered with Aramco to establish two research centers.

One will focus on carbon materials to develop sustainable chemicals and materials, while the other will advance petroleum conversion technologies, emphasizing low-carbon fuels and plastics recycling.

The university also signed an agreement with the Ministry of Transport and Logistics Services to explore drone systems, autonomous vehicles and clean-energy transportation technologies, contributing to future regulatory and technological advancements in logistics.

Other collaborations include a memorandum of understanding with the National Center for Environmental Compliance to create a research center for environmental studies, a partnership with NEOM to co-develop academic programs and research initiatives, and an agreement with the King Faisal Specialist Hospital and Research Centre to support biomedical engineering and medical device innovation.

Economic and educational development was also addressed through agreements with the Ministry of Economy and Planning to launch postgraduate programs in economics, and a partnership was created with Bank Albilad to provide financial support for students.


Rain lashes parts of Saudi Arabia with warnings of thunderstorms and hail

Rain fell on parts of Saudi Arabia early on Sunday, with officials forecasting thunderstorms, hail, and strong winds. (SPA)
Rain fell on parts of Saudi Arabia early on Sunday, with officials forecasting thunderstorms, hail, and strong winds. (SPA)
Updated 12 January 2025
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Rain lashes parts of Saudi Arabia with warnings of thunderstorms and hail

Rain fell on parts of Saudi Arabia early on Sunday, with officials forecasting thunderstorms, hail, and strong winds. (SPA)
  • Overcast skies dominated the day in the capital Riyadh, which recorded moderate rainfall in the morning
  • The weather office also warned of potential near-zero visibility and flooding in some areas

RIYADH: Rain fell on parts of Saudi Arabia early on Sunday, with officials forecasting thunderstorms, hail, and strong winds.

Overcast skies dominated the day in the capital Riyadh, which recorded moderate rainfall in the morning.

The National Center of Meteorology forecast strong winds, hail and thunderstorms, the Saudi Press Agency reported.

The weather office also warned of potential near-zero visibility and flooding in some areas.

In the southern Jazan region, heavy rain was reported earlier in the day, affecting Jazan City for Basic and Transformative Industries, as well as the governorates of Ad-Darb, Beesh and the Farasan Islands.

The center issued alerts for Jazan, warning of thunderstorms, high waves and strong winds in the region.

Areas including Sabya, Abu Arish, Al-Harith, Ad-Dayer, Fifa, and Harub were highlighted in the advisory.

Residents were cautioned about the risk of reduced visibility and localized flooding in affected areas.

Earlier this week, parts of Saudi Arabia, including Asir, Makkah, and Madinah regions, experienced similar weather conditions.

Thunderstorms coupled with heavy rain caused temporary disruptions in traffic and daily activities.

The authorities issued several warnings during that period, urging residents to stay vigilant, especially in flood-prone areas.

The rainfall is caused by seasonal weather changes affecting parts of the Kingdom.

The Jazan region, in particular, often experiences heavy rains at this time of year, which can result in flash floods and other related challenges.

Authorities in Riyadh and Jazan have reiterated the importance of adhering to safety guidelines, particularly for motorists navigating slippery roads and areas prone to water accumulation.

Emergency response teams are on high alert to address any incidents caused by the adverse weather.

Residents in affected areas have been advised to follow updates and warnings issued by the center to ensure their safety as weather conditions develop.


Saudi FM calls for lifting of international sanctions on Syria

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan  speaks to the press, on the day of a meeting on Syria in Riyadh.
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Updated 28 min 21 sec ago
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Saudi FM calls for lifting of international sanctions on Syria

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan  speaks to the press, on the day of a meeting on Syria in Riyadh.
  • Kingdom’s foreign minister called for the continuation of humanitarian and economic support for Syria
  • He emphasized the importance of respecting the country’s unity, sovereignty, and territorial integrity

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan on Sunday called for the lifting of sanctions on Syria, saying they hindered the country’s development and reconstruction.

He made the call at a press briefing after high-level meetings on Syria in Riyadh.

“We stressed the importance of lifting unilateral and international sanctions imposed on Syria, as their continuation hinders the aspirations of the Syrian people to achieve development and reconstruction,” Prince Faisal said. 


Germany pledges $51m in aid for Syria

Germany pledges $51m in aid for Syria
Updated 12 January 2025
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Germany pledges $51m in aid for Syria

Germany pledges $51m in aid for Syria
  • Spending will ‘contribute to a peaceful transition for all,’ foreign minister says
  • Decision announced on sidelines of Riyadh meeting on Syria hosted by Saudi Arabia

RIYADH: Germany will spend €50 million ($51.3 million) on humanitarian aid for Syria, Foreign Minister Annalena Baerbock announced on the sidelines of the Riyadh meetings on Syria hosted by Saudi Arabia on Sunday.

“Syrians now need a quick dividend from the transition of power, and we continue to help those in Syria who have nothing as we have done in all of the years of civil war,” Baerbock said.

During a press briefing, the minister said: “We will provide another €50 million for food, emergency shelter, and medical care because we know that over the last year not only millions have suffered, didn’t have enough food, didn’t have enough treatment for the children, but we also know that the new displacement attacks the women and children, especially.

“We will stand with the people of Syria to contribute to a peaceful transition for everyone,” she said.

The foreign minister said that the aid is not only needed to help those in Syria, but also serves as an investment in security in Germany and throughout Europe.

Baerbock also expressed her gratitude to Saudi Arabia for gathering countries both within the region and from Europe “to discuss the countless unresolved issues facing Syria together.”


KSrelief continues humanitarian outreach in Syria, Yemen

KSrelief continues humanitarian outreach in Syria, Yemen
Updated 12 January 2025
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KSrelief continues humanitarian outreach in Syria, Yemen

KSrelief continues humanitarian outreach in Syria, Yemen

RYADH: The King Salman Humanitarian Aid and Relief Center (KSrelief) continues with its humanitarian activities in Syria and Yemen with the distribution of food supplies, health kits and prosthetic services.

In the town of Beit Yashout, Jabla District of Syria’s Latakia Governorate, 499 families each received boxes containing a bag of flour as well as personal care kits on Saturday, state news agency SPA reported.

In Jindires of Aleppo Governorate, KSrelief distributed 1,476 food boxes and 1,476 health kits while in Talbiseh of Homs Governorate the aid agency on Thursday handed out to 86 families food parcels, each containing a 10-kilogram bag of flour, along with winter kits and personal care kits on Thursday.

This initiative is part of the Kingdom’s continuous humanitarian efforts, through KSrelief, to alleviate the suffering of the Syrian people during various crises and hardships, SPA reported.

Meanwhile in Yemen, the Project for Operating Artificial Limbs and Rehabilitation Center in Taiz provided medical services to 434 beneficiaries who lost their limbs in December last year.

The center, being supported by KSrelief, delivered 1,613 services including the delivery, measurement and maintenance of prosthetic limbs, as well as physical therapy and specialized consultations.