• Attendees saw keynote speeches by His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia and His Excellency Oliver Becht, French Minister of Foreign Trade, Attractiveness and French Nationals Abroad
  • MoUs and investment agreements were signed which are worth more than US$2.9 billion covering sectors including clean energy, hospitality, culture and healthcare.
  • The Forum builds on the growing trade between France and Saudi Arabia with French-Saudi trade volumes increasing by more than 80% to US$11.5 billion in 2022.

Paris, France: The French-Saudi Investment Forum, which brought together policymakers, business leaders and innovators from both countries, concluded with the signing of 24 Memoranda of Understanding (MoUs) and investment agreements with a combined value of approximately US$2.9 billion. These agreements covered sectors including clean energy, hospitality, culture, healthcare, manufacturing, military industries, health and education training, and attracting well-known brands.

Showcasing the breadth of the French-Saudi trade and investment partnership, the agreements signed include:

  • An MoU between Shurfah Holding Company and Hoffman Green Cement Technologies to design and produce decarbonated cement.
     
  • A Joint Venture between Saudi Arabia’s SmartHealth and France’s Visiomed that will establish 40 examination centers in several locations across the Kingdom, upgrading health services and upskilling healthcare workers.
  • An agreement between Saudi Arabian Military Industries Company (SAMI), the Saudi Arabian Industrial Investments Company (Dussur) and France’s Figeac Aero to manufacture aircraft parts and components to supply global markets.
     
  • An MoU that will enable Saudi healthcare professionals to work alongside French University Health International’s visiting doctors, nurses and professors to enhance service to patients in secondary cities around the Kingdom.
     
  • A Joint Venture between Saudi Arabia’s Zamil Group and Knowliom and France’s Chargeurs that will support Saudi Arabia to elevate the designs, offering and events at our museums as well as develop local Saudi talent in the cultural sector.
     
  • An MoU that will bring iconic French restaurant brands including Moto, Manko, Mimosa, Resofair and La Maison Martins to the Kingdom – providing visitors with a world-class dining experience. This will support Saudi Arabia’s objective to welcome 100 million visitors annually by 2030.

Commenting on the conclusion of the event, His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia said: “The success of today’s French-Saudi Investment Forum is a testament to the enduring and growing strength of the French-Saudi relationship and underscores how by working together we can deliver greater prosperity for both of our countries.

“As demonstrated through the agreements signed today, the potential for greater investment and cooperation between us goes far beyond traditional sectors such as energy but extends to sectors where Saudi Arabia and France are forging ahead including healthcare, clean energy, hospitality and culture.

“The Kingdom attaches great importance to our relationship with France and the rest of Europe, as the high-level delegation in Paris this week – including His Royal Highness Crown Prince Mohammed bin Salman – demonstrates. We look forward to working together with our French partners to unleash the full potential of our relationship.”

Attendees witnessed keynote addresses by leading government officials from France and Saudi Arabia including His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia and His Excellency Oliver Becht, French Minister of Foreign Trade, Attractiveness and French Nationals Abroad.

The Forum also included three panel discussions on tourism and culture, tech and entrepreneurship and clean energy transition. Speakers on these panels included Fahad Hamiddadin, CEO and Board Member, Saudi Tourism Authority; Jerry Inzerillo, Group CEO, Diriyah Company; George-Olivier Reymond, CEO, PASQAL; and Beatrice Buffon, Chairperson, EDF International.

The agreements signed at the Forum come at a time of increasing trade between France and Saudi Arabia. In 2022, French-Saudi trade volumes increased by more than 80% to US$11.5 billion while the total stock on French Foreign Direct Investment (FDI) in Saudi Arabia reached nearly US$6 billion. In addition, the number of French companies operating in Saudi Arabia has increased by 43% since 2020 with major French investors operating in the Kingdom now including Air Liquide, Airbus, Alstom, Crédit Agricole, L’Oréal, Sanofi Aventis, Thales, Total and Veolia.

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About the Ministry of Investment

The rapid economic growth and diversification of Saudi Arabia’s economy under the Vision 2030 plan is unlocking foreign direct investment (FDI) opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by nurturing a vibrant cross-government investment ecosystem. 

MISA coordinates across the Saudi government to create a competitive investment environment that provides stability and clarity for investors. It does so by spearheading business friendly policies and regulatory reforms, creating investment incentives, facilitating investment data, opening investment opportunities across diverse sectors, and supporting Saudi companies to partner with and attract investment from foreign counterparts.

MISA is responsible for overseeing the implementation of Saudi Arabia’s National Investment Strategy (NIS), an ambitious plan launched in October 2021 to make private sector investors – both local and international – true partners in development, with state investment helping to de-risk, enable and ‘crowd-in’ investment. The NIS aims to triple investment, increase FDI from SAR 17bn to SAR 338bn, and grow investment as a percentage of GDP to 30% by 2030. 

For more information on MISA, please visit our website or connect with #MISA on Twitter and LinkedIn.

About Invest Saudi

Overseen by Saudi Arabia’s Ministry of Investment (MISA), Invest Saudi is the entity charged with promoting Saudi Arabia as a world-class investment destination; communicating opportunities to prospective investors around the world; attracting investors; and enhancing the investor experience.

Invest Saudi is the primary point of contact for foreign investors seeking information and assistance before, during and after their entry into Saudi Arabia. Through a network of representative offices across the world, Invest Saudi partners with businesses of all scales and sizes—from startups to blue-chip multinationals—to help make investing in Saudi Arabia a seamless experience. 

Invest Saudi focuses on exciting opportunities across sectors including: 

  • Agriculture & food processing
  • Chemicals
  • Energy
  • Real estate
  • ICT
  • Healthcare & life sciences
  • Financial services
  • Environment services
  • Transport & logistics
  • Human capital innovation
  • Industrial & manufacturing
  • Mining & metals
  • Pharma & biotech
  • Tourism & quality of life
  • Aerospace & defense