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Hundreds of French Companies Look for Investment Opportunities in Saudi Arabia | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi ministers attending the Saudi-French Business Council meeting in Paris on Tuesday. — SPA

Riyadh-Deputy Crown Prince Mohammed bin Salman’s visit to France has motivated the French business sector to invest in Saudi Arabia.

Small and medium French enterprises have expressed their willingness to invest in Saudi Arabia in transportation, infrastructure, education and health with the participation of the private sector.

Head of Saudi-French Businessmen Department Faisal Baassiri told Asharq Al-Awsat newspaper that Crown Prince’s visit was met with high-ranking political and economic French interaction.

He added: “It is an important step for the French who saw that the Kingdom is serious in its economic transformation process.”

Medes Group organized a reception for the Crown Prince and his delegation. Medes is one of the most important French companies which has over 750 subsidiaries.

The Deputy Crown Prince explained to all the companies Vision 2030 and the National Transformation Program 2020 (NTP).

Baassiri pointed out that the purpose is to bring important investments to Saudi Arabia. He explained that around 100 French companies have invested over 15 billion dollars in Saudi Arabia.

According to Baassari, French-Saudi relations are at their best and the visit of an important official like the Crown Prince sends a clear message that both sides want to boost their investments.

He pointed out that France is the third biggest investor in Saudi Arabia and has a very strong presence whether through partnership with Saudi businessmen or French investors who have their own companies.

President of Saudi-French Business Council Mohammed bin Laden, who is in Paris now, told Asharq Al-Awsat newspaper that all meetings held in Paris included presentations on Vision 2030 and NTP 2020.

Bin Laden pointed out that the next stage will witness a new era of exchanged investments between the two countries. He also indicated that many meetings were held during which new opportunities were presented.

He also said that the Saudi delegation informed the French of the stable Saudi economy and their willingness to develop Saudi’s logistic role.

Vice President of Saudi-French Business Council Fayez al-Alwit also told Asharq Al-Awsat newspaper that among the ideas discussed were privatization, involvement of private sector and encouragement of French investments in all sectors.

Alwit said that a great number of French companies are now looking into the conditions for investing in Saudi market. He also mentioned that both countries signed a treaty to avoid double taxation a long time ago which helped push the economic cooperation forward.