Saudi Arabia and France recently signed a memorandum of understanding (MoU) to form the Strategic Partnership Council between the governments of both countries which aims to bolster cooperation in key sectors including the energy transition, culture, defense and mobility. Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and French Minister for Europe and Foreign Affairs Jean-Noël Barrot signed the agreement.
The agreement was signed during French President Emmanuel Macron’s visit to Saudi Arabia where he was received by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, at Al-Yamamah Palace in Riyadh.
During the meeting, the two sides reviewed relations between Saudi Arabia and France and joint efforts to enhance cooperation across various sectors. The two leaders also discussed investment opportunities in both countries’ available resources in line with Saudi Vision 2030 and France 2030. At the meeting, the two sides also discussed regional and international developments in addition to issues of common concern.
One Water Summit
During his visit, President Macron will participate in the One Water Summit which aims to contribute to the ongoing United Nations discussions and process to enhance global water governance and accelerate action on SDG6 on water and sanitation, building on the momentum of the UN Water Conference in 2023.
The One Water Summit’s ambition is to scale up projects by stimulating partnerships between states, international organizations, local authorities, development and private banks, businesses, philanthropies, scientific experts, NGOs, and civil society.
Read: Saudi Arabia, World Bank partner to establish global knowledge hub in Riyadh
Saudi-French Investment Forum
Macron’s visit to Saudi Arabia coincided with the Saudi-French Investment Forum held in Riyadh on December 3. The forum, under the slogan “Saudi Vision 2030 – France’s Plan 2030: Mutual Investment across Visions”, included panel sessions that convened Saudi and French ministers, senior executives, and prominent business leaders from both countries.
Leaders from both Saudi Arabia and France discussed partnership opportunities, long-term cooperation, innovation, and mutual growth in vital sectors. The speakers also addressed topics of critical importance including leveraging digital transformation, advancing green energy initiatives, and enhancing cultural exchange.
The forum seeks to bolster economic relations and cooperation between Saudi Arabia and France, with France being the largest source of foreign direct investment (FDI) flows to the Kingdom among the G20 countries.
Notably, FDI flows from France to Saudi Arabia amounted to more than SAR11.2 billion in 2023. In addition, French companies hold 503 investment licenses in the Kingdom. In 2024 alone, Saudi Arabia issued 117 licenses to French companies, of which 33 companies have regional headquarters in the Kingdom.
