Financial markets had a dull opening to the week

The investment forums held periodically in the French capital hardly know the vote witnessed by the “Saudi-French Investment Forum” held in Paris. According to French and Saudi sources, what is proven and confirmed is that the visit of Prince Mohammed bin Salman, Crown Prince and Prime Minister, had a huge impact in giving a new luster to the Forum, especially his “Vision 2030” and the promises and great plans it offers and what it includes. For the Kingdom’s investment capabilities. Parallel to various sectors and importance of Saudi market in terms of value and volume.

The forum consisted of only one episode of “Saudi Days in France”, the first of which was a closed-door meeting that included the crown prince and President Emmanuel Macron, followed by an extended meeting that included members of both delegations.

The Elysée summit last Friday launched a strong drive to strengthen Saudi-French ties in all sectors, including key strategic sectors.

In a statement issued by the Elysée Palace, the two sides listed the sectors of participation they wanted, affirmed their common desire to advance cooperation and partnerships for wider areas, and urged France to “keep pace” with the willingness of public and private companies. With Saudi Arabia among its major projects in all sectors.

In addition to the above, the event was presided over by the Crown Prince, who heads the Board of Directors of the Royal Commission for the City of Riyadh, in anticipation of the meeting of the General Assembly of the International Bureau. The fairs, which officially receive applications for proposals to host Expo 2030, had a major impact on the success of the so-called “Saudi Days in France”.

It is no secret that the purpose of the Forum is to revitalize existing partnerships between the two countries, initiate new partnerships for the private sector in both countries and explore new investment opportunities in all sectors in particular.

If Saudi Arabia sets its economic directions and its relentless effort to diversify the economy and prepare for the post-oil phase, it is noteworthy that France also has its Vision 2030 and its compass for “green economy” and sustainable development.

There are many similarities between the two projects. The Investment Forum’s activities include joint investment opportunities in the fields of technology, culture, tourism, hotels, energy and construction…all of which are a way for both parties to enter into win-win partnerships.

The speeches given by the Saudi Ministers of Investment, Tourism and Communications were very clear in expressing the obvious trends of Saudi Arabia, and stressing that all sectors are open to partnership and cooperation, simplifying the work of the investor.

In his opening speech, the French Minister of Foreign Trade, Attraction and Abroad, Olivier Bechet, emphasized the historic ties between his country and the Kingdom, which he described as “a very important strategic partner” in the Gulf region, “appreciating the efforts made by the Crown Prince to strengthen them in all their dimensions.”

Noting the presence of 130 French companies in the Saudi economy and the “spirit of trust and cooperation that distinguishes them”, he stressed that France is “proud”, noting in particular the sectors of defence, energy, education, culture, health and urban construction. That.” On the other hand, the French minister was keen to send a clear message to Saudi investors to come to France and that his country has been the most attractive European country for investments for the past four years.

France, like other countries, needs hundreds of billions of investments in green economy, carbon-free industries, clean energy and sustainable development. It sees important opportunities for Saudi investors in the framework of partnership, development and cooperation. as well as combating global warming and climate change in particular.

For his part, Saudi Investment Minister Khalid Al-Falih gave a detailed explanation of the reality of the Saudi Arabian economy and what the authorities have done to provide diversified dynamics. Al-Falih believed that the crown prince’s long (ten-day) visit to France was a “special sign” of the two countries’ common desire to build new aspirations and partnerships for a relationship that began decades ago. Al-Falih emphasized that French companies present in Saudi Arabia are “part of the Saudi economy,” and his ministry issued 360 licenses to French companies, an increase of 23 percent.

Al-Falih painted an attractive picture of the Saudi economy based on rising domestic production, declining unemployment rates, large investments made by the government and strong entry of Saudi women into the labor market. Private sector. The Saudi minister did not fail to address all elements of the tourism sector and its related activities such as entertainment and sports, and he outlined Saudi Arabia’s ambitions in the space sector, digital economy, environment, transport and cleanliness. Hydrogen.

The forum provided an opportunity to sign 24 agreements, memorandums and understandings between French and Saudi companies in the energy, tourism, water, transport, food, construction and hotel sectors. The forum took advantage of the documentary presentation on the tourist attractions of Saudi Arabia, which was appreciated by the audience, which densely filled the large hall of the pavilion known as “Pavilion Hoch”. De Triomphe.

In a later session, Minister of Tourism Ahmad Al-Khatib and then Minister of Communications and Information Technology Abdullah bin Amir Al-Sawaha spoke, both giving a detailed presentation of their ministry. According to Al-Khatib, Saudi Arabia wants to reach the level of Spain and France in the tourism industry, citing the factors that motivate the Saudi government to focus on pushing tourism forward, including economic resources and sustainable development.

Al-Khatib noted the kingdom’s large investments in infrastructure and transportation, as well as the many measures he is taking, including introducing the beauty of the natural environment, historical and cultural heritage sites, and the generosity of its citizens. Practical measures include visa facilitation, ease of access, building more hotels and urging global hotels to invest in the sector. Al-Khatib decided that his country wants to reach 70 million tourists by 2027.

The above are some of the activities that took place. It is important to know the point of view of two main participants in the forum: the first is Francois Tosi, Vice-President of the French Chamber of Commerce for the Middle East and one of the managers of the investment fund “Ardian”. The other is Bertoand Bisceneau, former French ambassador to Riyadh and principal adviser to CSL Group.

Tawasi believes that the forum is an opportunity for the two sides to come together to reach an understanding (win-win) in light of the economic diversification programs approved by the Kingdom and in view of the expertise available to French companies. The Saudi side wants new forms of cooperation, and the old business relationship is over. The Saudi side wants “long-term partnerships, and what they have to offer in terms of joint development and joint production,” says Tawasi.

For his part, Ambassador Pisenno presented the highlights of the Choiseul Foundation Report on Saudi Arabia, the first of which detailed the social transformation the Kingdom is experiencing, providing a dynamic business environment. According to the ex-ambassador, the significance of the note is due to the stereotype of Saudi Arabia as a doer, so openness, the role of women, entertainment and sports are factors that attract investors. .. in the second place, the economic diversification program included in “Vision 2030 and which focuses on new investment sectors in which French companies can contribute, thanks to their knowledge, expertise, skills and necessary technologies. Finally, the report emphasizes the need to take into account the desires and demands of Saudi , because the Kingdom now wants to localize production and be able to transfer technology, qualification and training, that is, to achieve a true partnership than in the previous decade.