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France: $15 billion investment in Saudi Arabia

Country ranks third among biggest foreign investors in the kingdom

France’s ambassador to the Kingdom of Saudi Arabia, Bertrand Besancenot, confirms that trade volume between Riyadh and Paris witnessed an accelerating increase in the past period exceeding $10 billion.

He says that France ranks third among the biggest foreign investors in Saudi Arabia, as French companies invest roughly $15bn.

Mr Besancenot adds in an interview with Saudi-based Al Eqtisadiah Newspaper: “French companies obtained a number of important contracts in the kingdom during the past few years in different fields and development projects.”

The second meeting of the Saudi-French Business Forum is to be held in Riyadh on October 12 and 13 and the ambassador considers it an opportunity to evaluate the achieved progress in signed projects during the historical visit of the Saudi Deputy Crown Prince Mohammad Bin Salman to France in June.

He adds: “French companies were granted a number of important projects during the past few years to invest in the kingdom, like water desalination, energy, security and agriculture.”

He calls for speeding up the implementation of contracts and projects signed in Paris last June.

The French ambassador points out that “there are roughly 80 French companies working in Saudi Arabia, employing more than 30,000 employees with 36 per cent resettlement rate and our companies invest more than $15bn in the kingdom and rank third among the biggest foreign investors in Saudi Arabia.”

($1=AED3.67, at the time of publishing)