Saudi Arabia and France signed a series of agreements on August 24 covering defence, investment, artificial intelligence, tourism, infrastructure and culture during the inaugural meeting of the Franco-Saudi Strategic Partnership Council.
The agreements were signed during Saudi Crown Prince Mohammed bin Salman’s visit to Paris, following talks between Saudi and French officials at the Élysée Palace.
Under an agreement extending and amending existing cooperation on the ancient oasis city of AlUla, the two countries agreed to continue their partnership through 2035. The deal covers archaeology, cultural initiatives, training, tourism, innovation, sustainable development and preservation of AlUla’s biosphere.
The countries also signed a defense letter of intent covering emerging military technologies, the defense industry, cybersecurity, AI, training and military education.
A separate agreement covers a Qiddiya investment project in Cergy-Pontoise near Paris, representing a projected €6 billion ($7 billion) investment and expected to create 22,000 jobs through three theme and leisure parks, hotels and dining facilities, as well as housing.
Saudi Arabia and France also signed a memorandum establishing cooperation in AI, quantum technology and other emerging technologies.
At the Franco-Saudi Business Forum, additional agreements were announced. CMA CGM and Red Sea Gateway Terminal signed a €434 million contract to develop Terminal 4 at Jeddah Islamic Port, while Alstom won a €500 million contract to supply additional trainsets for Riyadh Metro Lines 3 and 6. Alstom also agreed to support investment in a Saudi metro-train assembly plant for the planned Line 7.
French nuclear-fuel company Orano and Saudi mining giant Maaden signed an MoU on technology development and strategic cooperation. Mistral AI and Saudi AI company HUMAIN agreed to cooperate on computing capacity, AI-model development and commercialisation.
French state-backed financing arrangements include up to $3 billion for Saudi Energy and a separate package of about $5 billion for projects including Riyadh Metro, the Sharaan Hotel in AlUla and rolling stock ahead of Expo 2030 and the 2034 FIFA World Cup.
Other agreements covered financing four Airbus aircraft for Saudia, cooperation ahead of Expo 2030, and a proposed SAUR-Nesma & Partners joint venture to bid for two wastewater-treatment plants valued at $150 million.
Saudi Investment Minister Fahad bin Abduljalil Al-Saif and French Economy Minister Roland Lescure also signed an MoU to promote bilateral direct investment through information-sharing, joint events and investor support.
By Tamilla Hasanova
