- ARAB NEWS
- 04 May 2024
Since 1975
RIYADH: Ludovic Pouille, the French ambassador to Saudi Arabia, said that “most French companies moved their regional headquarters to Riyadh, following the facilities that were provided, to have the chance to compete in order to secure tenders and contracts with government agencies.”
The envoy told Al-Eqtisadiah newspaper: “175 French companies are operating in Saudi Arabia and employing more than 13,300 Saudis.”
He continued: “Saudi Arabia is not just a country specialized in the production of oil and gas. It has gone beyond that and is producing various types of renewable energy sources, such as hydrogen, due to its experience in this field.”
His comments followed the launch of the “Opportunity of a Lifetime” business campaign on Sunday evening at the Residence of France in Riyadh, at which the guests included Saudi businesspersons, foreign investors and the directors of French companies.
“The incentives that were provided by the official authorities, represented by the Investment Ministry, turned Saudi Arabia into the center of attention of many foreign companies and investors, creating strong competition in the Saudi Market,” Pouille said.
“This approach comes as part of a framework, dimensions and economic concepts with economic objectives. This campaign constitutes an opportunity to remind people of France’s attractiveness in all areas, from tourism and culture to economy, among others.
“Saudi Arabia is a strategic partner of France. It is considered fertile ground for economic and vital projects in all sectors with economic yield. Our strategic partnership has witnessed significant development over the past three years and we are always seeking to strengthen it even more. Both our countries agree, through France 2030 and Saudi Vision 2030, to achieve their common goals.”
Pouille continued: “The partnership between the two countries is extremely important, as French companies in Saudi Arabia are considered the third-largest source of foreign investments in local sectors, such as renewable energy, transport and healthcare, among others.
“France also encourages international and innovative small and medium enterprises to get involved in emerging fields, such as artificial intelligence and biotechnology.
“France was chosen as the most attractive investment destination in Europe three years in a row, and it invites Saudi investors to explore the available opportunities its economy has to offer. This initiative is supported by France 2030, which is an important investment strategy that focuses on innovation, supporting new actors and moving toward a carbon-free economy.”
