Saudi Arabia, France deepen economic ties with 21 new agreements

Saudi Arabia and France have announced 21 agreements and memoranda of understanding spanning sectors including energy, industry, financial services, transport and logistics, artificial intelligence, culture, health and tourism, as the two countries seek to deepen economic and investment ties.

The agreements were announced during Crown Prince and Prime Minister Mohammed bin Salman’s state visit to France on August 23 and 24, which included the Saudi-French Investment Roundtable in Paris attended by French President Emmanuel Macron.

Organized by Saudi Arabia’s Ministry of Investment, the roundtable brought together senior officials and business leaders from both countries to discuss investment opportunities and cooperation across priority sectors.

Among the major announcements were Saudi Aramco purchase agreements with French companies SLB and Vallourec worth approximately $3.7 billion. The agreements cover the supply of drilling materials and steel pipes for oil and gas operations.

Aramco Digital also signed a memorandum of understanding with Dassault Systèmes to explore cooperation on artificial intelligence and virtual twin technologies, including potential applications in the oil and gas sector.

Saudi Arabia’s Ministry of Finance and Bpifrance Assurance Export signed a joint statement to establish a credit line of up to $5 billion to support the financing and refinancing of contracts involving French companies.

The proposed facility is expected to support projects linked to Saudi Vision 2030, particularly in infrastructure, urban development, transport and healthcare. The two sides will now work to finalize its operational framework.

Saudi Energy also signed a cooperation and financing agreement with Bpifrance to support the development and modernization of Saudi Arabia’s electricity grid. The agreement builds on an earlier memorandum covering a financing facility of up to $3 billion.

In aviation, Saudi EXIM signed a tripartite memorandum of understanding with Saudia Group and Crédit Agricole CIB covering financing arrangements for Saudia Group’s acquisition of new Airbus aircraft. Saudi EXIM is expected to provide credit-risk insurance under the proposed arrangement.

Qiddiya Investment Company also signed an agreement with the French government to explore the development of an entertainment-led, mixed-use destination in France.

The proposed project, located in Cergy-Pontoise in the Île-de-France region, could include up to three major entertainment attractions, hotels and other leisure facilities. Current plans envisage investment of around €6 billion, or approximately $7 billion, over the project’s development lifecycle.

The announcements build on expanding economic ties between the two countries. Bilateral trade reached approximately $11.8 billion in 2025, while French foreign direct investment stock in Saudi Arabia stood at SR63.9 billion, or around $17 billion, in 2024.

Saudi Arabia and France also agreed to deepen cooperation in areas including artificial intelligence, quantum computing and other emerging technologies. The two countries extended their partnership on AlUla until 2035 and reaffirmed cooperation around Expo 2030 Riyadh.

The agreements come as Saudi Arabia pursues greater foreign investment and economic diversification under Vision 2030, while France and Saudi Arabia expand their strategic partnership ahead of the centenary of diplomatic relations between the two countries in 2026.