PARIS: Saudi Arabia and France on Monday signed several major purchase agreements, memorandums of understanding (MoUs) and financing arrangements during the French-Saudi Investment Roundtable held on the sidelines of Crown Prince and Prime Minister Mohammed bin Salman’s state visit to France.
The agreements are aimed at strengthening economic and investment cooperation between Saudi Arabia and France while creating new partnership opportunities between companies and institutions in both countries, particularly in the energy and industrial sectors, the Saudi Press Agency (SPA) reported.
Among the key deals, Saudi Aramco signed purchase agreements with French companies SLB and Vallourec for the supply of oil and gas well-drilling materials and steel pipes for oil and gas fields. The combined value of the agreements is estimated at around $3.7 billion.
Aramco Digital also signed an MoU with French company Dassault Systèmes to explore cooperation in artificial intelligence and virtual twin technologies, including potential applications in the oil and gas industry.
سمو #ولي_العهد وفخامة رئيس الجمهورية الفرنسية يشهدان في قصر الإليزيه مراسم تبادل عددٍ من الاتفاقيات ومذكرات التفاهم بين البلدين.#محمد_بن_سلمان_في_باريس pic.twitter.com/JPX9OL8hkz
— وزارة الخارجية 🇸🇦 (@KSAMOFA) August 24, 2026
In the electricity sector, Saudi Energy signed a cooperation and financing agreement with French public investment bank Bpifrance to support the development and modernisation of Saudi Arabia’s electricity grid.
The agreement builds on an MoU signed in November 2025 to establish a financing facility of up to $3 billion, providing a framework to support Saudi Energy’s procurement programme and electricity infrastructure projects.
Meanwhile, the Saudi Export-Import Bank (Saudi EXIM) signed a tripartite MoU with Saudia Group and Crédit Agricole CIB to arrange financing for Saudia’s acquisition of new Airbus aircraft.
Saudi Arabia to provide credit risk insurance for Saudia-Airbus deal
Under the agreement, Saudi EXIM, acting as Saudi Arabia’s export credit agency, will provide insurance coverage for credit risks linked to the transaction.
The financing arrangement combines international bank financing with Saudi national export credit instruments, helping companies and projects linked to Saudi exports gain greater access to international financing.
The agreement will also support Saudia Group’s plans to expand and modernise its fleet and strengthen its operational capabilities in international markets.
Earlier Minister of Investment Fahad bin Abduljalil Al-Saif, in his remarks, said relations between Saudi Arabia and France span a century, highlighting the longstanding partnership between the two countries.
Addressing the meeting, Al-Saif pointed to the strong alignment between French expertise in technology, industry, finance and innovation and the ambitions of Saudi Vision 2030, which he said has helped drive growing investment flows between the two countries.
The minister noted that the stock of French foreign direct investment in Saudi Arabia reached $22.17 billion in 2024, doubling over five years and making France the Kingdom’s fourth-largest source of foreign direct investment.
He added that French investors currently hold more than 650 investment licences across 18 sectors, reflecting the breadth of economic cooperation between the two countries.
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Al-Saif also highlighted Saudi Arabia’s economic growth under Vision 2030, saying the Kingdom has emerged as one of the fastest-growing G20 economies. Its GDP has increased by around 85% since 2017, rising from approximately $723 billion to $1.28 trillion last year.
He also noted that non-oil activities now account for more than 50% of GDP, while investment has become one of the main drivers of economic growth and diversification.
The minister added that foreign direct investment inflows amounted to around $7.11 billion in the first quarter of 2026, up 2.4% year on year.
He indicated that Saudi Vision 2030 has transformed the economy and created growth opportunities for French companies to expand their operations in the Kingdom.
