French Investments in Saudi Arabia Reach $15bln

French Ambassador to Riyadh (Bertrand Besancenot) has said that investment environment in the Kingdom is stimulus and attractive for foreign capital thanks to its stability and security.

The envoy said in a statement that the volume of French investments in the Kingdom is totaling $15 billion covering key sectors such as oil and petrochemicals.

He said developments in the Arab Region posed no threat to economic situations in the Kingdom but, rather, it increased confidence of foreign investors here.

The envoy, who was commenting on a visit recently made by a delegation of Saudi-French Businessmen Council (SFBC) to France for exploring joint venture projects, said the French side wants to focus on small and medium enterprises (SMEs) but, however, they do not have full picture on the situation in the Kingdom related to this area.

He said French investors are eager to invest in tourism industry in the Kingdom, particularly in the southern part, which, he said, is an attractive tourist area, as Arab News stated.

Kamal Al-Munajad, chairman of SFBC at the Council of Saudi Chambers of Commerce and Industry, said the volume of trade exchange between the two countries increased more than 50 % over the last five years.

He said more than 90 % of French SMEs who have good products are found outside Paris and, therefore, the SFBC used to organize regular visits to Saudi businessmen to French small cities and provinces. The visits are aimed at providing proper information on the Kingdom and the possibility of building business partnerships with their French counterparts, he said.