MBS makes his second visit to France in less than a year

On Wednesday 14 June, Saudi Prime Minister and Crown Prince Mohamed Bin Salman, commonly known as MBS, arrived in Paris, France, for an exceptional week-long diplomatic visit. On Friday, MBS was warmly received at the Elysée Palace by French President Emmanuel Macron, where they had a private lunch and discussed various topics, including the war in Ukraine and the global transition to green energy. They also addressed the situation in Lebanon, a regional ally for both nations.

MBS embarked on his first European tour since the COVID-19 pandemic in July 2022, with France being his second destination after Greece. During the bilateral talks, the leaders exchanged their perspectives on regional and international developments at the time, such as the Yemen conflict, food security, and increased collaboration in renewable energy sources like solar and wind power, as well as hydrogen production. MBS' objective was also to encourage European Union investment in Saudi Arabia.

Regional security and strategic cooperation were major priorities this year. Both Macron and MBS emphasised their shared dedication to security and stability in the Near and Middle East and expressed their intention to continue their joint efforts to reduce tensions. They stressed their mutual commitment to further developing and strengthening the partnership between their countries. Macron also emphasised his country’s readiness “to support Saudi Arabia in strengthening its defence capabilities” as well as “the willingness of French companies to continue to support Saudi Arabia in implementing its ambitious Vision 2030.” 

Throughout his visit, the Crown Prince took part in several high-profile events. Notably, he sought support for Saudi Arabia's bid to host EXPO 2030 in the Kingdom’s capital and attended the official reception held by Saudi Arabia to endorse Riyadh's candidacy. MBS also led a delegation to the International Summit for a New Global Financing Pact. The event, initiated by Macron, aims to reform the international financial system in response to the COVID-19 crisis and find a global alternative to the current financial order established by the Bretton Woods conference.

Additionally, the Crown Prince's visit coincided with the Saudi-French Investment Forum, which brought together policymakers, business leaders, innovators, and major companies from Saudi Arabia and France. During the event, 24 memoranda of understanding (MoUs) and investment agreements worth an estimated EUR 2.7 billion were signed in the presence of officials from both sides.  In his opening remarks, Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih emphasised the significance of France as a major ally and partner and expressed the Kingdom's eagerness to further strengthen the relationship in the future.

Official statistics show a substantial increase in trade volume between France and Saudi Arabia in 2022, with a surge of over 80 per cent reaching an estimated total of EUR 10.5 billion. The number of French companies operating in Saudi Arabia has also risen by 43 per cent over the past three years, and recent data suggests that the value of French direct investments in the Saudi economy is close to reaching EUR 5.5 billion.

As a further sign of strengthened relations with the EU, on the sidelines of the event, Saudi defence company SCOPA Industries and European giant Airbus announced the signing of an agreement to jointly produce civil and military helicopters in factories located within Saudi Arabia.