France 3rd largest foreign investor in Saudi Arabia with $15 bln investments: Official

Fayez Al-Alwit, Vice President of the Saudi-French Business Council

Fayez Al-Alwit, Vice President of the Saudi-French Business Council, revealed that France is the third largest foreign investor in the Kingdom, with investments amounting to $15 billion, adding that the number of French companies in Saudi Arabia is constantly increasing.

Bilateral trade exchange is witnessing rapid growth, reaching nearly EUR 10 billion over the past year, Al-Alwit told Argaam on the sidelines of the Saudi-French Business Council meeting.

The French delegation’s visit to Saudi Arabia, headed by Minister of Foreign Trade Olivier Becht, and sponsored by Minister of Investment Khalid Al-Falih, shows the two countries’ keenness to foster bilateral trade ties, including the health sector. In addition, there were several previous meetings with French delegations, which focused on different fields and sectors, according to the official.

Al-Alwit also pointed out that one of the pillars of the Kingdom's Vision 2030 is creating a vibrant society. This reinforced the role of the local health sector, which is currently undergoing significant reform under the national Health Sector Transformation Program. It is aimed at improving access to healthcare services, while boosting public health and disease prevention.

Moreover, international companies, especially French ones, see the Kingdom as a suitable, safe and ambitious environment for participation and investment in the health sector, he added.

The official further indicated that French companies are present, operating in the Kingdom through major contracts secured over the past few years in various sectors, including water, energy, transport, as well as Riyadh Metro.

Digital economy, artificial intelligence (AI), culture, hospitality, agricultural technologies and healthcare are among the sectors that French companies eye tapping in the Kingdom, according to Al-Alwit.