France signs deals worth $10 bn with Saudi Arabia

[BLACKEAGLE]

France signs deals worth $10 bn with Saudi Arabia

Saudi Crown Prince Mohammed bin Nayef (5th R) meets French Prime Minister Manuel Valls (4th L) in Riyadh October 12, 2015. (Reuters)

By AFP | Riyadh
Tuesday, 13 October 2015

France on Tuesday announced a series of deals worth 10 billion euros ($11.4 billion) with Saudi Arabia, during a visit by Prime Minister Manuel Valls.

“France-Saudi Arabia: 10 billion euros in contracts,” he wrote in a tweet.

The deals include contracts and letters of intent between the two countries whose economic and political bonds have been strengthening.

Among the agreements is a Saudi order for 30 patrol boats.

The deals also cover energy, health, food, satellites and infrastructure, according to the prime minister’s office.

The announcement came during the third high-level visit by French officials to the world’s biggest oil exporter this year.

France has been reinforcing links with the conservative Islamic kingdom -- the Arab world’s largest economy.

Valls on Monday night opened a forum to promote commercial ties between firms from the two countries.

He is on a regional tour which earlier took him to Jordan and Egypt, along with Defense Minister Jean-Yves Le Drian and Foreign Minister Laurent Fabius


Last Update: Tuesday, 13 October 2015 KSA 15:45 - GMT 12:45
http://english.alarabiya.net/en/business/2015/10/13/France-signs-deals-worth-10-bn-with-Saudi.html

 

[BLACKEAGLE]

Riyadh business forum to reinforce Saudi-French ties

Eurocopter Senior Vice President for Sales and Customer Relations exchanges documents with Saudi Foreign Minister in front of French President Francois Hollande (Top R) and Saudi Arabia's Deputy Crown Prince Mohammed bin Salman. (File photo: Reuters)

By Rajia Aboulkheir | Al Arabiya News
Monday, 12 October 2015

Al Arabiya News sources, revealed earlier this year that the signing of contracts worth $12 billion, between Saudi Arabia and France, marked the beginning of many joint economic projects and closer coordination that will emerge further in the next few months.

It seems that less than four months were enough for the two countries to renew their drive for closer economic ties with the opening on Monday of The Saudi-French Forum on Business Opportunities.

“The forum is a mutual initiative that comes in continuation of what had started in June,” Mazen al Sudairi, a Saudi-based senior financial analyst, told Al Arabiya News.


(Photo courtesy: Le Conseil D'Affaire Franco-Saoudien)

“It reflects once again the close economic ties the two countries have been developing,” he said, “At the executive level, both countries will try to sign various agreements and reach valuable deals.”

In recent years, bilateral trade between Paris and Riyadh has boomed, reaching more than 10 billion euros in 2014, according to Agence France Presse.

In June, the two countries announced the signing of 10 contracts worth $12 billion, the bulk of which will take the form of a direct investment.

Fighting unemployment
Sudairi said that the forum comes at a time when Saudi Arabia has “a strong determination in improving its private sector to enhance the job creation.”

“The Kingdom also wants to bring the French savoir-fair (know-how) to its territory,” he said, “Saudi has a shortage when it comes to health care, technology and agriculture while France is advanced in all these fields.”

Saudi Arabia’s government's Central Department of Statistics and Information put the unemployment at 651,305 unemployed citizens, the majority being women.

Important and encouraging
Focusing more on the political aspect of the forum, Georges Sassine, a Paris-based political analyst, told Al Arabiya News that the forum was “really an important and encouraging move for both countries.”

“The forum shows the close political relations between the two countries,” he said adding that the positions of France and Saudi became “increasingly similar regarding many matters in the region in recent months.”

France and Saudi Arabia have been reinforcing their links as Riyadh seeks to broaden ties with top Western powers beyond its traditional ally, the United States, especially since relations between the Gulf monarchies and America have deteriorated after Washington stroke a deal with Iran over its nuclear program.

Away from Iran, the two countries have also been sharing similar views on Syria saying that there was no future for President Bashar al-Assad in his war-torn country.

Sassine added that no one can really plan what the agreements and contracts will be given that the French government does not reveal anything before it is finalized.

Second edition
The forum, which is the second of its kind, is organized by the Saudi Ministry of Commerce and Industry.

It is expected to run for two days and be attended by a number of Saudi and French officials including Deputy Crown Prince Mohammed Bin Salman and Prime Minister Manuel Valls.

Comparing the two editions, Sudairi, said: “the first one was organized voluntarily while the second one has a more strategic aspect.”

“Saudi Arabia will try to use this forum to reach the economic goals it has and straighten its economy.”

The first edition of the event, which took place in Paris in 2013, had attracted more than 650 Saudi and French business tycoons.

According to Mohammed Binladin, head of the Saudi-French Business Council (SFBC), the three-day event achieved remarkable results.


Last Update: Monday, 12 October 2015 KSA 20:47 - GMT 17:47
http://english.alarabiya.net/en/business/economy/2015/10/12/Riyadh-business-forum-to-reinforce-Saudi-French-ties-.html

 

[UAE]

The military part of the deal include:

• 30 Super Puma
• 4 Surveillance and COM Satellites
• 10 Gowind class corvette
• 2 Transporter aircraft A400
• 30 Fastboat.

 

[Susimi]

This sounds like it's been a pretty good deal and will hopefully have long-term benefits for both nations.

The military part is pretty interesting numbers wise (Thanks for the numbers Legend!). In retrospect to other recent deals, those numbers are pretty huge!

 

[Gabriel92]

The military part of the deal include:

• 30 Super Puma
• 4 Surveillance and COM Satellites
• 10 Gowind class corvette
• 2 Transporter aircraft A400
• 30 Fastboat.

Good news if the deals are concluded. We can say what we want about that govt,but at least,our defence industry is booming,and more and more jobs are created.
So happy to see our defence industry in good shape. To this day,in terms of billions $,we sold more than Russia...
(@WebMaster So,i finally got my new computer ! I am back,you guys like it or not! )

 

[Corzhens]

It is heartening to read articles like this. Two countries on economic pact would have a mutual benefit. Like this article, France is selling 30 patrol boats. That means good business for the exporter of the patrol boats. On the part of Saudi Arabia, oil may be the trade off. That 10 billion is no joke. It can propel a sagging economy (based on my estimates to the economy of the Philippines).

 

[Lieutenant]

Good news if the deals are concluded. We can say what we want about that govt,but at least,our defence industry is booming,and more and more jobs are created.
So happy to see our defence industry in good shape. To this day,in terms of billions $,we sold more than Russia...
(@WebMaster So,i finally got my new computer ! I am back,you guys like it or not! )

I have a deal with Apple. Whenever I come a cross any issues with my laptop they give me a new one.

Good to see you around.