2023-06-19 11:03:12
Al-Falih: French investments in the Kingdom continue to grow
Dubai – Al Arabiya.net
Posted on: June 19, 2023: 01:33 PM GST Last updated: June 19, 2023: 03:03 PM GST
The Saudi Minister of Investment, Khaled Al-Falih, revealed that 366 investment licenses have been granted to French companies operating in the Kingdom.
During his speech on the sidelines of the Saudi-French Investment Forum in Paris, Al-Falih said that French investments in the Kingdom continue to grow, stressing that the Kingdom has all factors to strengthen bilateral relations with France.
The minister added that the Kingdom has become a global tourist destination.
He pointed to the UNESCO’s accreditation of archaeological tourist sites in Saudi Arabia, receiving more than 100 million tourists and adding regarding 130,000 hotel rooms to serve the increasing number of tourists.
He explained that French hotels own more than 50 hotels in Saudi Arabia, and we are working to double this number.
Al-Falih stressed that the Kingdom’s Vision 2030 contributed to doubling foreign investments.
The Saudi investment minister said that the Kingdom has attracted foreign direct investments from France amounting to 15 billion euros, in addition to more than 110 French companies.
He continued: “France is the seventh largest economy in the world, and it ranks first as the best destination in the European Union for foreign direct investment, and with regard to Saudi-French bilateral relations, we achieved 11 billion euros in trade during the year 2022, i.e. a growth rate of 47% on an annual basis.”
He stressed that “France is currently the third largest foreign investor in the Kingdom, which is very important in terms of investments, which amount to regarding 15 billion euros at the time we are talking regarding it. The data that I have already shows that we have more than 110 French companies operating in Saudi Arabia. 366 wholly owned licenses have been issued to French companies or joint ventures from France operating in the Kingdom, expanding their presence by 43% since 2020.”
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