The French were in town to boost trade ties with the Kingdom through Jeddah Chamber for Commerce and Industry (JCCI) with an eye fixed upon the new mega economic cities planned in the Kingdom. A delegation of French companies which will take part in building the new mega economic cities in the Kingdom recently held talks with the officials at JCCI. “The experienced French companies would deploy its resources to build part of the new economic cities,” said Philip Marini, head of the French delegation. Last year alone, some 20 French construction companies ran a good business in Jeddah, he said. These companies will be invited to assess their experience in Jeddah through workshops. These companies have already visited the King Abdullah Economic City in Rabigh, showing interest in investing in the infrastructure of water networks, security, and road construction in the city, Marini said. The two sides have planned to exchange tours within the next few months to finalize more deals. “Economic ties with France have always been fruitful, hopefully entrepreneurs will play their part in the development of these ties to boost the economies of both nations,” said Saleh Al-Turki, the head of JCCI. Trade volume between Saudi Arabia and France increased to the value of six billion euros, as opposed to 3.4 billion euros in 2002. The 2006 volume of trade included 1.8 billion of French exports to the Kingdom, and 4.25 billion euros of Saudi exports to France, mostly crude oil. The figures reflect a 98 percent increase of Saudi exports to France. The delegation of French companies was apparently negotiating to reach a balance of the trade volume, a source said. Marini said that there is a favorable investment opportunity in Paris for investors looking for profitable investments outside the Arab world. “France is a competitive real estate market,” he said. ”About 60 percent of real estate investors in London have now started investing in France,” he added. Apart from the real estate market in France, there is the financial market which comes second in terms of good returns, he said. “Paris has the largest fund and wealth management market infused with experienced financial experts,” Marini said. __
