Saudi-French Chief Executive Officers (CEOs) Forum concluded its working sessions, that took place, in coincidence with the ongoing visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defense, by signing of as many as 20 memoranda of understanding (MoU) among different companies worth over more than $18 billion. The forum which was hosted by the French Ministry of Foreign Affairs, was addressed, during its opening session by the Saudi Minister of Energy, Industry and Mineral Resources Eng. Khalid Al-Faleh. Establishing strong partnerships with world standard French companies is among fundamental basis to guarantee a successful implementation of the Kingdom Vision 2030, in various domains, especially the cooperation between Saudi Aramco and Total, the French oil giant, to expand a petrochemical complex, in the Kingdom, the minister said. Kingdom 2030 Vision has set a target for direct foreign investment, in the Kingdom, ranging from 3.8 per cent to 5.7 per cent to the gross domestic product (GDP), in order to raise the private sector contribution to the GDP to 65 per cent rather than only 40 per cent, he added. Saudi officials have highlighted, during the forum, the new environment for investment and business, in the Kingdom, seeking to increase locally-based industrial production, supporting workforce upgrade and transfer of technology, in addition to enhancing bilateral cooperation, in the domain of research and development, taking into consideration that France is the second biggest direct foreign investor, in the Kingdom, he pointed out. The forum witnessed participation of over than 400 officials, businessmen and institutional investment interests.
