Business & Money | Monday 27 June, 2016 8:13 am |

Saudi Arabia and France will sign several agreements and memoranda of understanding (MoU) on the sidelines of the visit of Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense, according to Khaled Al-Anqari, Saudi ambassador to France.

“The visit will further bolster the historic relations between the two countries,” he said while emphasizing that these solid and strategic relations are based on mutual respect and promotion of common interests, the Saudi Press Agency reported.

Al-Anqari noted that the Saudi-French political positions and views are identical towards most of the global issues, particularly with regard to the Middle East issues.

He said Prince Muhammad will meet senior French leaders, including President Francois Hollande, Premier Manuel Valls, Defense Minister Jean-Yves Le Drian, and leaders of public and private sector undertakings.

The 3rd edition of the Saudi – French Business Opportunities Forum will be held on the sidelines of the high-profile visit, said the ambassador.

Several business leaders and economic experts from both the countries will attend the forum, which is aimed at exploring more avenues of investment opportunities in both the countries.

Al-Anqari said the trade exchange between the two countries reached around SR53 billion.

Meanwhile, Muhammad Ali Binladin, president of the Saudi – French Business Council (SFBC), said the visit of Deputy Crown Prince to France will give a big push to the bilateral cooperation, reaching new horizons and fields, especially in the backdrop of the Kingdom’s Vision 2030 and the ambitious National Transformation Program.

“The visit will boost the existing excellent and comprehensive strategic business partnership between the two countries and SFBC has played a significant role in taking the relations to this level,” he said while urging the French investors to take advantage of the best investment opportunities available in the Kingdom. France is the Kingdom’s third largest foreign investor and the top oil importer from the Kingdom.