Saudi-French Investment Forum: A Bridge for Promising New Partnerships

French President Emmanuel Macron receives Saudi Crown Prince Mohammed bin Salman at the Elysee Palace in the capital city of Paris last Friday (AP)
French President Emmanuel Macron receives Saudi Crown Prince Mohammed bin Salman at the Elysee Palace in the capital city of Paris last Friday (AP)
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Saudi-French Investment Forum: A Bridge for Promising New Partnerships

French President Emmanuel Macron receives Saudi Crown Prince Mohammed bin Salman at the Elysee Palace in the capital city of Paris last Friday (AP)
French President Emmanuel Macron receives Saudi Crown Prince Mohammed bin Salman at the Elysee Palace in the capital city of Paris last Friday (AP)

The Saudi-French Investment Forum, held in Paris, has successfully generated immense interest and extraordinary participation from both Saudi and French representatives.

According to both French and Saudi sources, the visit by Saudi Crown Prince Mohammed bin Salman to Paris had the most significant impact in providing a fresh prominence to the forum.

Crown Prince Mohammed bin Salman had launched the Kingdom’s Vision 2030 and the extensive projects it entails across diverse sectors, aligning with Saudi Arabia’s investment capabilities and the importance of the Saudi market in terms of value and size.

The forum itself is just one component of “Saudi Days in France,” which commenced with a closed-door meeting between the Crown Prince and President Emmanuel Macron. This was subsequently followed by an expanded gathering that included members from both delegations.

It was evident that the Elysee Summit, held last Friday, sparked a strong momentum towards enhancing Saudi-French relations across various sectors, including key strategic sectors.

While the statement issued by the Elysee Palace enumerated the collaborative sectors that both parties are pursuing, it emphasized their shared desire to extend cooperation and partnerships to broader domains.

It also underscored France’s commitment, both from the government and private institutions, to “accompany” Saudi Arabia in its major projects across all fields.

It is no secret that the primary objective of the forum revolves around revitalizing existing partnerships and forging new ones within the private sector of both the Kingdom and France. This includes exploring new investment opportunities across various sectors.

While Saudi Arabia is setting orientations that diligently strive to diversify its economy and prepare for a post-oil era, France also has its own Vision 2030 and a compass pointing toward "green economy" and sustainable development.

There are many similarities between the two plans.

The investment forum’s proceedings delved into exploring joint investment opportunities in sectors such as technology, culture, tourism, hospitality, energy, and construction. All of this was aimed at entering mutually beneficial partnerships for both parties.

The speeches delivered by the Saudi Ministers of Investment, Tourism, and Communications were characterized by utmost clarity in expressing Saudi Arabia’s progressive orientations.

At the forefront of these orientations is the facilitation of investors' endeavors and the firm affirmation that all sectors are open to partnerships and collaboration.

Like other countries, France requires hundreds of billions of dollars in investments as it pursues goals pertaining to green economy, carbon-neutral industries, clean energy, and sustainable development.

France views these endeavors as significant opportunities for Saudi investors within the framework of partnership, development, and collaboration.

 



Aramco, Gulf Cryo Cooperate in Testing Lower-carbon Hydrogen

The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco
The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco
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Aramco, Gulf Cryo Cooperate in Testing Lower-carbon Hydrogen

The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco
The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. Photo: Aramco

Saudi Aramco has signed an agreement with Gulf Cryo, a regional leader of end-to-end industrial gases and decarbonization solutions in the MENAT region, to conduct testing of lower-carbon hydrogen and carbon capture & utilization technologies under Saudi Arabian climate conditions enabling future commercial deployment.

The agreement underscores Aramco’s desire to develop a lower carbon emission future through investing in research and technology development, to support business growth and meet global energy demand while reducing scope 1 and scope 2 GHG emissions to net-zero by 2050 from its wholly own operated assets.

The initiative will facilitate testing Aramco’s newly-developed technologies at pilot and pre-commercial scale. The testing and assessment will be conducted at Gulf Cryo's newly established Applications and Technologies Center (ATC) at King Salman Energy Park (SPARK), a press statement said Thursday.

Aramco’s senior vice president of Technology Oversight and Coordination (TOC), Ali A. Al-Meshari, said: “This collaboration is important in advancing our early stage technologies to the next phase of development, which will help create local ecosystem for accelerating technology deployment leveraging in-kingdom talent and infrastructure.”

As for Gulf Cryo Vice Chairman, Eng. Abdel Salam Al Mazro, he said that “the project will leverage the capabilities of our Center to deliver groundbreaking lower-carbon hydrogen and decarbonization solutions, tailored to the unique needs of Aramco.”

In addition to driving technological advancements in decarbonization, this collaboration supports Saudi Arabia’s strategy to enhance localization and build local capabilities. The facility is planned to be ready for commissioning by the end of 2025, the statement added.