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.

 



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.