Business experts expected Saudi-French investments in renewable energy to increase in light of the joint statement issued by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and French Minister of Energy Transition Agnes Pannier-Runacher that underlined efforts to enhance energy efficiency and cooperation in peaceful nuclear power.
Dr. Mohamed Ben Laden, president of the Saudi-French Business Council, told Asharq Al-Awsat that the volume of trade exchange between the two countries was expected to increase, in view of the alignment of Saudi Vision 2030 and France 2030 strategy, in terms of hydrogen and the reduction of carbon emissions.
Ben Laden noted that the strategic partnership included cooperation in mega structural projects worth billions of euros, stressing that the council would continue to assume its role in attracting more French investments to the Saudi market by promoting the incentives offered by the Kingdom and all available opportunities.
Eng. Majid Refae, Chairman of the Board of Directors of the Saudi Polytechnic Institute for Renewable Energy and CEO of Desert Technologies for Industry, told Asharq Al-Awsat that the two countries have developed relations in the field of energy, represented in many projects in oil refining, petrochemical production, electricity and renewable energy.
Refae highlighted the increase in the number of French companies investing in the Kingdom from 259 in 2019 to 336 last year. He added that Saudi Arabia and France have worked to strengthen bilateral investment relations and build long-term partnerships between their private sectors.
He underscored the presence of many Saudi-French joint projects, including SATORP, one of the world’s most efficient integrated refining and petrochemicals platforms – an alliance between Saudi Aramco and Total Energies.
“The visit of the Saudi Crown Prince to France and his participation in the Summit for a New Global Financing Pact reflected the depth of these relations and the Kingdom’s leading role, position and global influence,” Refae said.
He also stressed the two countries’ aspiration to benefit from the opportunities offered by the Kingdom’s vision and the economic plan of France 2030 to develop and strengthen economic partnership in the areas of mutual investment, especially in the field of energy.
According to the joint Saudi-French statement, the two parties agreed to make efforts to enhance energy efficiency and cooperation in the field of nuclear energy, within a peaceful and safe framework, manage radioactive waste and nuclear applications, and develop human capabilities.
They acknowledged the importance of advancing the implementation of the United Nations Framework on Climate Change (UNFCCC) and the Paris Agreement.
“Addressing climate change and promoting secure, reliable, affordable and sustainable supplies of energy are shared strategic priorities of Saudi Arabia and France,” the statement read.
It added: “Moreover, the two countries recognize that clean hydrogen is an essential fuel to reach the shared objective of promoting a sustainable economic development while mitigating the impact of climate change.”
