Macron: Saudi Arabia is a Cornerstone for Accessing Gulf, Arab, and African Markets

French President Emmanuel Macron speaks during the Saudi-French Business Forum during an official visit in Riyadh on December 3, 2024. JEANNE ACCORSINI / AFP
French President Emmanuel Macron speaks during the Saudi-French Business Forum during an official visit in Riyadh on December 3, 2024. JEANNE ACCORSINI / AFP
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Macron: Saudi Arabia is a Cornerstone for Accessing Gulf, Arab, and African Markets

French President Emmanuel Macron speaks during the Saudi-French Business Forum during an official visit in Riyadh on December 3, 2024. JEANNE ACCORSINI / AFP
French President Emmanuel Macron speaks during the Saudi-French Business Forum during an official visit in Riyadh on December 3, 2024. JEANNE ACCORSINI / AFP

French President Emmanuel Macron has encouraged French entrepreneurs to invest in Saudi Arabia, describing the Kingdom as a cornerstone for accessing markets across the Gulf, Arab countries, and Africa. At the same time, he invited Saudi companies to invest in Paris, highlighting France’s position as the top destination for investments over the past five years and emphasizing its role as a gateway to European Union markets.

Speaking at the Saudi-French Investment Forum on Tuesday in Riyadh, Macron described the two nations as reliable partners amid global fragmentation. He referred to his recent conversation with Saudi Crown Prince and Prime Minister Mohammed bin Salman, where they discussed several geopolitical issues and stressed the importance of balance and peace.

Macron noted the participation of 145 French companies at the event, underscoring France’s commitment to the Kingdom. He pointed out that his country is Saudi Arabia’s second-largest foreign investor and that French companies employ approximately 12,000 people in the Kingdom.

The president highlighted the key sectors of bilateral investment partnerships, including energy, water, environment, tourism, sports, healthcare, food, space exploration, and aviation.

In addition, Macron emphasized France’s interest in supporting Saudi Arabia’s carbon reduction goals through innovation and new transportation technologies, including renewable energy and green hydrogen. He also noted the Kingdom’s significant investments in artificial intelligence (AI) and pointed out the potential for collaboration, leveraging France’s expertise in training talent and developing AI solutions that integrate climate considerations.

The French president further highlighted Paris’ aspiration to collaborate on Saudi Arabia’s Vision 2030 mega-projects, including NEOM, AlUla, and Qiddiya, as well as participate in Expo 2030 and the FIFA World Cup 2034. He stressed the importance of knowledge and technology transfer to support the organization of such large-scale events.

He also proposed leveraging French expertise to enhance Saudi Arabia’s cultural heritage sites and museums by introducing innovative experiences and bringing together experts from both nations to develop these sites.

Riyadh Metro Project

Saudi Minister of Investment Khalid Al-Falih affirmed the progress in Saudi-French economic cooperation, describing the forum as an opportunity to align efforts in various fields, including innovation and technology. Al-Falih revealed that Saudi Arabia hosts approximately 500 French companies, with 30 of them having established regional headquarters in Riyadh.

The minister also announced three major renewable energy projects in partnership with French private-sector companies and highlighted the Riyadh Metro Project as a model of successful collaboration between French and Saudi firms, paving the way for further expansion. Additionally, Al-Falih mentioned a partnership with Airbus, which recently secured the largest aircraft order of 2024.

For his part, Laurent Germain, head of the French side of the Saudi-French Business Council and president of MEDEF, described Saudi Arabia as a key partner for French companies. He identified three main factors driving French investment in the Kingdom: strong political vision, the presence of large-scale projects, and access to financing. Germain also noted the participation of a French company in the Riyadh Metro Project and emphasized Riyadh’s growing significance as a global hub for major events.

Meanwhile, Wouter Van Wersch, Executive Vice President of Airbus, revealed to Asharq Al-Awsat that the company operates around 200 commercial aircraft in Saudi Arabia and has future orders for an additional 300 planes. He added that Airbus also manages over 120 helicopters, approximately 80 military aircraft, and a number of satellites in the Kingdom.

Van Wersch reaffirmed Airbus’ commitment to supporting Vision 2030, noting significant opportunities in the transportation sector, as Saudi Arabia aims to triple the number of incoming travelers by 2030. He also highlighted the Kingdom’s potential in sustainable aviation fuel and possibly hydrogen, opening new avenues for collaboration between the two sides.



US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.


Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold prices extended gains on Thursday after rising more than 2% in the previous session, as lingering tensions between the United States and Iran prompted a flight to safety, while investors evaluated the Federal Reserve's monetary policy path.

Spot gold rose 0.2% to $4,989.09 per ounce by 1227 GMT. US gold futures for April delivery held steady at $5,008.60.

"Geopolitical concerns are front and centre with reports that, if the US were to take military action against Iran, it could go on for several weeks," said Jamie Dutta, market analyst at Nemo.money, Reuters reported.

Some progress was made during Iran talks this week in Geneva but distance remained on some issues, the White House said on Wednesday.

FED LARGELY UNITED

Top US national security advisers met in the White House Situation Room on Wednesday to discuss Iran and were told all US military forces deployed to the region should be in place by mid-March.

Meanwhile, the Fed's January minutes showed it largely united on holding interest rates steady, but divided over what comes next, with "several" open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if inflation recedes.

The weekly jobless claims data, due later in the day, and Friday's Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, will provide further clues on the central bank's policy trajectory.

Markets currently expect this year's first interest rate cut to be in June, according to CME's FedWatch Tool.

Non-yielding bullion tends to do well in low-interest-rate environments.

Spot silver rose 0.9% to $77.87 per ounce after climbing more than 5% on Wednesday.

Silver is "supported by tight supply and low COMEX stock levels ahead of the delivery period of the March contract. However, given the extent of the historic correction earlier this month, silver is not back on safer ground until it trades back above $86," said Ole Hansen, head of commodity strategy at Saxo Bank.

Spot platinum fell 0.6% to $2,059.55 per ounce, while palladium lost 1.7% to $1,686.47.


Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
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Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo

Oil prices rose on Thursday as the US and Iran attempted to ease a standoff in talks over Tehran's nuclear program while both sides heightened military activity in the key oil-producing region.

Brent futures climbed 23 cents, or 0.3% to $70.58 a barrel by 0735 GMT, while US West Texas Intermediate (WTI) crude gained 25 cents, or 0.4%, to trade at $65.44 a barrel.

Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in the risk of supply disruptions in the event of ‌a conflict.

"Oil prices are ‌rallying as the market becomes increasingly concerned over the potential ‌for ⁠imminent US action ⁠against Iran," said ING analysts in a Thursday note.

Iranian state media reported the country had shut down the Strait of Hormuz for a few hours on Tuesday, without making clear whether the waterway had fully reopened. About 20% ⁠of the world's oil supply passes through the waterway.

"Tensions between Washington ‌and Tehran remain high, but the prevailing view ‌is that full-scale armed conflict is unlikely, prompting a wait-and-see approach," said Hiroyuki Kikukawa, chief strategist of ‌Nissan Securities Investment, a unit of Nissan Securities.

"US President Donald Trump does not ‌want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes," Kikukawa added.

A degree of progress was made during Iran talks in Geneva this week but distance remained on some issues, the White House said on Wednesday, ‌adding that it expected Tehran to come back with more details in a couple of weeks.

Iran issued a notice to ⁠airmen (NOTAM) that ⁠it plans rocket launches in areas across its south on Thursday from 0330 GMT to 1330 GMT, according to the US Federal Aviation Administration website.

At the same time, the US has deployed warships near Iran, with US Vice President JD Vance saying Washington was weighing whether to continue diplomatic engagement with Tehran or pursue "another option".

Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling US-mediated efforts to end the four-year-old war.

US crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13.

Official US oil inventory reports from the Energy Information Administration are due on Thursday.