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French Companies Seek to Invest in Saudi Tourism, Food Sectors

French Companies Seek to Invest in Saudi Tourism, Food Sectors

Sunday, 5 July, 2020 - 09:15
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. REUTERS/Faisal Al Nasser

A number of specialized companies and businessmen in France are seeking to enter the Saudi market through investments in the sectors of tourism, food, and some different industries.


According to the Arab-French Chamber of Commerce, interested companies have started collecting information about procedures that allow them to invest in the Kingdom.


They have appointed economic consultants to carry out feasibility studies and determine the targeted sectors and the appropriate mechanisms, taking advantage of the diversity of opportunities available at this stage.


In parallel, the World Investment Report 2020 of the United Nations Conference on Trade and Development (UNCTAD) - issued recently - revealed the rise in foreign direct investment flows in Saudi Arabia by 7 percent for the second year in a row to reach $4.6 billion despite the outbreak of the coronavirus.


The report noted that the Kingdom represented one of the main destinations for foreign direct investment in the West Asia region, with its acquisition of the majority of inflows in the past year, before the current economic downturn began as a result of the pandemic.


In remarks to Asharq Al-Awsat, Secretary-General of the Arab-French Chamber, Dr. Saleh al-Tayyar, said that a number of major companies in France and abroad were preparing for the post-coronavirus phase.


He added that French companies and businessmen were interested in investing in the Saudi market, and were studying the mechanisms and the relevant financial obligations.


Tayyar also emphasized that the Kingdom was proceeding according to a clear methodology and strong and promising development plans, despite the circumstances that the world is going through as a result of the coronavirus pandemic.


He stressed that Saudi Arabia’s policies have managed to curb the repercussions of the pandemic on the national economy and have become a source for attracting foreign investments.


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