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Saudi-French Agreement to Boost Economnic Cooperation

Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).
Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).
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Saudi-French Agreement to Boost Economnic Cooperation

Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).
Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).

A French delegation of government officials, diplomats, and investors concluded their visit to Saudi Arabia by signing an agreement to boost bilateral investment relations and support long-term partnerships in emerging sectors.

The delegation included French Minister Delegate for Foreign Trade and Economic Attractiveness Franck Riester and French Ambassador to Saudi Arabia Ludovic Pouille.

The framework cooperation deal was signed between the Ministry of Investment of Saudi Arabia (MISA) and MEDEF International, which is a French non-profit responsible for promoting the French private sector internationally.

Commenting on the agreement, Laurent Germain, chairman of the Saudi-French Business Council of MEDEF International, said: “I am delighted to have signed the framework cooperation agreement between MEDEF International and the Saudi Ministry of Investment, which will serve as an important step in deepening Saudi-French economic ties."

"Over the past couple of days, we held insightful and productive meetings with Saudi ministers, government officials, CEOs, and investors, and we thank our Saudi partners for hosting us.”

Speaking on the occasion, the French minister said: “French companies are ready and willing to be major partners in the Kingdom’s giga-projects. Thanks to their world-renowned know-how and unmatched expertise, they are ideally suited to meet the high expectations of the Kingdom.”

The meetings were held in Riyadh and were attended by several Saudi government entities, including officials from the Ministry of Tourism, Ministry of Transport, Ministry of Commerce, and the Public Investment Fund (PIF).

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.