Riyadh, Paris Keen on Strengthening Strategic Partnership

France ranked third among major foreign investors in Saudi Arabia. (Reuters)
France ranked third among major foreign investors in Saudi Arabia. (Reuters)
TT
20

Riyadh, Paris Keen on Strengthening Strategic Partnership

France ranked third among major foreign investors in Saudi Arabia. (Reuters)
France ranked third among major foreign investors in Saudi Arabia. (Reuters)

Amid fears that European economies would face a recession as a result of the Russian-Ukrainian war, economists expected that the Saudi-French talks would enhance strategic partnerships that will help stabilize global energy and oil markets, and reduce the challenges facing food supply chains.

Dr. Mohammed bin Laden, Chairman of the Saudi-French Business Council, stressed that the visit of Saudi Crown Prince Mohammed bin Salman to France would boost aspects of cooperation in all fields.

“The talks between the Crown Prince and Macron in Paris will confirm the development of Saudi-French partnership, in order to serve the objectives of Saudi Vision 2030,” bin Laden told Asharq Al-Awsat.

He also said he hoped that the visit would see the signing of agreements in various fields, including commercial cooperation, noting that the Joint Business Council launched a plan to create opportunities and encourage French companies to invest in the Kingdom.

Bin Laden said the volume of trade exchange between Riyadh and Paris witnessed remarkable acceleration in the last period, exceeding the threshold of 10 billion euros.

In his regard, he said France ranked third among major foreign investors in Saudi Arabia, with investments worth USD 15 billion in a variety of fields, covering water desalination, energy, security, and agriculture, in addition to the public transport project in the city of Riyadh.

According to bin Laden, about 80 French companies are working in Saudi Arabia, employing more than 30,000 people, with a localization rate of 36 percent.

Saudi businessman Abdullah Al-Malehi said the upcoming talks between Crown Prince Mohammed and Macron would address regional and international developments and bolster efforts to confront common challenges and maintain security and stability in the region.

He added that the results would reflect positively on the stability of the economy and global energy markets, in wake of the repercussions of the Russian-Ukrainian crisis.



Cyprus Says Egypt’s Infrastructure Helps Unlock Potential of Its Gas Reserves

 Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)
Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)
TT
20

Cyprus Says Egypt’s Infrastructure Helps Unlock Potential of Its Gas Reserves

 Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)
Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)

Cypriot Energy Minister George Papanastasiou said Egypt's energy infrastructure helps Cyprus make the most of its gas reserves.

Speaking at Egypt’s international Energy Show (EGYPES 2025), Papanastasiou stressed that a successful energy transition should focus on energy security, affordable resources, and supporting technologies.

He also emphasized the importance of working with Egypt, given its competitive advantages in the sector.

Egypt and Cyprus signed two agreements on Monday, on the sidelines of EGYPES 2025, to begin developing Cyprus’ natural gas discoveries using Egypt’s infrastructure.

The agreements are part of Egypt’s Petroleum Ministry strategy to transform the country into a regional hub for natural gas trade, by receiving gas from Eastern Mediterranean discoveries, directing it to the local market, and re-exporting it to Europe.

Egyptian Petroleum Minister Karim Badawi emphasized Egypt’s role as a regional energy hub, thanks to its strong infrastructure in the petroleum and gas sectors.

He said the main goal of regional energy cooperation is to help countries make the most of their resources and infrastructure, with close partnerships between Egypt, Cyprus, and Europe for mutual benefit.

Egypt’s strategy focuses on using its location and advanced infrastructure to boost its role in renewable and green energy, as well as petrochemicals, Badawi explained.

He also highlighted plans to diversify energy sources, increase renewable energy, and explore green hydrogen, while responsibly producing oil and gas with minimal carbon emissions.

Greek Energy Minister Theodore Skylakakis discussed Greece's efforts to secure energy and develop electricity infrastructure, turning the country from an importer into an exporter of electricity for the first time.

Badawi signed a memorandum of understanding (MoU) with Skilakakis on cooperation in carbon capture, storage, and utilization with the aim to reduce carbon emissions from the energy sector and support low-carbon economy.

The MoU, inked on the sidelines of EGYPES 2025, seeks to facilitate knowledge exchange between Egypt and Greece on the application of carbon capture and storage (CCS) technologies that capture the greenhouse gas carbon dioxide and store it safely underground, so that it does not contribute to climate change.

The scope of cooperation includes developing proposals for a regulatory framework for carbon capture, storage, and utilization activities, in accordance with environmental standards and regulations.