Saudi Arabia and France sign 21 strategic agreements worth $7 billion

Saudi Arabia and France have solidified their bilateral relationship through the signing of 21 comprehensive agreements and memorandums of understanding. Announced during the official visit of Crown Prince Mohammed bin Salman to Paris, the deals span multiple sectors including defense, energy, artificial intelligence, tourism, health, and infrastructure.

The economic partnership includes a $7 billion investment, highlighted by a plan to develop theme parks in the Paris suburbs and involvement in the Qiddiya entertainment project. To further stimulate trade and economic activity, a credit line of up to $5 billion has been planned.

These strategic moves align with Saudi Arabia’s Vision 2030 program, which aims to diversify the kingdom’s economy away from oil dependency. Analysts suggest this rapprochement reflects a broader effort by Riyadh to diversify its international partnerships and secure new strategic allies amidst shifting regional security dynamics.