The Saudi Arabian General Investment Authority (SAGIA) revealed that the total volume of French investments in the Kingdom exceeded SR80.1 billion, signaling that the country’s economic reforms began to bear fruit. AT present, French investments in the Kingdom is established in various sectors like energy, water and sanitation and pharmaceutical. The growing interest of French companies in the Saudi markets comes in response to the development of Saudi-French relations politically and economically, boosted by the deep-rooted ties of both countries.
The numbers of French licensed projects have reached about 179 ranging from services, commercial, temporary, industrial and scientific and technical office licenses. The service sector occupied the largest share of 108 licenses, followed by 45 industrial licenses.
The Kingdom has been undergoing a set of reforms in its investment climate in accordance with Saudi Vision 2030. The fruitful of such efforts represented by SAGIA to foreign investors, was evident in the rising number of French investment in the kingdom.
Also, reducing the duration of licenses issuance from 51 hours to 4 hours, was one of the much facilitation offered by SAGIA and a vivid example on the kingdom’s commitment to provide an attractive investment climate.
France is among the targeted countries to attract specific investments that would contribute in diversifying the Kingdom’s production base, for having various companies that enjoy an international reputation in energy industry, food industry, IT, health, transportation and developing infrastructure.
The committee for improving the performance of business in the Private sector ‘’Tayseer’’ was established to follow up and implement a number of initiatives to improve the performance of the private sector as well as providing a stable and stimulating environment for the private sector and enable the Kingdom to be among the best in the ease of doing business, while also improving the effectiveness of communication with the private sector in the Kingdom and involving it in decision-making.
Moreover, the committee is also working on implementing recommendations for the Kingdom to reach the 20th place in the Global Competitiveness Report 2020 and the 10th in the Global Competitiveness Report 2030, one of the most prominent achievements of Tayseer's in its first year was, 38 reforms submitted to the World Bank team to prepare the Ease of Doing Business Report.
The Saudi-French relations date back to King Faisal’s visit in 1967 where both leaders have placed a great importance on their relations to widen the field of interests for the mutual benefits. Over the years, the Saudi-French relations have maintained their strong ties and continuous efforts to reinforce their relations. The visit of His Royal Highness Crown Prince Mohammed bin Salman to France on 27th January 2016, delivered a message on the strong economic and business ties and the determination of both sides to promote investment.