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Saudi snubs critics with $11.4 billion French deal

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French President Francois Hollande (file)

Saudi Arabia signs deals worth $11.4 billion with France

 

French President Francois Hollande  (file)
French President Francois Hollande (file)

Saudi Arabian authorities announced the signing of deals worth $11.4 billion with France.

According to sources, the deals include the establishment of a Saudi investment fund worth $2.3 billion, a maritime research centre and an industrial complex in France.

Local Elaf daily reported that the deals also covered energy, weaponry, infrastructure and satellites, as well as health and agriculture.

France’s ambassador for International Investment Muriel Penicaud said that French corporations are attracted to the Saudi market due to the secure environment and long ties between the two countries.

Around 4,000 French companies export products to Saudi Arabia, while 80 French companies have branches in the Middle-Eastern country.