PARIS: The economic relationship between Saudi Arabia and France is entering a new phase, with French investment expanding beyond its traditional strengths in energy and industry into artificial intelligence, digital infrastructure, culture, creative industries and mining.
The shift reflects the wider transformation underway in the Saudi economy under Vision 2030, as well as a bilateral relationship that has developed over a century of diplomatic ties.
France is already Saudi Arabia’s fourth-largest source of foreign direct investment stock, with approximately €16.3 billion invested in the Kingdom in 2024. French companies hold 651 investment licenses across 18 sectors, while manufacturing accounts for around 60 percent of French FDI stock.
The investment relationship is also gaining momentum. French investment stock has doubled over the past three years, while 90 new French investment licenses were issued in 2024 and another 127 in 2025.
Long-established French companies including TotalEnergies, ENGIE, Alstom, Sanofi, Veolia and Accor have helped build the foundations of the relationship. Today, that presence is broadening as Saudi Arabia develops new industries and creates opportunities across entire value chains.
Artificial intelligence and digital infrastructure are emerging as particularly significant areas. Saudi Arabia ranked first globally in the 2025 ITU ICT Development Index, while its ICT market grew by 89 percent in 2025 compared with 2017. The digital economy accounted for around 16 percent of GDP in 2024.
The Kingdom is targeting up to 3 GW of AI infrastructure capacity by 2030, while announced AI partnerships exceed €19.7 billion. Data-center capacity has already reached 440 MW, supported by more than €3.85 billion in investment.
Established sectors are expanding as well. French-company energy projects in Saudi Arabia exceed €16.3 billion, while French-led consortia are participating in solar projects totaling 11 GW. New opportunities are emerging in renewables, energy storage, hydrogen and grid infrastructure.
Tourism is another growing area. Saudi Arabia recorded around 123 million visits in 2025 and tourism spending of approximately €69.3 billion, while targeting 150 million annual visits by 2030. French expertise is already playing a role, with AFALULA generating more than 170 contracts for French companies and Accor expanding its footprint in the Kingdom.
The expansion comes against the backdrop of increasingly institutionalized Saudi-French relations. A Comprehensive Strategic Partnership was signed and a Strategic Partnership Council established during the December 2024 state visit, creating a framework for broader cooperation.
Bilateral trade reached approximately €10.1 billion in 2025, rising 7.2 percent year on year.
After decades in which energy and industry formed the backbone of economic relations, Saudi Arabia’s transformation is creating a wider canvas for French investors — and potentially defining the next chapter of a century-old partnership.
