28070
Paris, Riyadh Sign $11.4b Deals
World Economy

Paris, Riyadh Sign $11.4b Deals

In a sign of intensifying economic and political ties between the two countries, France and Saudi Arabia have signed a number of agreements covering a wide range of sectors and worth billions of US dollars, according to Deutsche Welle.
French Prime Minister Manuel Valls on Tuesday announced a series of deals worth a total of €10 billion ($11.4 billion) during a visit to Riyadh. The premier is on a regional tour which earlier took him to Jordan and Egypt.
The deals include contracts and letters of intent between the two countries, and they cover energy, health, food, satellites and infrastructure, according to the prime minister’s office.
There were, however, few significant details immediately available on the deals, though one of the agreements was a Saudi order for 30 patrol boats.
Valls’ office said additional negotiations had begun for potential agreements in telecommunications and surveillance satellites.
A French official, who spoke anonymously because he was not authorized to speak to the media, says that a military helicopter deal is also expected to be signed in Riyadh.
 
 Boosting Cooperation
The announcement comes amid strengthening bilateral economic and political relations. Valls’ trip is the third high-level visit by French officials this year to the world’s biggest oil exporter and the Arab world’s largest economy.
French President Francois Hollande also visited Riyadh in January to pay his respects after the death of king Abdullah. The French leader again returned in May to become the first Western leader to attend a Gulf Cooperation Council summit.
The order for patrol boats is the latest in a series of weapons deals Paris has made in the region this year. On Saturday, Egypt signed a deal with France to buy two Mistral warships originally ordered by Russia.
According to French government sources, Egypt will pay €950 million, with “significant” financing from Saudi Arabia. France this year also sold 24 of its Rafale warplanes to Egypt and Qatar.
For Saudi Arabia, scaling up ties with France are part of an effort to build alliances beyond its traditional defense partner the United States, as ties between Washington and Riyadh cooled under US President Barack Obama.

Short URL : https://goo.gl/emSls5
  1. https://goo.gl/Bbd4LO
  • https://goo.gl/3ypDlh
  • https://goo.gl/unopBc
  • https://goo.gl/kPg88i
  • https://goo.gl/ht2BCI

You can also read ...

Argentina Lacks Options to Defend Peso
With interest rates sky-high and the economy heading for...
BMW Seeking Broader China Collaboration
The opening-up is an important policy and German carmaker BMW...
Westinghouse Electric, the leading US nuclear fuel producer, said it relies on China for zirconium and zirconium powder  for use in nuclear fuel assemblies
A broad cross-section of US businesses has a message for the...
Vehicle loans have rapidly expanded as cars purchased during a tax rebate scheme for first cars  in 2012-13 have begun to be replaced.
Consumer borrowing is accelerating significantly in Thailand...
Turkey, Qatar in Currency Swap Deal
The central banks of Qatar and Turkey signed a currency swap...
Asian Countries Vie to Set Up Crypto Valleys
The race to establish cryptocurrency hubs in Asia is gathering...
International Labor Organization has called for stronger...
UK Business Pessimism Rising
Business leaders’ confidence in the British economy has fallen...

Trending

Googleplus