Saudi Arabia's Crown Prince Mohammed bin Salman (MBS) is currently on a two-day state visit to France, where he is discussing various important issues with French President Emmanuel Macron. The main objective of this visit is to further consolidate the existing relationship between the two countries and to sign new agreements in various sectors. Several important agreements are expected to be signed in the health, transport, and energy sectors, which are anticipated to elevate the economic and strategic ties between both nations to new heights.
MBS's Paris visit began last Sunday evening, where he joined President Macron at the closing ceremony of the Esports World Cup. This marked the first time this esports tournament, featuring competitions ranging from video games to chess, was held outside Saudi Arabia, demonstrating the Kingdom's capability to host global events. The informal meeting between the two leaders at this event signifies warm relations between the two countries.
On Monday, several agreements related to health, transport, and energy are expected to be signed between Macron and bin Salman. According to French media reports, an agreement for the construction of an entertainment park, funded by a Saudi investment fund and inspired by the iconic Japanese manga series 'Dragon Ball', may also be signed. Valérie Pécresse, President of the Île-de-France regional council in Greater Paris, told French broadcaster TF1 that the regional government has been working on this project for the past 18 months.
Pécresse further stated, “Today there is a very important meeting at the Élysée Palace, as a result of which this agreement could be signed. We are awaiting the signing.” She described the project as “the equivalent of Disneyland,” indicating its scale and significance. Such investments are expected to have a positive impact on the French economy and boost the tourism industry.
Bin Salman and Macron are also holding bilateral discussions on regional security and economic relations. These discussions are likely to include alternative energy routes bypassing the Strait of Hormuz, such as new pipelines, increased capacity, and alternative port networks. France is a major buyer of Saudi oil and mineral products, making energy security a crucial part of their discussions.
Shipping in the Strait of Hormuz has been severely disrupted since the US-Israel war was imposed on Iran, starting on February 28. Gulf oil exporters are heavily reliant on this crucial waterway, which normally accounts for 20 percent of the world's oil and natural gas supply during peacetime. This disruption has led to a significant increase in oil prices. Before the war, Brent crude was priced at approximately $66 per barrel, which surged past $100 during the conflict, reaching a peak of $119. On Monday, Brent was trading at around $93 per barrel.
Bin Salman and Macron are also expected to discuss the war in Iran, the bloodshed in Palestine, as well as the situations in Syria and Lebanon, where Israel occupies approximately one-fifth of Lebanese territory. These regional conflicts pose significant challenges to the stability of the Middle East, and the two leaders are attempting to find solutions in their discussions.
Monday's agenda also includes the global events Saudi Arabia is set to host in the coming years. These include Expo 2030, which will focus on sustainability and urban innovation, and the 2034 FIFA World Cup. These mega-events will contribute to the realization of Saudi Arabia's Vision 2030 and further raise the country's international profile.
The trade balance between the two countries is almost even. According to data from the Observatory of Economic Complexity (OEC), in 2024, France exported goods worth $4.5 billion to Saudi Arabia and imported goods worth $4.6 billion from Saudi Arabia. Refined petroleum accounted for 72 percent of Saudi Arabia's exports to France. In addition to refined petroleum, Saudi Arabia also exported crude petroleum and other mineral products to France. It also exported small quantities of machinery, chemicals, and vehicles.
Conversely, France's exports to Saudi Arabia in 2024 were more diverse. These included various modern technologies and high-value goods such as airliners, helicopters, gas turbines, and pharmaceutical products. This trade relationship plays a significant role in the economies of both countries and has the potential for further expansion in the future.
