Saudi Arabia, France sign energy, industry deals

Saudi Arabia and France signed a series of agreements, memorandums of understanding (MoU), and financing arrangements in the energy and industrial sectors during Crown Prince Mohammed bin Salman’s state visit to France, the Saudi Energy Ministry said.

In the electricity sector, Saudi Electricity Co. signed a cooperation and financing agreement with French public investment bank Bpifrance to support the development and modernization of the Kingdom’s power grid.

The agreement builds on an MoU signed in November 2025 to establish a financing facility of up to SAR 11.25 billion ($3 billion) to support the company’s procurement program and electricity infrastructure projects.

Separately, Saudi Export-Import Bank signed a tripartite MoU with Saudia Group and Crédit Agricole CIB to arrange financing solutions for the group’s acquisition of new Airbus aircraft.

The MoU underscores the role of Saudi Export-Import Bank as the Kingdom’s export credit agency, providing insurance coverage for credit risks associated with the transaction. It combines international bank financing with national export credit instruments to open new channels for companies and projects linked to Saudi exports to access international funding.

Saudi Aramco also signed purchase agreements with French companies SLB and Vallourec to supply oil and gas well-drilling materials and specialized steel pipes for oil and gas fields, with a combined value of about $3.7 billion.

Aramco Digital signed a MoU with French technology company Dassault Systèmes to cooperate on artificial intelligence, virtual digital twin technologies, and related Dassault Systèmes technologies, including studying potential applications in the oil and gas sector.