President Emmanuel Macron on Tuesday said France wants to become one of Saudi Arabia's most important business partners as the kingdom pushes forward with an overhaul of its economy, including a multibillion dollar plan to cut its dependence on oil exports.
During a three-day official state visit focused on boosting business ties, Mr Macron told a Saudi-French business forum in Riyadh that one of his objectives was to convince Saudi Arabia to invest more in France. “We want to partner with you, meaning we want to create jobs here. We want to produce with you,” Mr Macron said. “We want to be partner of your vision and the vision of the Crown Prince [Mohammed bin Salman] for 2030.”
Saudi Energy Minister Prince Abdulaziz bin Salman said France “feels like home” as he stood alongside Mr Macron at the forum, where a flurry of business deals have been announced. They include a consortium between Electricite de France (EDF) and China's SPIC Huanghe Hydropower Development to build a 1,000-megawatt solar power plant in Al Masaa and a 400-megawatt plant in Al Hinakiyah. The value of the new contracts was not shared.
In 2023, trade between France and Saudi Arabia amounted to €9.5 billion ($10 billion). Saudi Arabia is France’s leading supplier of hydrocarbons in the region. France, where the government is facing the prospect of collapse over budget cuts, is a major foreign investor in Saudi Arabia, with investments valued at €2.2 million ($2.3 million) in 2022.
Last month the Saudi Public Investment Fund (PIF) said it would reduce investments abroad from 30 per cent to about 18-20 per cent of the $930 billion fund. However, advisers to Mr Macron have said they believe the PIF's investment powers “remain colossal”. Foreign direct investment in Saudi Arabia reached $25.6 billion last year – 16 per cent above the Saudi investment ministry's target after a change in methodology that led to a significant upward revision of the figures.
AI high on the agenda
A strategic partnership between the two countries was signed between Mr Macron and Crown Prince Mohammed bin Salman on Tuesday. The leaders have scheduled a one-on-one dinner on Wednesday before Mr Macron flies to the Al Ula heritage site, which is overseen by a French-Saudi development organisation. The new partnership's aim is “multiplying co-operation and concrete achievements in all areas” including defence, culture and artificial intelligence, the French government said.
France can’t compete with the US but wants to support Saudi Arabia in its drive to diversify its economy
Gulf expert Camille Lons
Speaking to The National at the business forum, Xavier Niel, a French businessmen viewed as an AI pioneer, said he had come to support French start-ups hoping to work in Saudi Arabia. “France has the third AI ecosystem in the world. I'm interested in seeing how we can mix our know-how and assets [in Saudi Arabia],” he said.
Khaled Sharbatly, chief executive of Saudi solar energy company Desert Technologies, said that French energy and infrastructure expertise, with companies such as Total, Engie and EDF, would be useful to his country's vision of economic development. “Saudi Vision 2030 is built around building infrastructure and the French are leaders of infrastructure investment and construction,” Mr Sharbatly said.
French entrepreneur Julie Barbier, who worked in Dubai for 14 years before relocating recently to Saudi Arabia with state incentives, said France's business world wanted to be part of the “massive dynamic wave” in the kingdom. “They realise now the deep transformation of the kingdom. There's nothing that can prevent change now,” said Ms Barbier.
France has had a close relationship with Saudi Arabia for decades, but faces stiff competition from China and the US on business and investments. “France has been trying to relaunch its business relations with Saudi Arabia for several years,” Camille Lons, deputy head of the European Council on Foreign Relations’ Paris office, and a Gulf expert, told The National. “So far success has been limited because both sides expect larger investments than what has materialised.”
France is also pushing to sell about 50 Rafale fighter jets made by Dassault Aviation to Saudi Arabia. Germany has said it may soon reverse the ban on selling its Eurofighter Typhoon jets to Saudi Arabia, and Washington is negotiating a wide-ranging defence package with Riyadh. “France can’t compete with the US but wants to support Saudi Arabia in its drive to diversify its economy,” Ms Lons said.
French President Emmanuel Macron arrives in Saudi Arabia – in pictures
Regional crises in the Middle East were also high on the agenda of discussions between Mr Macron and Crown Prince Mohammed, almost one week after France and the US announced a ceasefire in Lebanon.
Their priority is “to establish a ceasefire without further delay in Gaza, in order to free all hostages, protect the civilian populations through the delivery of humanitarian aid and contribute to the search for a political solution based on the two-state solution”, the French Presidency said.
“The unstable situation in France is proving to be an issue for Macron, who is falling back on foreign policy, which has always been his strong point. Appearing active on the Lebanon ceasefire and continuing to invest in powers such as Saudi Arabia is clearly important for him,” Ms Lons added.
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The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Naga
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UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E666hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20at%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ1%202023%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh1.15%20million%20(estimate)%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
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Forced%20Deportations
%3Cp%3EWhile%20the%20Lebanese%20government%20has%20deported%20a%20number%20of%20refugees%20back%20to%20Syria%20since%202011%2C%20the%20latest%20round%20is%20the%20first%20en-mass%20campaign%20of%20its%20kind%2C%20say%20the%20Access%20Center%20for%20Human%20Rights%2C%20a%20non-governmental%20organization%20which%20monitors%20the%20conditions%20of%20Syrian%20refugees%20in%20Lebanon.%3C%2Fp%3E%0A%3Cp%3E%E2%80%9CIn%20the%20past%2C%20the%20Lebanese%20General%20Security%20was%20responsible%20for%20the%20forced%20deportation%20operations%20of%20refugees%2C%20after%20forcing%20them%20to%20sign%20papers%20stating%20that%20they%20wished%20to%20return%20to%20Syria%20of%20their%20own%20free%20will.%20Now%2C%20the%20Lebanese%20army%2C%20specifically%20military%20intelligence%2C%20is%20responsible%20for%20the%20security%20operation%2C%E2%80%9D%20said%20Mohammad%20Hasan%2C%20head%20of%20ACHR.%3Cbr%3EIn%20just%20the%20first%20four%20months%20of%202023%20the%20number%20of%20forced%20deportations%20is%20nearly%20double%20that%20of%20the%20entirety%20of%202022.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESince%20the%20beginning%20of%202023%2C%20ACHR%20has%20reported%20407%20forced%20deportations%20%E2%80%93%20200%20of%20which%20occurred%20in%20April%20alone.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EIn%20comparison%2C%20just%20154%20people%20were%20forcfully%20deported%20in%202022.%3C%2Fp%3E%0A
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%3Cp%3EInstances%20of%20violence%20against%20Syrian%20refugees%20are%20not%20uncommon.%3C%2Fp%3E%0A%3Cp%3EJust%20last%20month%2C%20security%20camera%20footage%20of%20men%20violently%20attacking%20and%20stabbing%20an%20employee%20at%20a%20mini-market%20went%20viral.%20The%20store%E2%80%99s%20employees%20had%20engaged%20in%20a%20verbal%20altercation%20with%20the%20men%20who%20had%20come%20to%20enforce%20an%20order%20to%20shutter%20shops%2C%20following%20the%20announcement%20of%20a%20municipal%20curfew%20for%20Syrian%20refugees.%3Cbr%3E%E2%80%9CThey%20thought%20they%20were%20Syrian%2C%E2%80%9D%20said%20the%20mayor%20of%20the%20Nahr%20el%20Bared%20municipality%2C%20Charbel%20Bou%20Raad%2C%20of%20the%20attackers.%3Cbr%3EIt%20later%20emerged%20the%20beaten%20employees%20were%20Lebanese.%20But%20the%20video%20was%20an%20exemplary%20instance%20of%20violence%20at%20a%20time%20when%20anti-Syrian%20rhetoric%20is%20particularly%20heated%20as%20Lebanese%20politicians%20call%20for%20the%20return%20of%20Syrian%20refugees%20to%20Syria.%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Killing of Qassem Suleimani
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs
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China and the UAE agree comprehensive strategic partnership
China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.
1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.
2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe.
3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.
4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects.
5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.
6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.
7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime.
8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism.
9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.
10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.
Specs
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