Meanwhile, French Defence Minister Jean-Yves Le Drian announced during a press conference in Riyadh that the kingdom intends to purchase 30 French naval corvettes before the end of this year.
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The two sides also signed deals in Riyadh for $2 billion worth of Saudi public investment in French private funds with a focus on renewable energy and signed a letter of intent for cooperation in that sector.
On Saturday, Egypt signed a deal with France to buy two Mistral warships originally ordered by Russian Federation.
In a joint communique issued following the forum, it was revealed that the 2nd session of the France-Saudi Arabia Joint Commission responsible for the implementation of the program of action approved during the official visit of the French president to Saudi Arabia on May 4, was later held in Riyadh on October 13, at the invitation of Prince Mohammed bin Salman, deputy crown prince of Saudi Arabia, minister of defense and chairman of the Council for Economic and Development Affairs.
A French official, who spoke anonymously because he was not authorized to speak to the media, says a military helicopter deal is also expected to be signed in Riyadh.
For the Kingdom, expanding its ties with France is part of its effort to build new alliances beyond traditional defense partner the USA, to counter its regional rival Iran.
Valls on Monday night opened the Saudi-French Business Opportunities Forum to promote commercial ties between firms from the two countries.
Saudi Arabia has the most stability in the region, said Binladin, but admitted the low prices of oil were a challenge.
About 200 French companies also attended the forum, seeking contracts with the kingdom.
CEO of Business France Muriel Penicaud presented reasons to invest in France, referring to France’s high level infrastructure, openness to invest, competitive set up costs, productive workforce, its aim for innovation, its growing Gulf presence, and more.
They come amid increasing scrutiny of Saudi Arabia’s human rights record and its ongoing military campaign in Yemen.
A Downing Street spokesperson said, “This bid to provide the additional training to Saudi Arabia has been reviewed and the government has decided that it won’t be proceeding with the bid”. France and Saudi Arabia are both part of the U.S.-led coalition bombing IS.
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The investment plan in the transportation sector, prepared by the Ministry of Transport in cooperation with the Saudi Arabian General Authority for Investment (SAGIA), also identified 36 promising investment opportunities potentially worth up to $25 billion.
