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‘Imaginative and prescient Golfe’ to develop into convention of reference between France and GCC says French enterprise commissioner
DUBAI: The connection between France and the Gulf nations has undergone important political, financial, and cultural developments over the previous few years.
In an interview with Arab Information en Francais, Axel Baroux, commerce and make investments commissioner of Enterprise France Center East, introduces the upcoming occasion “Imaginative and prescient Golfe 2023.”
The anticipated convention of the yr: “Imaginative and prescient Golfe”
“Within the period of ‘visions,’ I’m happy to announce that we’re organizing the primary version of ‘Imaginative and prescient Golfe’ on June 13 and 14,” declared Axel Baroux.
The 2-day occasion, held in Paris, goals to develop into the financial convention of reference for France and the Gulf Cooperation Council nations. “Imaginative and prescient Golfe” will happen on the Ministry of Economic system, Finance, Trade and Industrial and Digital Sovereignty, underneath the patronage of President Emmanuel Macron.
“Imaginative and prescient Golfe” is the brand new platform selling enterprise cooperation in excessive development potential markets, and a chance to fulfill key financial gamers — ministers, SME managers, start-ups, and senior executives, amongst others.
Regardless of the challenges dealing with the worldwide economic system, the GCC nations’ financial diversification technique, geared in direction of sustainable growth and power transition, affords an setting conducive for attracting skills and investments in numerous sectors comparable to power, healthcare, know-how, agri-food, and tourism.
“France is totally dedicated to collaborating and contributing to the visions of the Gulf nations with its experience in key sectors and its robust decarbonization technique,” Baroux stated.
Saudi Arabia and the UAE are the most important markets in a area marked by appreciable development in commerce. Baroux highlighted that the French exports to the GCC had been valued at €15 billion ($16.5 billion) in 2022.
Finest practices and success tales
“Imaginative and prescient Golfe” shall be a chance to current “success tales” and main partnerships’ contributions to the methods of Gulf nations.
On the agenda is a gap speech by Laurent Saint Martin, the director basic of Enterprise France, within the presence of French and regional ministers, and a “Doing Enterprise” within the Gulf nations session, moderated by the GCC Secretary-Basic Jasem Al-Budaiwi.
Thematic discussions and spherical tables are deliberate, with an inventory of subjects together with however not restricted to:
– Finest practices for constructing lasting partnerships;
– Alternatives for cooperation and funding in numerous sectors;
– France as essentially the most enticing vacation spot in Europe for international direct funding.
Commerce relations between France and the GCC nations
“The business partnership between the GCC nations and France is a vital factor and a precedence for the French authorities,” stated Baroux.
To this finish, Enterprise France Center East organizes greater than 70 enterprise conferences, acceleration applications and France pavilions per yr to attach French firms and native entities and facilitate funding alternatives.
“ instance of a partnership which shall be efficient within the coming weeks is E-Fusion. A cooperation settlement specializing within the nuclear sector organized collectively with the Emirati operator, GIFEN, CSFN (the strategic committee for the nuclear sector) and Enterprise France. An incubation program resulting in the event of the French financial presence within the UAE,” declared Baroux.
French know-how: Robust potential within the Gulf area
The French presence within the area is nicely established. Within the power sector, Veolia and Engie invested within the power transition of the Gulf nations.
France can be stepping up its investments in renewable and nuclear power in keeping with the France 2030 Plan, and “its declared ambition to develop into the primary main carbon-free economic system in Europe by attaining carbon neutrality by 2050,” explains Baroux.
Within the healthcare sector, French prescription drugs comparable to Ipsen, Air Liquide, and Sanofi are current within the Kingdom and within the UAE.
Within the meals trade, the UAE is turning into a horny vacation spot for French firms establishing a robust presence within the nation with greater than 400 eating places and factors of sale of French merchandise (Philibon, St Michel, Isigny Ste Mere, and so on.)
Baroux emphasizes the rise of French-style ideas in Saudi Arabia, the place French know-how has managed to place itself as a reference in catering centered on high quality and excellence.
Within the logistics and transport sector, the France-GCC collaboration goals to enhance infrastructure. One of many largest railway initiatives on the planet, the undertaking between Makkah and Madinah, was carried out by a French consortium (SNCF, RATP and Alstom).
Investments from the Center East to France
France has at all times been a most popular vacation spot for buyers from the Gulf states, together with sovereign wealth funds, traditionally energetic in actual property, accommodations, infrastructure, and the acquisition of minority stakes in French teams.
Investments from the Gulf states are directed in direction of financial diversification and the alternatives represented by new applied sciences.
France has been in a position to entice this new sort of investments from each institutional buyers and personal teams from the Gulf area.
By way of its US subsidiary GlobalFoundries, the Abu Dhabi sovereign wealth fund Mubadala launched the creation of a semiconductor plant in 2022. An funding of €5.7 billion in partnership with the STMicroelectronics group.
The personal Saudi group BinDawood has, by means of its French subsidiary (Future Retail for Info Expertise Co.), acquired a majority stake within the French digital advertising firm Ykone, to develop its e-commerce technique.
“FDIs from the Close to and Center East area to France are estimated at €13.7 billion, however these figures are underestimated given the monetary investments usually made not directly,” confirmed Baroux.
France and Saudi Arabia: A historic partnership
“France is a historic associate of Saudi Arabia. We’re eager to additional develop France’s place and its contribution to the belief of the megaprojects underneath Imaginative and prescient 2030,” added Baroux.
The Enterprise France workforce in Saudi Arabia helps French firms of their growth initiatives within the Kingdom. The second version of the French Fab Booster is about to function a Franco-Saudi accelerator program centered on modern firms within the areas of Trade 4.0.
“Imaginative and prescient Golfe” is anchored on this dynamic of accelerating business partnerships between France and key gamers within the area, specifically Saudi Arabia, to advertise new alternatives and foster potential synergies throughout numerous sectors.
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