Houthis claim strike on Saudi tanker in latest Red Sea escalation
The missile struck a tanker 63 nautical miles west of Yanbu, setting it ablaze, in the latest strike under the Houthis' announced blockade of Saudi Arabia, threatening its ability to export millions of barrels of crude oil per day.
Saudi Arabia's Investment Minister Fahd Al-Saif assured French investors during a Paris roundtable on Monday that the Kingdom is eager to welcome French businesses and bolster economic ties between the two nations. The Saudi-French Investment Roundtable commenced with officials emphasizing Saudi Arabia's openness to international investors and the Kingdom's aspiration to entice more French capital.
Addressing the gathering, Minister Al-Saif stated that Saudi Arabia extends its welcome to all investors, highlighting the country's keen interest in attracting fresh French investments.
The minister pointed out that Saudi Arabia has already welcomed hundreds of French companies, with the oil and gas sector being among the primary beneficiaries of enhanced Saudi-French collaboration. He also noted that Saudi Arabia's financial market ranks as one of the fastest-growing, paralleled by the Ministry of Finance's signing of a joint statement with Bpifrance to provide a $5 billion credit line.
France remains the fourth-largest source of foreign direct investment in Saudi Arabia, with €16.3 billion in 2024. Around 60% of French foreign direct investment (FDI) stock in the Kingdom is concentrated in manufacturing.
French companies are actively expanding their presence in Saudi Arabia across various sectors, including industry, energy, transport, and construction. Additionally, they are venturing into new domains such as artificial intelligence, digital infrastructure, culture, and mining. Bilateral trade between Saudi Arabia and France reached €10.1 billion in 2025, reflecting an annual growth rate of 7.2%.
The French business presence in the Kingdom encompasses 651 investment licenses across 18 sectors. Concurrently, the Saudi Public Investment Fund allocated approximately €7.36 billion to France between 2017 and 2024, underscoring the bilateral nature of investment relations.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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