Saudi Arabia to pump €6 billion into building three theme parks near Paris

Crown Prince Mohammed Bin Salman wrapped up a two-day visit to Paris on Monday, where he engaged in a joint call with French President Emmanuel Macron. The leaders jointly advocated for the Strait of Hormuz to resume its normal state, condemning attacks on ships and threats to maritime security. They emphasized the need for freedom of navigation, regular shipping traffic, and the absence of any tolls or restrictions, adhering to international law.

This call follows the US' recent broadening of secondary sanctions against Iran, aimed at curbing its attacks on ships in the Strait. Treasury Secretary Scott Bessent warned that countries would have a limited time to cease activities with Iran identified by his office or face sanctions, including the cutting off from the dollar-based financial system.

Iran's response to this pressure has been mixed, with the country closing the Strait after a US-Israeli attack in February, effectively halting nearly 20% of global oil transit. The leaders called for a negotiated solution to address Iran's nuclear program and other issues to prevent further escalation and maintain regional security.

Both France and Saudi Arabia reiterated their solidarity and support for each other, rejecting any attacks on their respective territories. The French President's visit to Damascus marked his first as EU leader since the Assad regime's downfall in December 2024. During the visit, four business and defense agreements were signed, including a $6 billion Saudi investment in building manga-themed amusement parks near Paris and a strengthening of a defense partnership.

Additionally, France and Saudi Arabia signed a memorandum of understanding to foster cooperation in artificial intelligence, quantum computing, and emerging technologies, with French companies signing substantial contracts with Saudi Arabia.