Saudi Arabia to set up $2 billion fund in France

Saudi Gazette report   RIYADH – France will support Saudi Arabia in building a marine research center, blood plasma producing plant, and a Saudi Fund worth $2 billion. The two countries signed on Tuesday deals in this regard in a ceremony held in the presence of the visiting French Prime Minister Manuel Valls and Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense, at Al-Yamama Palace here, the Saudi Press Agency reported. A cooperation agreement between King Abdulaziz City for Science and Technology (KACST) and French Marine Systems Directorate was signed to build a marine research center. KACST was represented in signing the deal by its President Prince Turki Bin Saud Bin Muhammad. Another agreement for cooperation and training was signed between King Fahd Medical City and France’s Jostav Institute. A letter of intent was signed between King Abdullah City for Atomic and Renewable Energy and the French Nuclear Safety Authority in the field of renewable energy. Another deal was signed for establishing a blood plasma plant in the Kingdom. The Saudi Public Investment Fund signed with two French firms an agreement worth $2 billion for establishing a Saudi fund, which will work jointly with the private funds in France. Meanwhile, Deputy Crown Prince Muhammad Bin Salman, who is also supervisor of the Saudi French Permanent Coordination Committee, chaired the second meeting of the committee here on Tuesday. The meeting discussed ways to enhance bilateral cooperation between the two countries in different fields, besides reviewing the existing coordination in the activities in sectors like energy, investment, armament, infrastructure projects, environment, aviation and public health. Several ministers and high ranking officials from both the countries attended the meeting.