By Innovation-sa on April 15, 2018 in News

As part of Crown Prince Muhammed bin Salman’s Paris visit, 20 economic pacts worth $18 billion were signed between Saudi Arabia and France, reported Al Arabiya TV.

MoUs were inked between Saudi And French companies in several sectors including energy, petrochemicals, trade, aviation, water treatment, tourism, health, agricultural and cultural activities.

State-owned oil giant Saudi Aramco entered into a major agreement with French petrochemical giant Total. The first deal worth $7.2 billion is to establish a new petrochemical complex in collaboration with SATORP, and the other is a trade agreement worth $3 billion.

Another agreement was signed in the aviation sector between Saudi Arabia’s Fly NAS and General Electric-Safran to establish a $5.5 billion joint venture between General Electric and Saudi-based Safran for manufacturing plane engines.

In addition, Saudi Crown Prince and French President Macron discussed a “strategic partnership” that could lead to a contract when Macron visits Saudi Arabia by the end of 2018.