Saudi’s PIF, Bpifrance Assurance Export sign $10bn MoU to support key projects

Saudi Arabia’s Public Investment Fund (PIF) and Bpifrance Assurance Export, the French government’s export credit agency, have signed a memorandum of understanding (MoU) worth up to $10bn, aimed at enhancing their bilateral partnership and supporting the kingdom’s ambitious Vision 2030 goals.

The five-year agreement focuses on providing financing solutions to PIF and its portfolio companies, marking a significant step in the growing financial collaboration between Saudi Arabia and France.

The MoU is also expected to create new opportunities for commercial partnerships between Saudi and French companies, with a focus on supporting projects aligned with Vision 2030, which aims to diversify the Saudi economy and reduce its dependence on oil.

The sovereign wealth fund, as a key driver of Saudi Arabia’s economic transformation, has played a critical role in reshaping the kingdom’s economic landscape by investing in new sectors, creating jobs, and fostering innovation.

The partnership with Bpifrance Assurance Export will further enable the sovereign wealth fund to leverage financing support for its expanding portfolio, particularly in strategic sectors crucial to Vision 2030.

Strengthening Franco-Saudi Ties

Rasees AlSaud, head of Financial Institutions and Investor Relations at PIF, described the MoU as an important milestone in PIF’s strategy to deepen its global financial partnerships.

“This MoU is another milestone in PIF’s strategy to further strengthen its range of strong relationships with leading international financial institutions and export credit agencies,” AlSaud said. “It will unlock new opportunities for French and Saudi companies to build new collaborations, as well as exchange knowledge and experience, resulting in mutually beneficial outcomes.”

The agreement is expected to enhance Franco-Saudi commercial ties, with a focus on increasing trade flows and developing new opportunities for French companies to partner with Saudi firms in key sectors such as infrastructure, energy, technology, and manufacturing.

Denis Le Fers, general director of Bpifrance Assurance Export, underscored the strategic significance of the deal. “This agreement will mutually benefit both countries by strengthening Franco-Saudi commercial relationships, increasing trade flows, and developing opportunities for French companies to forge new partnerships, as well as contributing to the development of Saudi Vision 2030,” Le Fers stated.

The partnership is poised to support a variety of initiatives under Vision 2030, particularly those aimed at transforming Saudi Arabia into a global investment hub. Through the collaboration, French businesses will gain access to emerging opportunities in the Saudi market, while the sovereign wealth fund will benefit from French expertise and financing support to accelerate its investments and infrastructure projects.

PIF: A catalyst for economic diversification

PIF has become one of the world’s most impactful sovereign wealth funds, with a mandate to drive the diversification of the Saudi economy.

Since its transformation in 2017, the sovereign wealth fund has established 99 companies and has actively invested in sectors ranging from renewable energy to advanced technology, to create new industries and high-quality employment opportunities.

The MoU with Bpifrance Assurance Export marks another step in PIF’s efforts to attract global capital, enhance bilateral cooperation, and support Saudi Arabia’s broader economic transformation.

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