Saudi Arabia, France sign nuclear, military and economic cooperation accords

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Thursday 25 Jun 2015 - 13:21 Makkah mean time-8-9-1436 Saudi-French signing ceremony of cooperation agreements Paris (IINA) – French President Francois Hollande and Saudi Arabia's Deputy Crown Prince Muhammad bin Salman witnessed at the Elyse Palace here on Wednesday, the signing ceremony of a number of bilateral accords between Saudi Arabia and France in the presence of the two countries’ delegations. The state-run Saudi Press Agency (SPA) reported that the accords included the conducting a feasible study of launching two nuclear reactors in the Kingdom by the French AREVA company;  cooperation in the health-related domains; technical cooperation in the industrial field that includes cooperation in promoting industrial exports, increasing bilateral trade volume, exchange of commercial, industrial and experience information related to industrial policies and creativity to contribute in backing up and raising the competitiveness of small and medium and start-up firms. According to the signed agreements, France will supply the Saudi Border Guards with 23 Helicopters from Airbus at the cost of $ 470 million, and the Saudi Public Investment Fund will finance some operations that meet the French Exports' Credit Company (COFACE)'s applicable conditions of credit. A Memorandum of Understanding (MoU) between the Saudi Arabian Airlines and Airbus was signed, to hasten the delivery of 50 Airbus planes including 20 regional Airbus-330 planes, making the Saudi Airlines the first operator, in the world, to use this model in domestic and regional flights' service. The MoU also included the delivery of 30 Airbus-320 planes, the most sold aircraft in the world, in order to consolidate Saudi Airline capabilities to serve local aviation. The bilateral agreements further included scientific cooperation between King Abdul-Aziz City for Science and Technology and the French National Center for Applied Research; investment MoU which stipulates that the Saudi Investments Fund and other Saudi financial institutions shall invest in private ownership companies in France; and a MoU in the domain of radioactive waste management between King Abdullah City for Atomic and Renewable Energy and the French Institute for Protection against Radioactive and Nuclear Safety. AB/IINA