Saudi Arabia has deepened its industrial and energy cooperation with France through a package of agreements worth more than $3.7 billion, alongside a separate financing framework designed to support further expansion of the Kingdom’s electricity network.
Aramco signed procurement agreements with French companies covering drilling equipment and Oil Country Tubular Goods, materials used extensively in upstream oil and gas drilling and well-completion programmes. Aramco Digital also signed a memorandum of understanding with Dassault Systèmes covering potential cooperation in industrial artificial intelligence and digital-twin technologies.
The agreements were announced during a Saudi-French investment roundtable in Paris and form part of a wider package of industrial, transport, digital and financing agreements between companies from the two countries.
In parallel, Saudi Energy signed a cooperation and financing agreement with French state-backed investment bank Bpifrance to support projects involved in developing and expanding Saudi Arabia’s electricity grid. MEED reported on 25 August that the framework could provide financing of up to $3 billion.
The financing arrangement builds on an earlier framework agreed in 2025 and is intended to support procurement and infrastructure investment associated with grid development and stability equipment. BNP Paribas and HSBC are also involved as financing coordinators, according to Saudi reporting.
The programme should create continuing opportunities for suppliers of electrical equipment, transmission infrastructure, drilling products, specialist steel products and industrial technology, while also demonstrating the growing role of international export-finance institutions in supporting Saudi infrastructure development.
Sources: MEED, 25 August 2026; Saudi Gulf Projects, 25 August 2026; Ajel, 24 August 2026; Arab News, 24 August 2026.