The agreement between France and Saudi Arabia in 2018 aimed at strengthening cultural ties and economic cooperation. It initially promised a significant financial investment for French cultural heritage projects in exchange for assistance in developing AlUla as a tourist destination.
Initially, the projected investment was up to €1 billion, but later estimates settled around €800 million. However, recent reports suggest that the expected financial commitment from Saudi Arabia has decreased dramatically to only €50 million, raising concerns about the viability of the partnership.
This agreement was part of Saudi Arabia's Vision 2030 initiative, which aims to diversify the economy and promote a more open society. French diplomats saw it as an opportunity to extend France's cultural influence and potentially generate new revenue for French businesses.
The assassination of journalist Jamal Khashoggi in 2018 had a significant impact on the momentum of the Saudi-French agreement, straining diplomatic relations and casting a shadow over the cultural project. Negotiations became more prolonged, and the promised financial contributions from Saudi Arabia were repeatedly revised.
Despite the challenges, French officials remained optimistic about the AlUla project and hoped to use the funds for various civil works, such as restoring ancient bridges and provincial castles. However, the lack of commitment from Saudi Arabia and diminishing financial prospects have led to a series of false starts.
French and Saudi negotiators have made efforts to salvage the agreement, but tangible results have yet to be achieved. President Emmanuel Macron's upcoming visit to Saudi Arabia is seen as a critical moment for the agreement, with hopes of renewed commitment from Riyadh.
The fluctuating financial commitments from Saudi Arabia raise broader questions about the future of Saudi-French relations and the effectiveness of cultural diplomacy. The ongoing dialogue between France and Saudi Arabia highlights the complexities of international agreements in the context of shifting political landscapes and economic priorities.