Muhammad Bin Salman to focus on renewable energy investment in France

CROWN PRINCE Muhammad Bin Salman, deputy premier and minister of defense will pay an official visit next week to France, expected to focus on investment but also the war in Yemen, French officials confirmed Thursday.

The Crown Prince is expected to arrive Sunday for a two-day official visit starting Monday — the latest stop in an international tour that has already taken him to the US and Britain.

On Tuesday, he will have dinner with President Emmanuel Macron to discuss "a new strategic partnership", with a particular focus on investment in renewable energy and the digital economy, Macron's office said.

"We want a new kind of cooperation, less focused on one-off contracts and more on forward-looking investments, namely in the digital economy and renewable energy, with a shared vision," the presidency added in a statement.

The two leaders will also discuss Middle East conflicts, including the war in Yemen, where a Saudi-led coalition has been carrying out a bombing campaign since 2015 to try to rout Iran-backed Shiite Houthi rebels.

French officials said France was not expected to sign any major deals during the Crown Prince's visit.

Crown Prince Muhammad has already travelled to several Western capitals since his appointment as heir apparent last June, which has ushered in a sweeping reform drive.

During the last leg of his official visit to the United States, Crown Prince held separate wide-ranging talks with a group of presidents and CEOs of giant US media and entertainment industry companies, including Chairman and CEO of The Walt Disney Company Robert Allen Iger on Wednesday. During the meetings, the Crown Prince discussed cooperation and partnership in media and entertainment sectors. In their meeting, the Crown Prince and Iger reviewed the vast scope for bilateral cooperation and investment opportunities in the Kingdom’s entertainment, culture, and film industries. The meetings were attended by Prince Khalid Bin Salman, Saudi ambassador to US.

On the sidelines of the meetings, a summit was held in Los Angeles with the theme of “The Future of Entertainment in the Kingdom of Saudi Arabia.” Leading media personality and entrepreneur Arianna Huffington moderated the panels, which touched on a range of topics, including improving quality-of-life measures.

During the summit, the General Entertainment Authority (GEA) signed a number of agreements with largest entertainment companies in the world. The first agreement was concluded between Cirque du Soleil — known for offering the world’s largest circus shows — and MBC Group, under which Cirque du Soleil will put on its first-ever show for Saudi National Day later this year. More than 1,500 artists will perform in one of the world’s largest shows, to be organized by GEA.

The second agreement of GEA represents a long-term partnership with Feld Entertainment, the Florida-based live touring company, to produce international events, including “Disney on Ice,” “Disney Live,” “Marvel Experience,” and “Monster Jam.” The third deal was inked with National Geographic Explorer under which it will build, in collaboration with GEA and KBW Ventures, 10 new locations for its “Ocean Odyssey,” a walkthrough adventure, starting with a location in Riyadh to open early in 2019.

The fourth agreement was inked with IMG, the leader in the field of events, sports, media, and fashion. Chairman of the Board of GEA Ahmed Al-Khateeb, said that these agreements will boost investments in the Kingdom’s growing entertainment industry.

The Ministry of Culture and Information granted on Wednesday the first license to operate a cinema theater. AMC Entertainment Holdings will partner with the Public Investment Fund (PIF) to open the first theater in Riyadh on April 18 and up to 40 theaters over the next five years. PIF announced that its wholly-owned subsidiary, Development and Investment Entertainment Company, has signed the agreement with AMC. The Kingdom’s plan is to open 30-40 cinemas in approximately 15 cities in the Kingdom over the next five years.

AMC's first cinema will be located in the King Abdullah Financial District in a building originally intended to be a symphony concert hall, AMC Chief Executive Adam Aron said. The main theatre will have about 500 leather seats, orchestra and balcony levels and marble bathrooms, he said. Three more screens will be added by mid-summer. “We think it’s going to be the prettiest movie theatre in the world,” Aron said. To serve a population of more than 32 million, most of whom are under the age of 30, Saudi Arabia wants to set up around 350 cinemas with over 2,500 screens by 2030, which it hopes will attract nearly $1 billion in annual ticket sales.