France received €15 billion ($16.2 billion) in investment commitments amid announcements as companies including Microsoft, Amazon and Pfizer, as well as financial institutions such as JP Morgan and Morgan Stanley, look to boost their presence in EU's second-largest economy.
Foreign direct investment topped the €13 billion in commitments the French economy received from global investors last year as President Emmanuel Macron hosted 180 chief executives at the Chateau de Versailles for the “Choose France” summit.
Corporate leaders and institutional investors, as well as some of the top sovereign wealth funds from the Middle East, were among those that gathered in Paris on Monday.
In its seventh iteration, the summit is part of the French government’s efforts for green re-industrialising and instituting regulatory reforms to bring in more FDI, as France looks to establish itself as centre of commerce and finance in the European bloc.
France has received investment commitments for 56 projects across sectors, which were unveiled by Mr Macron during his keynote address on Monday evening.
“I want to thank you for your trust and for these [investment] decision,” he said. “These projects bring a lot more than just investments in the economy.”
Microsoft led the pack of investors with a €4 billion announcement to develop its artificial intelligence and cloud infrastructure in France.
The company will also help in training a million people and extend support to 2,500 AI start-ups until 2027 in France as part of its investment commitment, it said.
This is the latest AI investment by the US company. This year, Microsoft joined France’s Mistral AI in a €15 billion, multi-year deal to help accelerate its development.
In April, Microsoft also announced a $1.5 billion investment in Abu Dhabi’s AI company G42 to advance its global AI ambitions.
Amazon has also laid out plans to invest €1.2 billion on infrastructure and computing, while pharmaceutical companies Pfizer and Sanofi are also investing €500 million and €1 billion, respectively, the Elysee Palace announced earlier.
Morgan Stanley is also expanding its European campus in the French capital, featuring a global research centre, Bloomberg quoted French Finance Minister Bruno Le Maire as saying on Saturday.
First Abu Dhabi Bank, the biggest UAE bank by assets, and Nigeria’s Zenith Bank are also set to open offices in Paris. The move will help French companies invest in the GCC and in English-speaking Africa, the minister added.
Mr Le Maire also hosted a lunch on Monday with global bankers, including top bosses from JP Morgan, Goldman Sachs and Bank of America, as well as private equity company KKR.
Morgan Stanley, which has already increased its Paris staff to about 400 from 150 since 2021, and will add 100 more people across all of its Paris divisions, including its research and development centre, Bloomberg quoted a Morgan Stanley representative as saying.
The new investment announcements are expected to significantly boost jobs in France; the 28 projects announced last year accounted for more than 8,000.
The Inaugural Choose France summit in 2018 received €2.1 billion in FDI pledges for 10 projects, and even during Covid in 2020, the country received €607 million in FDI commitments.
The scale has risen steadily since to almost €10.8 billion in 2022, according to government data.
France has instituted tax reforms and is pushing to simplify the business environment to attract FDI.
It is focused on re-industrialising the economy, with major investments in making green batteries and hydrogen, as well as artificial intelligence, which are central planks of the country’s innovation policy.
Paris, which is trying to lower national debt and boost growth momentum, is pursuing the France 2030 Investment Plan, an overarching agenda that aims to attract €54 billion in FDI by the end of this decade.
“This is the fifth year we are the number one in terms of attractiveness [for investment in Europe] … because for the first we had to work hard, after that we delivered and then we maintained,” Mr Macron said.
“This is, for me, the best evidence … that our reforms and our agenda are producing results.”
Mr Macron, a former Rothschild investment banker, also held a series of private investment roundtable meetings with chief executives of several private companies on Monday, according to Elysee Palace officials.
One private session focused on the AI and quantum investment opportunities in France, while the other presented investment in the decarbonisation sector to global investors.
Mr Macron also attended a private session with top executives from Indian companies.
He held bilateral meetings with chief executive of Novartis, Vasan Narasimhan, chief executive of Svolt Energy Hongxin Yang, and Lakshmi Mittal, top boss of ArcelorMittal.
Heads of private sector companies, as well as sovereign wealth funds from the broader Middle East, especially the GCC, also have a strong showing at the Chateau de Versailles on Monday.
Chief executives of the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, Qatar Investment Authority, Kuwait Investment Authority, Bahrain’s Mumtalakat, representatives of Mubadala Investment Company in Abu Dhabi and Bahrain-based alternative investment company Investcorp are among those attending the summit, according to the French officials.
They also attended some of the private sessions, including two with Mr Macron on AI and quantum investing as well as in the green energy sector.
France has deep trade, economic and political ties with Arab nations in the broader Middle East and North Africa region, especially with oil-exporting countries in the GCC.
Bilateral trade between the UAE and France reached €7 billion last year and is expected to increase further this year amid the deepening of investment and trade ties between the two countries, France’s Minister of Foreign Trade and Economic Attractiveness, Franck Riester, told The National in February.
The two countries also launched UAE-France Business Council in 2022, which is jointly led by Dr Sultan Al Jaber, managing director and group chief executive of Adnoc and chairman of Masdar, and Patrick Pouyanne, chairman and chief executive of France’s TotalEnergies.
The council is made up of 18 chief executives selected for their interest in strengthening investments between the two countries and held its second meeting this year in Paris.
Beyond the UAE, Paris has also managed to secure investment commitments from other GCC countries including Qatar and Saudi Arabia.
On Monday, QIA announced its intent to “anchor” an investment commitment in Ardian Semiconductor, reflecting the goal of enhancing the semiconductor industry in France and Europe.
“This investment demonstrates QIA’s position as the financial partner of choice in key technology sub-sectors, including semiconductor and semiconductor supply chain,” QIA said in a statement.
In February, Qatar announced more than $10 billion in investments in French start-ups and investment funds.
Last year, Saudi Arabia and France also signed 24 agreements worth $2.9 billion at the France-Saudi Investment Forum in sectors including clean energy, manufacturing, aviation, energy and health care, the state-owned Saudi Press Agency said at the time.
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE currency: the story behind the money in your pockets
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
