As part of the visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may God protect him – to the Russian Federation, the first Saudi-Russian Investment Forum, entitled "Investment towards building a strong partnership," was launched this morning. The forum is organized by the General Investment Authority in cooperation with the Council of Saudi Chambers and the Saudi-Russian Joint Council, with the participation of 200 businessmen and representatives of major Saudi and Russian companies.
Implementation of 25 joint economic projects
The visit aimed to develop partnerships and trade relations between the two business sectors, in order to achieve the aspirations of the leadership of the two friendly countries. At the beginning of the forum, the Russian Minister of Energy, Alexander Novak, delivered a speech in which he expressed his happiness at the visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, to the Russian Federation, stressing its positive impact on supporting diplomatic and economic partnership relations between the Kingdom and Russia. He explained that it is time to raise the level of partnerships between the two sides, expand and activate them through the conclusion of fruitful cooperation agreements in a way that increases the volume of bilateral relations between the two countries for the better.
He explained that the areas of cooperation between the Kingdom and Russia are proceeding as planned, and are diverse in the sectors of industry, health, infrastructure, agriculture, tourism, technology, nuclear energy, and water desalination, in addition to cooperation in the fields of oil and gas; noting that the two countries are currently seeking to implement 25 joint economic projects that will increase positive cooperation between the two countries.
Al-Qasabi: Alliances between Saudis and Russians to build successful partnerships
For his part, the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al-Qasabi, delivered a speech in which he expressed thanks and appreciation to the Russian government for hosting the Saudi-Russian Investment Forum, and expressed his high hopes for developing trade and investment exchange between the two friendly countries.
Al-Qasabi explained that the Kingdom of Saudi Arabia, under its Vision 2030, is keen to develop and encourage investment and the contribution of the private sector and to overcome the challenges it faces in accessing goods and services, in light of the openness of markets and the existence of systems that protect investors to enhance and develop its trade and investment relations that meet the current and future trends of the Russian economy.
In concluding his speech, he expressed his hope that this forum would achieve the goals for which it was convened, including creating value-added trade and investment opportunities, and establishing alliances between Saudi and Russian businessmen and women to build successful partnerships.
Al-Falih: Focus on new industries and support entrepreneurship
In his speech, the Minister of Energy, Industry and Mineral Resources, Engineer Khalid bin Abdulaziz Al-Falih, affirmed the leading role of the Kingdom and Russia in promoting stability and confidence in global oil markets. Al-Falih explained that strengthening cooperation between the two countries has also resulted in launching promising opportunities for cooperation and mutual investment between the two countries in their endeavor to develop their economies. Among the most prominent of these was the announcement during the past period of the intention of the Public Investment Fund in the Kingdom to enter into investments with the Russian Direct Investment Fund. He pointed out that during this historic visit, three agreements will be officially announced to implement the directive, specifically in the fields of energy, advanced technologies and infrastructure.
In this regard, he stressed the need to focus on investing in new industrial and economic sectors based on technology, while supporting entrepreneurship and adopting ideas that would transform innovations into products that generate attractive returns, and to pay greater attention to the factors that support this, such as consolidating intellectual property protection systems and providing venture capital. He also stressed the need to focus on developing the necessary regulatory frameworks and mechanisms for this in both countries.
Age: The Kingdom's location is a launchpad for Russian products
For his part, the Governor of the General Investment Authority, Engineer Ibrahim bin Abdulrahman Al-Omar, affirmed that they encourage Russian companies to explore the opportunities available to them in the Saudi market, as the ambitious Vision 2030 targets investments in several sectors that represent promising investment opportunities. Among these sectors are: the transportation sector, the oil and gas sector, the agriculture sector, the space research sector, the renewable energy sector, the localization of industry, and other opportunities. He emphasized that the Kingdom’s strategic location represents a launching pad for Russian products towards Africa and other regions of the world.
Al-Rajhi: Developing the industrial, commercial and tourism sectors
Following that, the Chairman of the Council of Saudi Chambers, Engineer Ahmed bin Suleiman Al-Rajhi, delivered a speech in which he explained that the Kingdom, in addition to targeting food security, aims to develop the industrial, commercial and tourism sectors, and works to benefit from the advantages it has as the Arab and Islamic depth, a leading investment power and a hub connecting the three continents of the world. It has many investment opportunities that will be activated, God willing, by the wise leadership that adopted the Kingdom’s Vision 2030 and the National Transformation Program 2020, in which the Russian side can participate.
Four licenses were granted to Russian companies.
After that, Engineer Al-Omar handed over four work licenses to Russian companies to invest in the Kingdom. The opening ceremony of the forum was attended by a number of private sector officials, and more than 200 senior businessmen and company heads, representing various investment sectors in both countries.
Engineer Al-Falih added: “In today’s world, as we witness Russia’s strengths in science and technology, I see tremendous opportunities for our two countries to work together to establish and develop world-leading future businesses in both countries, focusing on high-value, advanced technology sectors, and investing in
He said: To capitalize on the promising opportunities I mentioned, this historic visit will witness the signing of agreements and memoranda of understanding in many areas of interest to both countries, including those related to the energy, industry and mineral resources system, including cooperation in the areas of peaceful uses of atomic energy, exploration of outer space and military industries, development of satellite navigation and others.
