On the occasion of the Saudi-Russian Business Forum, which will be held in St. Petersburg, Russia, on Wednesday, a report published by the General Investment Authority stated that the number of Russian investment licenses did not exceed 22 investment projects, distributed across the construction, building, mining, iron and glass industries, and administrative, support and assistance services sectors, highlighting the most prominent areas available to the Russian business sector to benefit from these opportunities.
The report stated that the Kingdom's presence among the world's 20 largest economies and one of the world's fastest-growing countries, its fourth-place ranking globally in terms of macroeconomic stability, along with open and flexible economic policies, empowerment of the private sector, financial systems, and political and security stability, have made the Saudi economy immune to any economic and political fluctuations witnessed by different countries around the world. The presence of the most important advantages that the economy enjoys has given it a special advantage and made it an attractive environment for investment, especially since its strategic location has given it the ability to access and benefit from regional and international financial programs and incubators, as it represents the center between East and West with access to 300 million consumers within three hours of travel, as well as a huge gathering of young people and workers comprising 10.9 million people, and a growing economy capable of competing globally, and focusing on developing large-scale infrastructure and sectoral diversification.
The report estimated the volume of trade exchange between the Kingdom and Russia at about 1.3 billion, and that Russia’s exports to the Kingdom consisted of barley, iron, wheat and oils, while the Kingdom’s exports to Russia consisted of ethylene crystals, synthetic fibers and plastic sheets.
The report addressed the most prominent investment systems and facilities in the Kingdom, most notably the foreign investment system, which includes a number of advantages, including: full foreign ownership is available for companies, factories, equipment, projects and properties, an investment-friendly system that includes incentives, facilities and services, 38 bilateral trade agreements with partners that provide stronger rights for the foreign investor, the existence of double taxation agreements with many major countries, and equal treatment for foreign and local investors.
