Saudi-Russian Joint Committee Holds 8th Session in Moscow
The Saudi-Russian Joint Committee held its 8th session yesterday in Moscow, the Russian capital. It was presided over by Prince Abdulaziz bin Salman Al Saud, Minister of Energy, and Russian Deputy Prime Minister Alexander Novak. Representatives of various governmental entities from both countries attended the session.
The committee discussed the topics on its agenda that aim to enhance Saudi-Russian relations and cooperation between both countries in a number of vital fields, including fields of energy, trade, economy and investment, information and communication technologies, industry, health, education, media, culture, sports, tourism, transportation, geology, natural resources and agriculture, etc.
Saudi-Russian Relations
Saudi-Russian relations are getting stronger every day. The last period has underscored that these relations are extremely strong and that the two countries are determined to advance those relations in their own interests.
Since 4 years ago, Saudi-Russian relations have developed noticeably in the field of energy. 2017 witnessed the historic visit of King Salman bin Abdulaziz Al Saud to Moscow.
The two countries have been excessively paying and repaying visits over the past 2 years and until now to discuss various fields.
Mutually Beneficial Projects
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), pointed out earlier that RDIF and the Saudi Public Investment Fund (PIF) are working on establishing a mutually beneficial cooperation with more than $ 2.5 billion investments in more than 30 projects.
The investments covered Zap Sib Neftekhim, a Russian petrochemicals company, small hydropower plants in Karelia, a high-speed tram and Pulkovo Airport in St.Petersburg. In addition, these projects included ones in infrastructure, logistics, construction, the industrial sector, retail trade, technology, etc.
Dmitriev stated that the two funds’ investment portfolios had 12% revenues of ROI. 25 new projects, whose value exceeds $10 billion, are underway in different sectors, namely, technology, agriculture, business development in the Middle East and Russia, with extra focus on advanced technology like artificial intelligence.
