Riyadh – Mubasher: Saudi Arabia is seeking to invest $1 billion in unprecedented deals in Russia, the Russian minister of energy Alexander Novak told TASS.
The Saudi King Salman bin Abdulaziz’s visit to Russia will bolster diplomatic and economic ties between both countries, Novak commented during the Russian-Saudi investment forum in Moscow on Thursday.
Novak added that the Russian Direct Investment Fund (RDIF) and the Public Investment Fund of Saudi Arabia (PIF) have collaborated to invest more than $1 billion in joint projects in Russia, according to the Russian news agency.
These projects include construction of a petrochemical complex, construction of a small hydropower plant, logistics companies, Pulkovo Airport and the Renaissance building complex, he highlighted.
The minister noted that Saudi Arabia is currently reviewing the execution of more than 25 joint projects in various economic sectors.
"We have just agreed with my counterpart, co-chairman [of the Intergovernmental Commission] Mr. Al Qasabi [minister of trade and investment Majed Bin Abdullah Al Qasabi], that we will set up a special working group that will oversee the issues of reducing administrative barriers and obstacles for the development of business ties between our two countries," he continued.
The Russian minister indicated that both parties shared a mutual interest in the fields of technology and nuclear power to develop electricity generation in the Kingdom and serve both countries common interests.
King Salman arrived in Moscow on Wednesday to strengthen the Russian-Saudi ties.
