200 Saudi, Russian businessmen to promote partnerships, investment opportunities

Saudi Aramco, SAGIA will organize business forums in Moscow

JEDDAH: King Salman’s visit to Russia will witness a series of joint economic functions that will bring together 200 representatives of Saudi and Russian companies to promote commercial partnerships and relations.

Saudi Aramco will participate in a range of high-level engagements and activities including an exhibit throughout the three days which form the business component of the royal visit, alongside other key Saudi entities.

The highlight will be the “SaudiRussian Business Investment Forum” to be held in Moscow under the theme: “Investment, Toward Building a Strong Partnership.” The forum will be officially opened by Russia’s Minister of Energy, Alexander Novak.

The forum will serve as a strategic platform for Saudi Aramco to promote its initiatives in supporting Vision 2030, and the industrial localization program In-Kingdom Total Value Add (IKTVA), which can potentially attract Russian market-leading companies to offer skills development and technological expertise.

During the visit, the Saudi Arabian General Investment Authority (SAGIA) will also organize a one-day forum in Moscow on Saudi-Russian investments in cooperation with the Council of Saudi Chambers (CSC) and the joint Saudi-Russian Council, in the presence of a number of Saudi and Russian ministers, and members of the private sector.

The forum will be addressed by Saudi Minister of Commerce and Investment Majid Al-Qassabi, Minister of Energy, Industry and Mining Resources Khalid Al-Falih, Governor of SAGIA Ibrahim Al-Omar, the board chairman of the CSC, Ahmed Al-Rajhi, the Russian minister of energy, and a number of Russian economic officials.

SAGIA will also present a number of investment opportunities for Russian investors. There will also be a presentation on Vision 2030.

Participating Saudi and Russian companies will organize three panel discussions: The first on bolstering bilateral investment; the second on industry and localization of production; and the third on agriculture.

The panel discussions will be joined by the Governor of Saudi Grains Organization Ahmed Al-Faris; the supervisor of the Public Investments Fund, Yasir Al-Rimayyan; President of General Transport Authority Rimaih Al-Rimaih; President and CEO of Saudi Aramco Amin Al-Nasir, Deputy Board Chairman of SABIC Yusuf Al-Binayyan, and a number of Russian officials.

On the sidelines of the forum, SAGIA plans to organize an exhibition to highlight its efforts in working with foreign investors and mechanisms of investment in the Kingdom.

Economic cooperation between the Kingdom and Russia cover different areas such as mineral resources, transport, infrastructure, information security, oil and gas, food security, agro investment, housing and real estate development, tourism, downstream industries and petrochemicals, nanotechnology, advanced technology, electric and renewable energy, financial resources, desalination technology and health care.