Russia and Saudi Arabia Strengthen Economic Ties, Expand Investment Cooperation

Strategic Insights -

Russian Deputy Prime Minister Alexander Novak met with Saudi Arabian Minister of Energy Prince Abdulaziz bin Salman Al Saud on the sidelines of the Russian Energy Week international forum, where they discussed current issues of cooperation in key economic sectors. The two countries have been experiencing dynamic growth in bilateral trade, with the trade volume increasing by 62.7% last year. Investment cooperation is also showing positive momentum, with Russian investment in Saudi Arabia growing sixfold in one year and Saudi investment in Russia increasing by 11%.

The two countries have implemented over 40 joint investment projects in various sectors, including information technology, transportation, infrastructure, petrochemicals, and energy. They also discussed the possibility of developing joint projects in liquefied natural gas (LNG), hydroelectric, and nuclear energy. Cultural, educational, and tourist ties between Russia and Saudi Arabia continue to strengthen, with a significant increase in mutual tourist traffic over the past five years.

Key Takeaways:

  • The joint investment projects between Russia and Saudi Arabia have grown dynamically, with a 62.7% increase in trade volume last year.
  • Russian investment in Saudi Arabia has increased sixfold in one year, while Saudi investment in Russia has grown 11%.
  • Over 40 joint investment projects have been implemented in various sectors, including information technology, transportation, infrastructure, petrochemicals, and energy.
  • The two countries are discussing the possibility of developing joint projects in LNG, hydroelectric, and nuclear energy.
  • Cultural, educational, and tourist ties between Russia and Saudi Arabia continue to strengthen, with a significant increase in mutual tourist traffic over the past five years.
  • The number of Saudi tourists visiting Russia has increased eightfold, while Russian tourists traveling to Saudi Arabia have nearly tripled over the past five years.
  • Direct flights between the two countries were established this year.

Statistics:

  • Bilateral trade between Russia and Saudi Arabia increased by 62.7% last year.
  • Russian investment in Saudi Arabia grew sixfold in one year.
  • Saudi investment in Russia increased by 11% over the past year.
  • Over 40 joint investment projects have been implemented between Russia and Saudi Arabia.
  • Trade volume between Russia and Saudi Arabia is growing dynamically.
  • Mutual tourist traffic between Russia and Saudi Arabia has increased significantly over the past five years.

Sources:

  • "Russian Deputy Prime Minister holds meeting with Saudi Arabian Minister of Energy."

Source: Government of the Russian Federation.

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