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International cooperation

Russia and Saudi Arabia Strengthen Economic Ties with Growing Cooperation

Strategic Insights

— 1 min read

Russian Deputy Prime Minister Alexander Novak and Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman emphasized the importance of their countries' economic partnership during their meeting on the sidelines of the Russian Energy Week International Forum. The cooperation between Russia and Saudi Arabia is flourishing, with bilateral trade growing dynamically by 62.7 percent last year. The two nations have also implemented over 40 joint investment projects across various fields, with a focus on energy cooperation and joint projects in liquefied natural gas (LNG), hydro- and nuclear energy.

Key Takeaways:

  • The trade volume between Russia and Saudi Arabia increased by 62.7 percent last year.
  • The total volume of accumulated Russian investment in Saudi Arabia grew sixfold over the year, while Saudi investment in Russia increased by 11 percent.
  • Over 40 joint investment projects have been implemented across various fields, including cybertechnology, transport, infrastructure, and petrochemicals.
  • Energy cooperation is a priority, with discussions on joint projects in liquefied natural gas (LNG), hydro- and nuclear energy.
  • Cultural, educational, and tourism ties between Russia and Saudi Arabia continue to expand, with mutual tourist flows growing significantly over the past five years.
  • Direct flights between the two countries were launched this year.
  • The Joint Russian--Saudi Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation and the Russia--Saudi Arabia Business Forum are scheduled to take place on 5--6 November in Saudi Arabia.

Statistics:

  • Bilateral trade volume increase: 62.7 percent last year.
  • Total volume of accumulated Russian investment in Saudi Arabia: sixfold over the year.
  • Saudi investment in Russia: 11 percent increase.
  • Number of joint investment projects implemented: over 40 across various fields.
  • Increase in number of Saudi visitors to Russia in the past five years: eightfold.
  • Increase in number of Russian tourists traveling to Saudi Arabia in the past five years: almost tripled.
  • Number of countries with direct flights: 2 (Russia and Saudi Arabia).

Sources:

  • "Deputy Prime Minister Alexander Novak meets with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia," Government of the Russian Federation.

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