Saudi Arabia Strengthens Industrial Ties with Russia Through High-Level Meetings

Strategic Insights -

Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, recently embarked on an official visit to the Russian Federation, focusing on strengthening the country's international industrial ties. During his high-level meetings with leading Russian industrial and mining companies, Alkhorayef explored collaboration opportunities in various sectors, including diamond mining, gold exploration, and aluminum manufacturing. The engagements aimed to attract investment and position Saudi Arabia as a global leader in industry and mining, aligning with the country's ambitious goals under Saudi Vision 2030.

Key Takeaways:

  • Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, held high-level meetings with Russian industrial and mining companies to strengthen Saudi Arabia's international industrial ties.
  • Key meetings included discussions with Alrosa, the world's largest diamond miner, on collaboration in the diamond industry.
  • The minister explored industrial cooperation and investment incentives with float-glass manufacturer Salavat Steklo.
  • Strategic talks were held with top titanium producer VSMPO-AVISMA on aerospace, automotive, and industrial sector collaborations, highlighting Saudi Arabia's 16,000 tons/year titanium sponge production, which is about 10% of global output.
  • Saudi Arabia aims to increase primary aluminum production from 1.8 million to 3 million tons annually, with plans to become a global aluminum manufacturing hub.
  • The minister expressed interest in using Russian technological expertise and invited Russian leaders to the fifth annual Future Minerals Forum in Riyadh next year.
  • These engagements underscore Saudi Arabia's commitment to forging enduring industrial partnerships, accelerating economic diversification under Saudi Vision 2030, and deepening Saudi-Russian economic ties.
  • The non-oil trade between Saudi Arabia and Russia increased significantly from $491 million in 2016 to $3.28 billion in 2024.
  • Saudi Arabia is positioned to become a global leader in industry and mining, as reflected in its:

+ 50,000 sq km of extensive 2025 exploration opportunities.

+ $78 billion investment goals in the food manufacturing sector, with the Kingdom's position as the Middle East's largest food market ($184 billion in 2023 and projected to reach $248 billion by 2035).

Statistics:

  • 10% of global titanium sponge production is held by Saudi Arabia (16,000 tons/year).
  • Saudi Arabia plans to increase primary aluminum production from 1.8 million to 3 million tons annually.
  • The Kingdom's position as the Middle East's largest food market grew to $184 billion in 2023 and is projected to reach $248 billion by 2035.
  • The new Jeddah Food Cluster reinforces Saudi Arabia's ambition to become a global aluminum manufacturing hub.
  • Non-oil trade between Saudi Arabia and Russia increased significantly from $491 million in 2016 to $3.28 billion in 2024.

Sources:

  • Saudi Press Agency, 10 Jul 2025.