King Salman praises investment cooperation with Russia, expects positive impact

Saudi Arabia’s King Salman said, during meeting with Russian President Vladimir Putin in Riyadh, that the agreements signed between both countries, especially those covering the energy sector, will have a significant positive impact on ensuring the interests of the two countries and their people.

He added that the Kingdom supports the investment cooperation with Russia through the Public Investment Fund (PIF) and the Russian Direct Investment Fund (RDIF), which accounts for more than 30 projects so far.

King Salman also praised the “distinguished” relations between Saudi Arabia and Russia in various fields, confirming that the Kingdom looks forward to strengthening them.

“This visit (Russian President’s visit to Saudi Arabia) and the ongoing talks are a great opportunity to strengthen and deepen the bonds between the two countries to reach a congruence of the vision and political stances”, King Salman stated.

“We look forward to working with the Russian President to ensure security, peace and stability, as well as confronting extremism, terrorism and the nuclear threat," he added, praising Russia’s “active” role in the region and on the international level.

During the visit, both countries have signed 20 agreements and memorandums of understanding (MoUs) in the following sectors; technology, petrochemicals, transport, logistics, energy, financial services and space.

Also, the Saudi Arabian General Investment Authority (SAGIA) has granted four investment licenses to Russian companies operating in the construction and real estate development, administrative consultancy and information technology sectors.