Russia, Saudi Arabia to sign several deals in energy, transport, agriculture, industry, investment fields: Novak

Russian Energy Minister Alexander Novak said that several agreements will be signed with Saudi Arabia in fields including energy, transport, agriculture, industry, investment, and culture.

Also, cooperation institutions will be established, which will give a strong boost to the Russian-Saudi commerce, he said today in a keynote speech during the Saudi-Russian Chief Executives Forum.

“A high-level Russian-Saudi strategic cooperation program has been prepared. It will extend to 2024, and President Putin has issued a decree in that regard. According to the Kingdom's Vision 2030, cooperation will be developed in the fields of health, education, and infrastructure," Novak said, according to Al Arabiya TV.

Trade volume between Saudi Arabia and Russia rose more than 15 percent year-on-year (YoY) in 2018 to over $1 billion, he said.

In the last eight months, trade volume leapt 38 percent YoY, which is a ‘good’ increase, and there’s great potential to develop trade further, Novak added.