MOSCOW: The head of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, stressed that the historic visit of King Salman to the Russian Federation has been a success.
In a speech during a meeting with Saudi media at the Ritz-Carlton Hotel in Moscow, he said: “The meeting between King Salman and Russian President Vladimir Putin was positive, as they discussed a number of issues and topics of common interest to the Kingdom, Russia and the region of the Middle East, as well as economic and investment cooperation between us, and they agreed on a number of important issues such as military cooperation.”
Dmitriev thanked King Salman and Crown Prince Mohammed bin Salman for their efforts in improving and developing relations with the Russian Federation.
He added that President Putin in 2015 met with Crown Prince Mohammed bin Salman when he visited Russia, during which the two sides discussed levels of cooperation between the two countries. There were no Saudi-Russian investments then, except for a few companies, but a large number of agreements emerged after the visit of the crown prince and his meeting with the president to discuss the stability of the oil market.
Dmitriev talked about investments between the two countries and the investment forum, pointing out that the value of investments currently amounted to $10 billion, adding that these projects have significant positive advantages. “We announced an energy market and another fund in the field of technology,” he stated, indicating that a number of Russian companies such as Cebu, which produces petroleum products, and a gas company based on Russian industrial gas projects, have announced plans to work in Saudi Arabia.
“The Vision 2030 has a great interest in the sectors of the Kingdom in terms of investment and the economy to grow significantly, and we are happy with the trend,” he said.
Dmitriev disclosed that 200 Saudi companies were in the joint agreements with Russian companies to produce fertilizers.
“We welcome other important agreements that have been announced in the technical and military fields, and I am confident that we will continue in the field of energy and efforts to stabilize the price of oil, he emphasized.
He pointed out that local businessmen were impressed by the presence of the delegation of Saudi businessmen, who are supported by King Salman.
“We worked from morning to evening with ministers and businessmen to cooperate between the two parties,” he said, pointing out that the meeting of the king with Russian Prime Minister Dmitry Medvedev was successful and it was agreed that steps to implement the conventions and memoranda of understanding would be accelerated.
Dmitriev praised the role of Crown Prince Mohammed two years ago, who supported relations between the Kingdom and Russia, stressing that his decisive steps led to reaching many agreements in the field of development and investment.
King Salman’s Russia visit a success: RDIF chief
King Salman’s Russia visit a success: RDIF chief
Deals worth $8bn signed at World Defense Show 2026
- Five-day event brought together 1,486 exhibitors from 89 countries and attracted 137,000 visitors
RIYADH: More than 60 military and defense deals worth SR33 billion ($8.8 billion) were signed at the third edition of the World Defense Show, which ended on Thursday in Riyadh.
The flagship defense exhibition is part of Saudi efforts to expand its military industries sector.
Organized by the General Authority for Military Industries, the five-day event brought together 1,486 exhibitors from 89 countries and attracted 137,000 visitors, according to official figures announced at the closing media briefing on Thursday.
Ahmad Al-Ohali, governor of the General Authority for Military Industries, said the event reflects broader efforts to localize defense spending under Vision 2030.
“When we started in 2018, the percentage of military spending from within the Kingdom of Saudi Arabia was 4 percent of total spending; by the end of 2024, it jumped to 25 percent,” he said.
Al-Ohali added that number of national cadres working in the sector increased from 25,000 male and female employees in 2020 to 34,000 — a rise of 40 percent.
Beyond attendance and displays, the exhibition served as a venue for commercial and government agreements.
The number of agreements signed reached 220, including 93 government-to-government agreements and 127 partnership agreements with companies.
Al-Ohali said the deals include technology transfer and local manufacturing projects aimed at strengthening domestic supply chains.
Aerial and static displays included 63 aircraft, alongside more than 700 pieces of military equipment exhibited across indoor and outdoor platforms. Maritime and unmanned systems were also showcased through dedicated demonstration areas.
Andrew Pearcey, CEO of the World Defense Show, said that planning for the next edition had already begun.
“So, what we do is we take stock of our successes, so we’re now starting to see what worked, and we also learned that some things that didn’t work,” Pearcey told Arab News.
“Over time, one of the key things is to try and grow; the demand for this show is huge, so we want to try and accommodate that.
“So, we need to try and build more space. Then we look at ways we brought new features to this show. So, we look at the industry and the trends, and see other new features that we can bring to the show.”
The event also introduced a “Future Talent Program” during its final two days, inviting students aged 16 to university level to explore career opportunities in the defense sector.
“The future talent program is where we invite youngsters, so from 16 up to university level, to come and look at the show, understand what career opportunities there are in the defense industry, sit and do some content programs, and meet the exhibitors that want to demonstrate some of their things,” Pearcey said.
“So, we bring around 4,000 to 5,000 students to the show. So, that’s bringing that next generation through.”
