Energy, investment and sustainability on the agenda at Saudi-Russian forum

More than 400 delegates attended the Saudi-Russian CEO Forum in Riyadh on Monday. (SPA)
Updated 15 October 2019
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Energy, investment and sustainability on the agenda at Saudi-Russian forum

  • Saudi Arabia’s economy one of the strongest and fastest growing among G20 countries, says minister

RIYADH: A Saudi-Russian business forum aimed at boosting investment opportunities between the two countries was held on Monday to coincide with President Vladimir Putin’s official visit to the Kingdom.
The gathering in Riyadh resulted in the signing of 17 memorandums of understanding (MoU) and the granting of four investment licenses covering a range of industry sectors.
The Saudi-Russian CEOs’ forum was organized by the Saudi Center for International Strategic Partnerships, in collaboration with the Saudi Arabian General Investment Authority (SAGIA), the Russian Direct Investment Fund (RDIF), and the Saudi Public Investment Fund (PIF).
More than 400 delegates attended the event representing the Saudi and Russian ministries of energy, commerce and investment, environment, water and agriculture along with public and private bodies from both sides.
The forum discussed a number of vital topics such as the future of energy, solutions for its sustainability, ongoing and upcoming investments between the two countries, joint opportunities for cooperation, as well as agricultural sustainability and global food security.
Energy minister and chairman of the Saudi-Russian joint committee, Prince Abdul Aziz bin Salman, stressed the importance of Saudi-Russian relations and common interests, and said the desire to boost cooperation by the leaderships of both countries had culminated in the exchange visits of King Salman and Putin.
He said that both countries were working toward achieving the strategic aspirations and goals of the Vision 2030 and Russian strategic development plans, along with the expansion of cooperation from the energy industry to all developmental, economic and financial sectors.
The prince noted that the partnership between the two countries was focused through the Saudi-Russian committee on the oil industry, other energy sectors, scientific research, space, health services, fiscal administration, mineral wealth, tourism, the aviation industry, cultural cooperation and strengthening trade relations in the diplomatic framework and others.
Minister of Commerce and Investment Dr. Majid bin Abdullah Al-Qassabi said that relations between the Kingdom and Russia were solid and stressed the importance of the CEOs’ forum and the topics under discussion.
He added that the Saudi economy was one of the strongest and fastest growing among the G20 countries and noted that the Kingdom provided valuable investment opportunities for Russian investors to start their work in the Saudi market.

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Energy Minister Prince Abdul Aziz bin Salman said that both Saudi Arabia and Russia are working toward achieving the strategic aspirations and goals of Vision 2030 and Russian strategic development plans, along with the expansion of cooperation from the energy industry to all economic and financial sectors.

The minister pointed out that the forum provided a platform to discover new avenues for investment between the two nations and enhance existing cooperation.
In addition, Al-Qassabi said the gathering offered a chance to gain deeper knowledge about the two countries’ cultures, which in turn would help toward building a promising global economic future.
In a session on agricultural sustainability and food security, Minister of Environment, Water and Agriculture Abdulrahman Al-Fadhli said that there were clear opportunities for Saudi-Russian partnerships in the area of agriculture and food security, especially due to the Kingdom’s geographic location linking it to many continents. He noted that both countries had the necessary elements for success in this area.
Kirill Dmitriev, CEO of the RDIF, said: “The unprecedented visit of the high-level Russian delegation to the Kingdom is within the context of the Russian president’s visit to discuss the most important global and common topics between both countries.”
He noted that both sides were looking for prospects of cooperation in the sector of energy, and bilateral investments in projects ranging from technology to food security.
Seventeen MoUs were signed between Saudi and Russian bodies in targeted sectors such as technology, petrochemicals, transport, logistic services, energy, financial services and space.
Russian organizations involved included the RDIF, Gazprom, as well as Chelyabinsk, Russian Railways, electrical equipment supplier Izolyator, the Moscow State Institute of International Relations, and the Russian Institute for Energy and Finance.
During the forum, SAGIA granted four investment licenses to Saudi and Russian bodies operating in construction and real estate development, information and communication technologies, financial consulting and architecture.
The investments are in line with the Kingdom’s economic reforms aimed at attracting quality funding into Saudi markets.
SAGIA recently announced the issuing of 291 foreign investment licenses during the second quarter of 2019, more than double on the same period in 2018 and a 103 percent increase on the first quarter of 2019.


Saudi cabinet welcomes UN resolution supporting Palestine's full membership

Updated 4 sec ago
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Saudi cabinet welcomes UN resolution supporting Palestine's full membership

RIYADH: The Saudi cabinet welcomed on Tuesday the United Nations assembly's resolution supporting Palestine's full membership, the Saudi State Agency reported.

The council of ministers emphasizing the need to halt Israeli military escalations and violations against civilians and humanitarian workers.

Minister of Information, Salman bin Youssef Al-Dosari, reiterated the Kingdom's commitment to global security, active participation in international relief efforts, and advocacy for issues affecting Arab and Islamic nations.

The council also discussed the recent reception of pilgrims arriving for Hajj.

Directives were issued to maintain high standards of procedures and services at entry points in Makkah, Medina, and the Holy Sites.

The council also received a comprehensive briefing on recent diplomatic dialogues with various nations, including discussions between the Crown Prince Mohammed bin Salman and the President of Ukraine.


Saudi foreign minister calls for resuming Sudan talks

Updated 2 min 55 sec ago
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Saudi foreign minister calls for resuming Sudan talks

RIYADH: Saudi foreign minister Faisal bin Farhan reiterated the Kingdom’s grave concerns over an escalation in military tensions between Sudanese factions discussed the repercussions of the current situation on the Sudanese people. 

The minister made his remarks while participating at the 33rd Arab League Summit held in the capital  of Bahrain, Manama.

Bin Farhan urged the Sudanese warring parties to commit to a ceasefire, reiterating the Kingdom's call for the necessity of returning to dialogue.

He also called for an end of further civilian suffering and limit the aggravation of the devastating humanitarian situation. 

Saudi Arabia, alongside the United States, is leading mediation efforts to urge the two military commanders to end the war.

On the Gaza war, Bin Farhan said Saudi Arabia has warned of the dangerous repercussions of the Israeli occupation forces’ widening the scope of war as part of its ongoing bloody and brutal campaign on the Gaza Strip.

He reiterated the Kingdom’s calls on the international community to intervene immediately to stop the Israeli war on Gaza.

Regarding Yemeni, Bin Farhan affirmed the Kingdom’s full support for efforts to achieve peace in Yemen, and to reach a comprehensive political solution through dialogue and consultation between the Yemeni parties, which allows the beginning of the process of economic development and recovery.


Saudi project clears 935 Houthi mines in Yemen

Updated 52 min 7 sec ago
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Saudi project clears 935 Houthi mines in Yemen

RIYADH: Saudi Arabia’s Project Masam cleared 935 mines in Yemen in one week from May 4 to May 10, the Saudi Press Agency reported on Tuesday.

Overseen by the Kingdom’s aid agency KSrelief, the project’s specialist teams destroyed 876 pieces of unexploded ordnance, 47 anti-tank mines, seven anti-personnel mines and five improvised explosive devices.

The explosives, planted by the Houthi militia across Yemen, posed a threat to civilians, including children, women and the elderly.

The demining operations took place in Marib, Aden, Jouf, Shabwa, Taiz, Hodeidah, Lahij, Sanaa, Al-Bayda, Al-Dhale and Saada.

A total of 440,067 mines have been cleared since the start of the initiative in 2018, according to Ousama Al-Gosaibi, the project’s managing director.

The initiative trains local demining engineers and provides them with modern equipment. It also offers support to Yemenis injured by the devices.

About 5 million people have been forced to flee their homes since the beginning of the conflict in Yemen, many of them displaced by the presence of land mines, according to the Project Masam website.

Masam teams are tasked with clearing villages, roads and schools to facilitate the safe movement of civilians and the delivery of humanitarian aid.


Saudi minister attends G20 judicial meeting in Brazil

Updated 14 May 2024
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Saudi minister attends G20 judicial meeting in Brazil

RIYADH: Saudi Minister of Justice Dr. Walid Al-Samaani took part in the G20 Summit of Supreme Courts and Constitutional Courts in Rio de Janeiro, Brazil, from May 12-14.

Discussions focused on integrating technology, particularly AI, in justice systems, and exploring innovative technologies used by G20 courts, the Saudi Press Agency reported on Tuesday.

The summit discussed promoting citizenship and social inclusion, climate litigation and sustainable development, and digital transformation to enhance judicial efficiency.

Meanwhile, the Family Affairs Council delegation, led by its secretary-general, Dr. Maimoonah Al-Khalil, took part in the Women’s Empowerment Working Group meeting of the G20 in Brazil from May 14-15.

The first day’s session was titled “Equality, Economic Independence and the Care Economy,” while the second session focused on “Equality and Confronting Violence and Discrimination against Women.”

The meeting will conclude on the second day with the topic “Equality and Climate Justice.”

The Family Affairs Council represents Saudi Arabia in the G20, focusing on women’s empowerment.

The Women’s Empowerment Working Group, initiated under the Indian presidency in 2023, began its work under the Brazilian presidency this year.


Saudi Arabia continues Makkah Route Initiative

Updated 14 May 2024
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Saudi Arabia continues Makkah Route Initiative

  • Launched in 2017 as part of Vision 2030, Initiative involves dedicated team to receive travelers
  • Includes special buses to transport pilgrims comfortably on journey through Makkah and Madinah

RIYADH: The Makkah Route Initiative, implemented by the Saudi Ministry of Interior, continues to streamline pilgrims’ journeys from international airports in their own countries, Saudi Press Agency reported.

The initiative, set up to facilitate the arrival of pilgrims in the Kingdom, involves close cooperation between the ministry and various partner agencies.

Launched in 2017 as part of Vision 2030, it involves a dedicated team to receive the travelers and includes special buses to transport them safely and comfortably on their journey through Makkah and Madinah.

Services include biometrics, Hajj visas and electronic luggage coding.