RIYADH: Saudi and Russian business ties are perpetually warm, the Kingdom’s minister of energy insisted at the beginning of a bilateral investment forum in Riyadh.
Prince Abdulaziz bin Salman highlighted the stability of business relations between the two nations during his speech at the event — with trade between Saudi Arabia and Russia reaching $3.5 billion in 2024.
Also attending the Saudi-Russian Investment and Business Forum, which highlighted collaborations in various sectors such as investment, business, energy and infrastructure, were Saudi Foreign Minister Prince Faisal bin Farhan, and Deputy Prime Minister of Russia Alexander Novak.
“We want to make sure that when we meet, it is always warm in Riyadh,” said Prince Abdulaziz in his speech, alluding to the temperature in the Saudi capital.
He added: “But we should not affiliate our relationships with regard to temperatures and weather, because as you know, the weather is a season, our bilateral (relationship) is perpetual.”
The minister elaborated on the ongoing efforts by Saudi Arabia in regards to energy production and successful cooperation with Russia in the past, as the two countries continue to discuss global oil and gas markets through frameworks such as OPEC+, while at the same time expanding collaboration into liquefied natural gas, hydropower, and even nuclear energy.
The minister touched on his connection with Novak, which is now reaching 10 years, emphasizing the significance of collaboration for market stability.
He mentioned a 2015 meeting with Russian representatives, which he described as “the meeting that put the seeds for what we have been celebrating as a joint collaboration program with our friends from the rest of OPEC+ countries.”
Aligning with the Saudi Vision 2030 and Moscow’s innovation-driven strategy, both nations are investing in developing their economies and driving opportunities for Russian companies in the Kingdom as well as bringing cooperation in other industries.
Beyond energy, the forum underlined growing momentum in infrastructure, transport and broad economic ties, as over the past decade more than 40 joint Saudi-Russian investment projects have been launched in sectors including information technology, transport, infrastructure and petrochemicals.
The agenda for the investment forum offered participants panel discussions and presentations on sustainable energy supply chain, strategies on food security and agricultural development, as well as conversations on the Saudi-Russian opportunities in urban development and building sustainable cities, indicating a shift toward wider economic and industrial cooperation rather than relying solely on hydrocarbons.
