Saudi Arabia, Russia Seek to Deepen Economic and Industrial Ties
Opening the Saudi pavilion - where the Kingdom is participating as the exhibition's partner country - Al-Khorayef underscored more than a century of strategic relations and robust economic ties that, he said, form the basis for expanding trade, investment, and cooperation in key sectors including mining, manufacturing, and technology.
The Saudi delegation includes officials from 18 government entities and 20 leading companies spanning industrial services, automation, machinery, metals, energy, and advanced manufacturing.
The pavilion is showcasing the Kingdom's competitive advantages as an investment hub, along with opportunities identified in Saudi Arabia's National Industrial Strategy.
Promotional events highlighted financial incentives, including funding solutions from the Saudi Industrial Development Fund and the Saudi EXIM Bank, as well as Saudi Arabia's rapidly developing infrastructure, industrial cities, special economic zones, and specialized complexes aimed at supporting investors.
During the exhibition, Al-Khorayef and Russian Minister of Industry and Trade Anton Alikhanov met to discuss ways to deepen cooperation. Both ministers stressed the importance of enabling the private sector to seize emerging investment opportunities, and pledged to support joint initiatives that drive industrial development in both countries.
The Saudi minister noted Riyadh's strong interest in Russian expertise across priority sectors such as heavy equipment, agricultural machinery, chemicals, automotive, and advanced manufacturing technologies. Talks also focused on forging investment partnerships that facilitate knowledge transfer, industrial innovation, and technology localization.
The two sides reaffirmed their commitment to boosting non-oil exports and simplifying market access, aiming to diversify their economies and enhance trade flows.
Saudi Arabia's participation in the exhibition, officials said, reflects its strategy to build international partnerships that reinforce its standing as a trusted global economic partner.
Recent years have seen steady growth in Saudi-Russian economic ties. Non-oil trade rose from $491 million in 2016 to $3.28 billion in 2024, driven by expanding cooperation in mining, petrochemicals, and advanced industries.
The Kingdom hopes to attract high-value Russian investments, strengthen industrial supply chains, and further develop local capabilities as part of its push for economic diversification and sustainable growth.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
2 hours ago
- Arab News
Russia warns US, South Korea and Japan against forming security alliance targeting North Korea
SEOUL, South Korea: Russia's foreign minister warned the US, South Korea and Japan against forming a security partnership targeting North Korea as he visited his country's ally for talks on further solidifying their booming military and other cooperation. Russian Foreign Minister Sergey Lavrov spoke Saturday at North Korea's eastern Wonsan city, where he met the country's leader, Kim Jong Un, and conveyed greetings from President Vladimir Putin. Kim during the meeting reaffirmed his government's commitment to 'unconditionally support and encourage all measures' taken by Russia in its conflict with Ukraine. He said Pyongyang and Moscow share identical views on 'all strategic issues in conformity with the level of alliance,' according to North Korea's official Korean Central News Agency. Lavrov called for the two countries to further strengthen their 'strategic and tactical cooperation and intensify concerted action' in international affairs, KCNA reported. Relations between Russia and North Korea have been flourishing in recent years, with North Korea supplying troops and ammunition to support Russia's war against Ukraine in return for military and economic assistance. That has raised concerns among South Korea, the US and others that Russia might also transfer sensitive technologies to North Korea that can increase the danger of its nuclear and missile programs. Speaking with reporters after a meeting with his North Korean counterpart Choe Son Hui, Lavrov accused the US, South Korea and Japan of what he called military buildups around North Korea. 'We warn against exploiting these ties to build alliances directed against anyone, including North Korea and, of course, Russia,' he said, according to Russia's state Tass news agency. The US, South Korea and Japan have expanded or restored their trilateral military exercises in response to North Korea's advancing nuclear program. The three countries held a joint air drill Friday involving US nuclear-capable bombers near the Korean Peninsula as their top military officers met in Seoul and urged North Korea to cease all unlawful activities threatening regional security. North Korea views major US-led military drills as invasion rehearsals and has long argued it is forced to develop nuclear weapons to defend itself from US military threats. Russia understands North Korea's decision to seek nuclear weapons, Lavrov said. 'The technologies used by North Korea are the result of the work of its own scientists. We respect North Korea's aspirations and understand the reasons why it is pursuing nuclear development,' Lavrov said, according to Tass. During their meeting, Choe reiterated North Korea 'unconditionally' supports Russia's fight against Ukraine, as Lavrov repeated Russia's gratitude for the contribution North Korean troops made in efforts to repel a Ukrainian incursion into Russia's Kursk border region. North Korea recently opened a mammoth beach resort in Wonsan city, the meeting venue, that it says can accommodate nearly 20,000 people. In his comments at the start of his meeting with Choe, Lavrov said, 'I am sure that Russian tourists will be increasingly eager to come here. We will do everything we can to facilitate this, creating conditions for this, including air travel,' according to the Russian Foreign Ministry. The Wonsan-Kalma tourist zone is at the center of Kim's push to boost tourism to improve his country's troubled economy. However, prospects for the tourist complex aren't clear as North Korea appears unlikely to fully reopen its borders and embrace Western tourists anytime soon.
Asharq Al-Awsat
3 hours ago
- Asharq Al-Awsat
Putin Urges Iran to Take 'Zero Enrichment' Nuclear Deal with US, Axios Reports
Russian President Vladimir Putin has told US President Donald Trump and Iranian officials that he supports the idea of a nuclear deal in which Iran is unable to enrich uranium, Axios reported on Saturday, citing sources, Reuters reported. Iran's semi-official news agency Tasnim denied the report, quoting an "informed source" as saying Putin had not sent any message to Iran in this regard.
Arab News
6 hours ago
- Arab News
SAB signs on as mentor in ministry's sustainability program
SAB will mentor a select group of prominent organizations, including Dallah Healthcare Company, Rawabi Holding Company, Middle East Paper Company, and City Cement Company. Saudi Awwal Bank, one of the leading banks in the Kingdom, has announced its participation in the Ministry of Economy and Planning's Sustainability Champions Program. The official signing ceremony took place on May 28 at SAB Tower, marking a key milestone in SAB's commitment to sustainability. The MEP Sustainability Champions Program aims to enhance sustainability performance across key sectors by partnering with organizations that demonstrate leadership and a commitment to sustainable practices. As a mentor in the program, SAB will utilize its extensive experience and resources to support and guide its mentees on their sustainability journeys. As part of its role, SAB will mentor a select group of prominent organizations in the program, including Dallah Healthcare Company, Rawabi Holding Company, Middle East Paper Company, and City Cement Company. This initiative marks the beginning of a collaborative effort to enhance sustainability practices across key sectors and achieve Vision 2030 goals. Tony Cripps, managing director of SAB, said: 'Sustainability is no longer a choice — it's a responsibility. Through our partnership with the MEP Sustainability Champions Program, SAB is taking tangible steps to build the knowledge infrastructure around sustainability and contribute to the Kingdom's goals. We are proud to be part of this forward-looking initiative, which aligns with our environmental, social and governance strategy and our commitment to supporting sustainable economic growth.' The signing ceremony marked the beginning of a strategic collaboration focused on sustainability. Senior executives from SAB and the participating mentees attended the event, emphasizing the shared commitment to advancing sustainability across key sectors. SAB continues to demonstrate its leadership in sustainability through its comprehensive ESG strategy. The bank is actively engaged in various initiatives that foster sustainable economic development in line with Saudi Vision 2030. Through its partnerships with governmental bodies, such as the Ministry of Economy and Planning, SAB plays a key role in driving forward the Kingdom's sustainability aspirations, contributing to long-term, positive environmental and societal impacts.
