6 days ago
Saudi-Russian Industrial Dialogue Forum Highlights Promising Investment Opportunities
The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, highlighted the promising opportunities for industrial cooperation and investment between Saudi Arabia and Russia, as part of his participation in the Saudi-Russian Dialogue Forum at INNOPROM 2025, held in Yekaterinburg, Russia.
In his opening speech, Al-Khorayef reaffirmed the depth of strategic and economic ties between Saudi Arabia and Russia, which act as a pillar for enhancing bilateral trade, investment and cooperation across various sectors, most notably industry, mining and technology, according to the Saudi Press Agency (SPA).
Furthermore, Al-Khorayef praised the positive outcomes achieved by the Saudi-Russian Joint Committee and its crucial role in promoting investment opportunities in key economic sectors, strengthening cooperation, and exchanging expertise and knowledge.
The Saudi Industry Minister highlighted the Kingdom's strategic advantages which position it as a global investment hub, including its strategic geographical location connecting three continents, the abundancy of natural resources, competitive energy prices, and developed infrastructure.
He also highlighted the incentives to attract international investors, inviting Russian companies and investors to visit Saudi Arabia to explore the promising investment opportunities across various sectors.
Moreover, Al-Khorayef pointed to the Kingdom's efforts to localize the mining sector, as a vital enabler for economic diversification under Saudi Vision 2030, particularly that Saudi Arabia possesses vast mineral resources.
The economic relations between Saudi Arabia and Russia have seen monumental growth over recent years, especially in industry, mining, petrochemicals, and advanced manufacturing. The non-oil trade volume between the two countries jumped to $3.28 billion in 2024, rising from $491 million in 2016 – a testament to the expanding economic partnership between both countries.
Al-Khorayef is spearheading Saudi Arabia's delegation to INNOPROM 2025, comprising senior officials from 18 government entities and over 20 national companies in the fields of industrial services, technology, manufacturing, industrial automation, energy, tourism and investment.
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