JEDDAH, October 2, 2017, Saudi Press Agency — During the era of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the bilateral relations between the Kingdom of Saudi Arabia and the Russian Federation witnessed identical views towards the regional and international issues in addition to joint desire to support these relations in various fields, including economic field.
The trade volume between the two countries reached about $2.8 billion in 2016 amid ambitions seeking to raise this number in light of the Kingdom Vision 2030.
The Kingdom proved its economic strength after achieving a positive growth rate with 1.7% in 2016 despite fluctuations of the international oil prices. This was driven by several factors, including directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and follow-up of Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Premier, Minister of Defense and Chairman of the Economic and Development Affairs Council.
Russia ranks 12th in the world in terms of GDP and 6th globally in purchasing power and the world’s largest natural gas reserves. The Kingdom of Saudi Arabia is the world’s largest oil exporter, the second largest oil reserve in the world and leading member of the Organization of Petroleum Exporting Countries (OPEC) and a member of the G-20 which includes the world’s 20 largest economies.
The Kingdom and Russia agreed at a meeting, on the sidelines of the G20 summit held in China in 2016, to strengthen their cooperation in the oil and gas sector, including the use of new technologies and the exchange of information and experiences to raise the level of technical applications in the fields of production, refining, storage, transportation, distribution, manufacturing and research activities as well as cooperation in the production of electricity and renewable energy.
The two countries also agreed to explore the possibility of establishing a common database on advanced energy technologies and to make assessments of the feasibility of using, utilizing and financing these technologies through sovereign wealth funds belonging to both countries.
The Kingdom has a promising and sustainable economy of growth following the Kingdom Vision 2030.
The Russian investments focused on three development fields in the Kingdom: service, industry and construction in accordance with a statement issued by the General Authority for Investment. The total capital in the service sector is SR2.25 million, the industrial sector is SR71.221 and the construction sector is SR31.15 million.