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| 24 May, 2018

Saudi Arabia eyes attracting Russian investments – minister

A slew of major Russian companies, specialised in energy, space, military industry, science, and culture, are interested to invest in Saudi Arabia

Saudi Arabia's Oil Minister Khalid al-Falih addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017.

Saudi Arabia's Oil Minister Khalid al-Falih addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017.

REUTERS/Heinz-Peter Bader -

RiyadhSaudi Arabia is looking to attract Russian investments in the coming period in a bid to diversify its economy, Energy Minister Khalid al-Falih has said.

A slew of major Russian companies, specialised in energy, space, military industry, science, and culture, are interested to invest in the Kingdom, the Saudi Press Agency (SPA) reported, citing Al-Falih as saying.

On a side note, the GCC nation will participate in St. Petersburg International Economic Forum from 24 - 26 May 2018.

In the previous period, the Kingdom and Russia signed a raft of agreements to boost cooperation in economy and military industries, atomic energy use in peaceful purposes, in addition to the petroleum cooperation deal.

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The two nations also inked a memorandum of understanding (MoU) to cooperate in the housing sector, and another contract to collaborate in the space sector.

On Monday, 21 May, Kirill Demitriev, the head of Russian Direct Investment Fund (RDIF), stated that the fund was looking to increase Saudi investments in Russia.

Source: Mubasher

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