|06 December, 2019

Saudi-Russian trade exchange grows 54% in nine months

The volume of trade exchange between Saudi Arabia and Russia amounted to $1.2bln

Russian President Vladimir Putin and Saudi Arabia's King Salman attend a meeting in Riyadh, Saudi Arabia, October 14, 2019. Picture taken October 14, 2019. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Russian President Vladimir Putin and Saudi Arabia's King Salman attend a meeting in Riyadh, Saudi Arabia, October 14, 2019. Picture taken October 14, 2019. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Riyadh –  Saudi-Russian trade exchange grew by 53.8% over the first nine months of 2019 on the prior year, Russian energy minister Alexander Novak said.

The volume of trade exchange between Saudi Arabia and Russia amounted to $1.2 billion over the nine-month period ended September, Novak said on Thursday.

Saudi Public Investment Fund (PIF) and Russian Direct Investment Fund (RDIF) invested around $2 billion in Russian projects.

Novak’s remarks came during a meeting with his Saudi counterpart Prince Abdulaziz bin Salman in Vienna on the sidelines of a meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, an alliance known as OPEC+.

“We highly appreciate the existing dialog, including at the highest level, […] and are confident that we need to continue our cooperation both through international cooperation and in the direction of mutual development of energy and economic ties,” Novak said.

Source: Mubasher

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