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15 October 2019
BUSINESS

Saudi Arabia awards four investment licences to Russian firms

Around 17 MoUs were signed in artificial intelligence, railway as well as satellites, energy, petrochemicals.

SHUTTERSTOCK/ANDREW V MARCUS


The Saudi minister of commerce and investment said that the Kingdom has granted four investment licences to Russian companies specialising in construction and real estate development, information technology as well as financial consulting and architecture.

According to the Saudi Press Agency, the Saudi-Russian CEOs forum, which coincided with the Russian president's visit to Saudi Arabia and was attended by government officials, business executives and major companies in the two countries.

The Saudi centre for International Strategic Partnerships and the Saudi Arabian General Investment Authority in partnership with the Russian Direct Investment Fund (RDIF) brought together Saudi Arabia’s Ministry of Energy, the Ministry of Commerce and Investment and the Ministry of Agriculture, along with their Russian counterparts to explore new opportunities and identify areas for continued collaboration.

Some of the notable MoUs were signed between Saudi Railway Company and Russian Railway Company, TAQNIA and RDIF as well as Saudi Aramco and Gazprom Oil.

HE Dr. Majid bin Abdullah Al Qasabi, the Minister of Commerce and Investment, said, “Saudi Arabia is a growing and diversifying G20 economy, and offers significant potential to Russian investors.”


RELATED STORIES: RUSSIAN RAILWAY COMPANY TAQNIA RUSSIAN DIRECT INVESTMENT FUND SAUDI RAILWAY COMPANY SAUDI ARAMCO GAZPROM OIL


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