RIYADH — Four Russian businesses were granted licenses by the Saudi Arabian General Investment Authority (SAGIA) and signatories exchanged 17 Memoranda of Understanding aimed at facilitating greater collaboration and developing future opportunities during the Saudi-Russian CEO Forum here on Monday.

Reflecting the strength of the Saudi-Russian partnership, more than 400 business leaders and government officials representing both countries gathered for the forum in Riyadh, which coincided with the official state visit of Russian President Vladimir Putin.

The Forum offered a platform for attendees to debate and generate solutions around the future of energy, cross-border investment between the two countries, sustainable agriculture and global food security.

Partnering with the Russian Direct Investment Fund (RDIF), which opened its first overseas office in Riyadh this week, the Saudi Center for International Strategic Partnerships (SCISP) and SAGIA brought together 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.

The Forum also offered an opportunity for decision-makers from across Russia’s public and private sector to learn more about new investment opportunities across Saudi Arabia.

Commenting on the Forum, Dr. Majed Bin Abdullah Al Qasabi, minister of commerce and investment, said: “Saudi Arabia is a growing and diversifying G20 economy, and offers significant potential to Russian investors. We believe that today’s event serves as a powerful platform to continue building this valuable relationship between our two countries. By cultivating mutual understanding, we are better able to identify areas of cooperation, develop new opportunities and work towards creating new solutions to building a global future-forward economy.”

Kirill Dmitriev, CEO of RDIF, also said: “This unprecedented high-level delegation is attending Saudi Arabia as part of the state visit of the Russian President to discuss the most important issues on bilateral and global business agenda. We hope that such a major business event will result in many new partnerships and agreements in the future both in Russia and Saudi Arabia. Cooperation and dialogue between our nations will definitely pick up momentum as a result of the Forum and RDIF as a co-organizer is committed to strengthening these ties.”

Memoranda of Understanding exchanged at the Forum include:

Saudi Aramco and Shelbayb; Saudi Aramco and Galin; Saudi Aramco and PAO TMK

Saudi Aramco and Intratool; Saudi Aramco and Ingra Service; Saudi Aramco and Integra Service; Saudi Aramco and Technovic; Saudi Aramco and Gazprom Oil; Saudi Aramco and Partner NKT; Lamar Holding Company and Chelyabinsk; King Fahd University of Petroleum and Minerals and Moscow University of International Relations; King Abdullah Center for Petroleum Studies and Research and the Moscow School of Management; King Abdullah Center for Petroleum Studies and Research and the Institute of Energy and Finance; Saudi Railway Company and Russian Railway Company; TAQNIA and RDIF; Saudi Electricity Company and Energomera; Saudi Power Transformers Company and Izolator.

The four Russian businesses granted licenses by SAGIA, includes:

Kontakt – a construction and real estate development company; P Group Saudi – computer programming consultancy; RS Investment Advisor – an international financial advisory; Geopulsar – an architectural and engineering firm (via their UAE office)

These investments come alongside a broad series of economic reforms, which are enabling rapid growth in foreign investment in Saudi Arabia. In fact, the total number of foreign investor licenses issued in the first half of 2019 was more than double the number issued the same period a year before.

These reforms have had a significant impact. According to the 2019 Global Competitiveness Report published by the World Economic Forum, Saudi Arabia has moved up three positions to the 36th place, globally, through its efforts to diversify the Kingdom’s economy. — SG