Saudi Gazette report
YEKATERINBURG, RUSSIA — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted the promising opportunities for industrial collaboration between the Kingdom of Saudi Arabia and the Russian Federation. The minister made the remarks while opening the Russian-Saudi Dialogue Forum, held on the sidelines of INNOPROM 2025 in the Russian city of Yekaterinburg. INNOPROMi is an international industrial exhibition that brings together manufacturers and buyers from around the world.
Alkhorayef emphasized the enduring strength of economic ties between Saudi Arabia and Russia. He highlighted the importance of Saudi Arabia’s mining sector as a vital enabler for economic diversification as part of the Kingdom’s objectives under Saudi Vision 2030. Underscoring the Kingdom’s vast mineral resources, he reiterated Saudi Arabia's strategic geographic location as a global trade hub that connects three continents, offering promising opportunities for international investors.
Alkhorayef praised the outcomes of the Saudi-Russian Joint Committee, emphasizing its role in identifying investment opportunities across key sectors and enhancing knowledge exchange between the two countries.
The minister called on forum participants to continue strengthening cooperation and creating tangible projects that support the sustainable growth of both Saudi Arabia and Russia. Alkhorayef also extended an open invitation to Russian officials and business leaders to visit the Kingdom, explore its diverse investment prospects, and experience its rich cultural heritage. He noted that Saudi nationals have been showing increasing interest for travel to Russia.
In his speech, Alkhorayef also celebrated the longstanding relationship between Saudi Arabia and the Russian Federation that has spanned over 100 years, creating a foundation to advance joint initiatives in industry, mining, technology, and global trade.
The economic relations between Saudi Arabia and Russia have already witnessed monumental growth in recent years, particularly in the fields of industry, mining, petrochemicals, and advanced manufacturing. Bilateral non-oil trade increased from $491 million in 2016 to $3.28 billion in 2024, reflecting a growing partnership between the two countries.
Alkhorayef is currently leading a high-level Saudi delegation to the Russian Federation, accompanied by senior officials from 18 government entities and more than 20 leading national companies representing priority sectors including industrial services, technology, manufacturing, machinery, mining, industrial automation, energy, tourism, and culture.
During his current visit to Russia, Alkhorayef met with Russian Minister of Industry and Trade Anton Alikhanov on Monday.
