Saudi, Russian firms agree 17 deals amid Putin visit to Riyadh

RIYADH, Saudi and Russian companies meeting in Riyadh on Monday signed 17 agreements and four investment licenses on a range of sectors, including energy, logistics and space, during the Russian president’s visit.

The deals, which also target petrochemicals, financial services, artificial intelligence, railway, satellites and information technology, were signed at a CEO forum.

Some of the Russian bodies present included wealth fund RDIF, energy giant Gazprom, Chelyabinsk Pipe Rolling Plant (ChelPipe), Russian Railways and the Moscow State Institute of International Relations.

Also, Saudi Arabia’s General Investment Authority handed out investment licenses to four Russian businesses; construction and real estate development firm Kontakt, computer programming consultants P Group Saudi, RS Investment Advisor and architecture and engineering firm Geopulsar.

The agreements aim to diversify Saudi Arabia’s economy away from oil and are a part of its economic reforms to enable rapid growth in foreign investments.

Russian President Vladimir Putin’s Riyadh visit, where he held talks with King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammad bin Salman bin Abdulaziz Al-Saud, represents the first stop in a Gulf region tour, which takes him to the United Arab Emirates on Tuesday.

Source: Kuwait News Agency