Saudi Gazette report
YEKATERINBURG, RUSSIA — Saudi Minister of Trade and Mineral Assets Bandar Alkhorayef highlighted the promising alternatives for industrial collaboration between the Kingdom of Saudi Arabia and the Russian Federation. The minister made the remarks whereas opening the Russian-Saudi Dialogue Discussion board, held on the sidelines of INNOPROM 2025 within the Russian metropolis of Yekaterinburg. INNOPROMi is a world industrial exhibition that brings collectively producers and consumers from world wide.
Alkhorayef emphasised the enduring power of financial ties between Saudi Arabia and Russia. He highlighted the significance of Saudi Arabia’s mining sector as a significant enabler for financial diversification as a part of the Kingdom’s aims underneath Saudi Imaginative and prescient 2030. Underscoring the Kingdom’s huge mineral assets, he reiterated Saudi Arabia’s strategic geographic location as a world commerce hub that connects three continents, providing promising alternatives for worldwide traders.
Alkhorayef praised the outcomes of the Saudi-Russian Joint Committee, emphasizing its function in figuring out funding alternatives throughout key sectors and enhancing data alternate between the 2 international locations.
The minister known as on discussion board members to proceed strengthening cooperation and creating tangible initiatives that help the sustainable development of each Saudi Arabia and Russia. Alkhorayef additionally prolonged an open invitation to Russian officers and enterprise leaders to go to the Kingdom, discover its various funding prospects, and expertise its wealthy cultural heritage. He famous that Saudi nationals have been exhibiting rising curiosity for journey to Russia.
In his speech, Alkhorayef additionally celebrated the longstanding relationship between Saudi Arabia and the Russian Federation that has spanned over 100 years, making a basis to advance joint initiatives in business, mining, know-how, and world commerce.
The financial relations between Saudi Arabia and Russia have already witnessed monumental development in recent times, notably within the fields of business, mining, petrochemicals, and superior manufacturing. Bilateral non-oil commerce elevated from $491 million in 2016 to $3.28 billion in 2024, reflecting a rising partnership between the 2 international locations.
Alkhorayef is at the moment main a high-level Saudi delegation to the Russian Federation, accompanied by senior officers from 18 authorities entities and greater than 20 main nationwide firms representing precedence sectors together with industrial companies, know-how, manufacturing, equipment, mining, industrial automation, power, tourism, and tradition.
Throughout his present go to to Russia, Alkhorayef met with Russian Minister of Trade and Commerce Anton Alikhanov on Monday.