RIYADH: The Kingdom is set to start a new chapter in its overall relations with Russia, and herald a new era of Saudi-Russian economic cooperation following the high-profile visit of King Salman, which begins on Thursday.
Russia, no doubt, will be a new addition to the list of Saudi Arabia’s most-favored nations, with which it will enter into a strong strategic economic alliance within the days to come.
Saudi-Russian relations, which took off during the visit of Crown Prince Mohammed bin Salman to Russia in May within the framework of Vision 2030, will be further consolidated during the visit of King Salman.
Several agreements including memoranda of understanding (MoU), predominantly in the fields of energy, economy and commerce, have been lined up for signing between the two countries during the royal trip.
No doubt, Saudi Arabia is intensifying its diplomatic efforts to start a new era on the commercial front. During the visit to Russia of Crown Prince Mohammed bin Salman, the Saudi side expressed a desire to develop strong cooperation with Russia in investment, space exploration, residential construction and other areas.
Back in June, on the sidelines of the St. Petersburg International Economic Forum, an agreement was signed on long-term bilateral cooperation in the peaceful use of nuclear energy. The two countries also identified that the most promising areas of cooperation are energy, geological exploration, mining, petrochemicals, tanker construction, investment cooperation, and training of personnel.
This is apart from the interest evinced by the Russian Direct Investment Fund (RDIF) and the Saudi agencies to cooperate.
On the trade front, the two countries have forged closer ties. Total trade exceeds $1 billion, but these are the figures of the past. In fact, the commercial landscape between Riyadh and Russia will rapidly and substantially change following the visit of King Salman.
Referring to the agreements to be signed by Riyadh and Moscow during King Salman’s visit to Russia, a Reuters report said that Saudi Arabia is expected to sign several memoranda with Russian companies during the royal visit. State oil giant Saudi Aramco and Saudi Basic Industries Corp. (SABIC) will sign a memorandum with Russia’s biggest petrochemical company Sibur to look for opportunities to build petrochemical plants in both countries.
The agreement is one of several due to be signed during King Salman’s visit to Russia this week, his first trip to Moscow since becoming king in 2015. Other agreements expected to be signed include a memorandum between Saudi Aramco and Novatek, Russia’s biggest non-state gas producer, to look for investment opportunities in the gas sector, said the Reuters report. Local Saudi Aramco and SABIC officials declined to comment on the possible deals.
Regarding other agreements to be signed by the two sides, Kirill Dmitriev, the head of the sovereign RDIF, on Tuesday said that “the fund was in the final stage of negotiations with Saudi partners about major Russian projects in the Kingdom,” without giving specifics. He said, however, that the fund and its Saudi partners would announce the creation of a new investment platform in energy sectors, as well as investments in industry and infrastructure.
Moreover, the Russian side has also expressed interest in Saudi Arabia’s renewable energy sector, where the Kingdom was looking for major investments to help it produce 10 percent of its power from renewable sources. Also, Saudi Arabia is looking at nuclear energy to meet rising domestic power demand so more of its crude oil can be exported or converted into petrochemicals, rather than being used to generate electricity.
Dmitriev said that significant results have been achieved in the area of investment cooperation under a joint $10 billion framework created by the RDIF and Saudi Arabia’s Public Investment Fund (PIF). Dmitriev told Reuters in June after the RDIF agreed to buy a stake in Russian oil services company Eurasia Drilling, that the fund would also welcome Saudi investment in the company.
He said Saudi investors were already involved in a number of highly profitable projects in Russia, in sectors such as petrochemicals, infrastructure, logistics and hydropower, among others. Russia and Saudi Arabia will also unveil a “large” deal in the infrastructure sector later this week with Riyadh investing in toll roads in Russia including in Moscow, Dmitriev, said on Monday.
Russia’s interest in Saudi Arabia is multidimensional. Economically, Russian-Saudi understandings on oil production and oil exports can significantly affect global markets, Russia’s economy and the Russian government’s federal budget, which still depends heavily on oil-related tax receipts despite declining energy prices.
“Moscow also sees Saudi Arabia as a potential source of investment, something of growing importance,” said Hanif A. Amin, a local banker.
Amin said that “the visit of King Salman to Russia will herald a new era of commercial cooperation, which will go a long way in changing the economic landscape of the two countries, besides political discourses on the key regional issues.” Moreover, economic conditions in Russia in turn shape Russia’s domestic political environment as well as economic conditions in the country.
King Salman’s visit will herald new era of Saudi-Russian economic cooperation
King Salman’s visit will herald new era of Saudi-Russian economic cooperation
Saudi FM participates in Cairo conference to support humanitarian work in Gaza
- Prince Faisal says crisis has ‘reached an unbearable limit’
- Kingdom has provided more than 6,600 tonnes of food, shelter, medical supplies, to Palestinians in Gaza since October 2023
RIYADH: The Kingdom’s Foreign Minister Prince Faisal bin Farhan chaired Saudi Arabia’s delegation at Monday’s Cairo Ministerial Conference to Enhance the Humanitarian Response in Gaza.
Prince Faisal said during his speech that the humanitarian crisis in Palestine had “reached an unbearable limit, and in no way can the deterioration of the situation in the region be allowed any more.”
At least 44,000 Palestinians have lost their lives during Israel’s military campaign in the Gaza Strip since October 2023, and more than 100,000 have been injured.
Prince Faisal said that Israeli actions against children, women and the elderly; the destruction of infrastructure in the Gaza Strip; the forced displacement of 2 million Palestinians and the confiscation of their lands would “perpetuate suffering, fuel extremism in the region … and undermine the chances of coexistence and sustainable peace.”
He said that Israel’s illegal settlements in the occupied West Bank and government policies to affect the legal and historic status of Jerusalem “represent direct attacks on international law and threaten the two-state solution.”
Prince Faisal stressed the importance of an immediate and permanent ceasefire in the Gaza Strip, the Saudi Press Agency reported.
He also warned that the Israeli-approved law to prohibit the UN Relief and Works Agency for Palestine Refugees from working inside Israel “would have catastrophic consequences for the West Bank and the Gaza Strip.”
Saudi Arabia has provided more than 6,600 tonnes of food, shelter equipment and medical supplies, including ambulances, to Palestinians in Gaza since October 2023.
Prince Faisal said that the “brutal genocide in Gaza is the biggest test of the international order,” and called for the recognition of the Palestinian state and the respect of all UN resolutions.
Abdullah Al-Rabeeah, supervisor general of the Saudi aid agency KSrelief, also attended the conference.
Riyadh forum to address inclusivity in social protection
- Focus on sustainable insurance systems and strengthening regional cooperation
- Initiatives proposed at the forum could reshape the future of social security in the region
RIYADH: The Regional Social Security Forum for Asia and the Pacific will be held in Riyadh from Dec. 3 to 5, under the patronage of Saudi Finance Minister and Chairman of the General Organization for Social Insurance Mohammed Al-Jadaan.
Organized by the International Social Security Association every three years, the forum is a key regional gathering on social security and insurance protection.
Saudi Arabia’s hosting reflects its commitment to addressing future challenges and opportunities in social security, the Saudi Press Agency reported.
It also emphasizes the Kingdom’s role as a center for regional and international cooperation, strengthening its leadership in fostering strategic partnerships and knowledge exchange.
The forum will discuss evolving social protection needs, the leadership of social security institutions in developing protection systems, and the impact of economic and demographic changes. It will also discuss the transformation of service management and delivery, and how social security enhances resilience and sustainability.
Representatives from about 30 Asia-Pacific countries, members of the International Social Security Association, will attend. More than 400 participants, including institutional leaders, social protection experts, decision-makers, and representatives from 58 international organizations, will meet to discuss and improve social protection systems.
Marwan Al-Ghamdi, assistant governor for strategy and transformation at the General Organization for Social Insurance, told Arab News that the Kingdom’s hosting of the forum reflects its commitment to strengthening international cooperation to address social insurance challenges and develop innovative policies for inclusivity and sustainability.
“The organization’s mission, focused on achieving social protection for individuals and communities, depends on enhancing sustainable insurance systems, in addition to empowering future generations to build a prosperous future for all,” Al-Ghamdi said.
He added that the Kingdom’s experience in developing social protection systems is as an inspiring model for international institutions and the social insurance sector globally. This experience enriches forum discussions by showing programs that strengthen social protection as part of the UN’s Sustainable Development Goals.
Hosting the forum offers an opportunity to reinforce regional cooperation and exchange best practices, strengthening social insurance systems in Asia-Pacific countries, Al-Ghamdi said.
Discussions may lead to innovative services and products that address challenges such as bridging gaps in cover and protecting workers. Successful experiences also raise awareness of the importance of comprehensive social protection and achieving the SDGs, he added.
Al-Ghamdi said that the forum facilitates the exchange of experiences and the formulation of shared policies to address challenges. Participants can launch innovative initiatives to enhance sustainable, high-quality social protection systems in the region.
The initiatives proposed at the forum could reshape the future of social security in the region, as partnerships help develop effective insurance strategies that meet community needs and strengthen the social insurance sector, he added.
Jeddah to host Hajj forum and expo in January
- Event aims to enhance pilgrim services, promote innovation, and foster transparency and competitiveness in Hajj-related industries
- Conference will bring together ministers, diplomats, academics, Hajj service providers, and representatives from 250 entities across 87 countries
RIYADH: Under the patronage of King Salman, the fourth Hajj Conference and Exhibition will be held from Jan. 13-16 in Jeddah, the Saudi Press Agency reported.
Organized by the Ministry of Hajj and Umrah in partnership with the Pilgrim Experience Program, the event aims to enhance pilgrim services, promote innovation, and foster transparency and competitiveness in Hajj-related industries.
The conference will bring together ministers, diplomats, academics, Hajj service providers, and representatives from 250 entities across 87 countries.
It will feature 47 panel discussions, 50 workshops, and a specialized exhibition with 280 exhibitors showcasing the latest Hajj technologies and services.
The ministry invites global experts and participants to join the event. Registration details are available at hajjconfex.com.
Water Partnership Forum explores opportunities for public and private sectors
- ‘By bringing together key players we are building a stronger foundation for sustainable water management’ — CEO of SWPC
RIYADH: The Saudi Water Partnership Company hosted a forum and award ceremony in Riyadh, bringing together key stakeholders, government officials and industry leaders for a day of dialogue, innovative workshops and strategic networking aimed at advancing the sustainability and resilience of Saudi Arabia’s water sector.
The forum was a platform for discussing advances in water management and sustainability and exploring opportunities for collaboration in the public and private sectors.
Subjects discussed included water sustainability, government collaboration, and public private partnership legislation. These sessions provided actionable insights and set the stage for future partnerships that will shape the water sector in Saudi Arabia and the broader MENA region.
Khaled AlQureshi, CEO of SWPC, said: “The SWPC Forum and award ceremony is a testament to the power of collaboration and innovation. By bringing together key players from across the water sector, we are building a stronger foundation for sustainable water management and aligning with the Kingdom’s strategic goals for the future.”
The workshops provided participants with in-depth insights into key topics such as optimizing tendering processes, building robust water infrastructure, financing water projects, and exploring long-term off-take partnerships.
Industry experts shared case studies and best practices, fostering knowledge exchange and equipping participants with actionable strategies to address complex challenges in water management.
Panel discussions delved into the nuances of stakeholder engagement, sustainable development, and the integration of advanced technologies.
The exhibition area displayed cutting-edge innovations and solutions, giving attendees a firsthand look at advances shaping the water sector.
These elements collectively positioned the forum as a pivotal event for driving innovation, sustainability and strategic collaboration.
The forum concluded with the SWPC Awards Ceremony inaugurated by Abdulrahman bin Abdulmohsen Al-Fadhli, the minister of environment, water and agriculture.
The ceremony celebrated excellence in water management, with awards recognizing innovation, operational excellence, and strategic partnerships.
Notable winners included projects in desalination, sewage treatment, and strategic water storage, all of which underscore Saudi Arabia’s commitment to water sustainability and infrastructure development.
The awards recognized innovation, operational excellence, and strategic partnerships that are advancing the Kingdom’s water sustainability initiatives.
Ramsar chief visits Farasan Islands for wetland talks
- The islands play a vital role in sustainable development and conserving biodiversity
RIYADH: The secretary-general of the Ramsar Convention on Wetlands, Musonda Mumba, visited the Farasan Islands Protected Area as part of advancing global cooperation on wetland protection.
The islands, one of the convention’s most prominent sites in the Kingdom, play a vital role in sustainable development and conserving biodiversity.
The visit included field tours and a presentation by the National Center for Wildlife on the national wetland conservation roadmap, highlighting the islands’ support for migratory birds and endangered species.
Located in the southern Red Sea, the Farasan Islands comprise over 170 ecologically diverse islands of significant heritage value.
Saudi Arabia’s membership of the Ramsar Convention on Wetlands reflects its commitment to addressing environmental challenges, including climate change.
