MOSCOW: The Russian-Saudi Investment Forum concluded on Thursday in Moscow with announcements of joint business and investment projects.
With more than 200 Saudi and Russian business leaders and officials in attendance, the forum opened with a speech by Russian Energy Minister Alexander Novak, who called the event “historic” in light of King Salman’s first visit to Russia.
Bilateral relations “are getting to a fundamentally new level,” Novak said, adding that a joint committee had been formed “to help remove trade barriers that hinder enhancing joint ventures and projects.”
One of the most important agreements signed was on scientific and technological cooperation.
Novak announced the establishment of joint scientific and research centers, saying Russia and Saudi Arabia “have great potential in this field of bilateral development.”
There are also good prospects for cooperation in the fields of shipbuilding, the aluminum industry, water purification, food security, and oil and gas, he added.
It was announced that Russia and Saudi Arabia will establish a joint investment fund. “The $1 billion Russian-Saudi energy investment fund, which focuses on lucrative investment opportunities in Russian oil and gas production, is a good example of how we’re cooperating together and boosting our joint corporate alliances,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund, the sovereign wealth fund of the Russian Federation.
Majed Al-Qasabi, Saudi minister of commerce and investment, informed the audience that seven agreements were signed and four Russian firms will be given licenses to operate in the Kingdom.
“We’ve set up a plan to meet Vision 2030, including renewing energy and upgrading military industries,” he said.
Ibrahim Al-Omar, governor of the Saudi Arabian General Investment Authority (SAGIA), said: “We’re working on improving the level of FDI (foreign direct investment) to the Kingdom by attracting more investments. We’re working to give the private sector a bigger share in the market.”
Saudi Energy Minister Khalid Al-Falih said bilateral cooperation in the last two years has benefited the oil market by stabilizing prices.
“It has breathed back life into OPEC (the Organization of the Petroleum Exporting Countries), which found itself… unable to swing its production as supply was persistently high in 2014 and global inventories were steadily rising ahead of demand,” he added.
“The deal reached between OPEC and non-OPEC countries in November 2016 in Vienna notably helped to stabilize oil prices.”
During the forum, three Russian and three Saudi companies signed cooperation agreements on petrochemicals, trade and phosphates.
The plenary session was followed by panel discussions on bilateral investments, industry and localization, agriculture and food security.
Participants exchanged views on prospects for cooperation in these fields, and shared their experiences and future plans.
Russian-Saudi Investment Forum concludes with positive signals
Russian-Saudi Investment Forum concludes with positive signals
Saudi foreign minister takes part in GCC extraordinary meeting in Kuwait
- GCC officials reject foreign interference in Syrian affairs, call for lifting of Western sanctions
- Meeting affirms GCC’s support for Palestinian people and demands ceasefire in Gaza
RIYADH: Saudi Minister of Foreign Affairs Prince Faisal bin Farhan took part in the 46th extraordinary meeting of the Gulf Cooperation Council’s ministerial council in Kuwait on Thursday.
Ministers and officials from GCC countries discussed the latest developments in Syria, Lebanon, and Gaza.
They stressed the need to uphold Syria’s sovereignty, independence, and territorial integrity after the fall of Bashar Assad’s regime in early December.
The ministerial council rejected foreign interference in Syrian affairs and called for Western sanctions that have weakened the country’s economy to be lifted, the Saudi Press Agency reported.
They reaffirmed their support for a comprehensive transitional process that ensures civilian safety, achieves national reconciliation, and preserves state institutions.
The council condemned Israeli attacks on Syria and the plan to expand illegal settlements in the occupied Golan Heights. It also condemned Israeli strikes on Lebanon.
Officials stressed that Lebanon needs political and economic reforms to prevent it from becoming a hub for terrorism and drug smuggling, highlighting the critical role of the Lebanese security forces in addressing these issues, the SPA added.
The meeting affirmed the GCC’s support for the Palestinian people, and called for a permanent ceasefire, an end to the siege in Gaza, and the supply of humanitarian aid.
Prince Sultan bin Saad, Saudi ambassador to Kuwait, and other senior Saudi foreign officials attended the meeting.
200 students will compete to represent Saudi Arabia at top science events
- Mawhiba, Ministry of Education select students from a record 291,057 applications
RIYADH: A total of 200 students have been chosen to compete for a chance to represent the Kingdom at next year’s prestigious International Science and Engineering Fair and other international competitions.
The King Abdulaziz and His Companions Foundation for Giftedness and Creativity, or Mawhiba, and the Ministry of Education announced the qualification of the 200 students, the Saudi Press Agency reported on Thursday.
The announcement took place at the National Olympiad for Scientific Creativity, or Ibdaa, exhibition for science and engineering. The Ibdaa event is held to create a competitive and creative environment for pre-college scientific researchers.
The students were selected from among 480 participants in the recent regional exhibitions held as a part of the fourth stage of the Olympiad.
The final qualifying stage for the Olympiad will be held at the Imam Mohammad Ibn Saud Islamic University conference center in Riyadh from Feb. 2 to 6.
The Ibdaa 2025 Olympiad had a record registration of 291,057 students.
The Olympiad is an annual international contest for middle and high school students in standards and technology. It started as a local event in Korea in 2006, and became an international contest in 2014.
Beekeepers’ association launches green campaign
RIYADH: The Beekeepers Cooperative Association in Rijal Almaa in the Asir Region on Thursday launched an initiative to plant 1,000 sidr trees in Wadi Hiswah as part of an environmental sustainability plan aligning with the Saudi Green Initiative.
Inaugurated in 2021, the Saudi Green Initiative unites environmental protection, energy transition and sustainability programs with the overarching aims of offsetting and reducing emissions, increasing afforestation and land restoration, and supports Saudi Arabia’s ambition to reach net zero emissions by 2060.
The Beekeepers Association launched the green campaign in collaboration with the National Center for Vegetation Development and Combating Desertification, the Saudi Press Agency reported.
The chairman of the association’s board of directors, Ali bin Yahya Al-Hayani, said that this initiative aims to enhance air quality and combat climate change.
He identified the environmental benefits of the sidr tree, highlighting its resilience, its role in combating desertification, and its contribution to soil health and biodiversity.
Reconstituted Saudi IP authority’s board of directors approved
- Shihana Alazzaz, who is an adviser at the Royal Court, will continue to serve as chair
RIYADH: The Saudi Authority for Intellectual Property’s newly-reconstituted Board of Directors was approved for a three-year term, the Saudi Press Agency reported Wednesday.
In the reconstituted board, Shihana Alazzaz, who is an adviser at the Royal Court, will continue to serve as chair. She previously served as the deputy secretary-general of the Council of Ministers and was the first Saudi woman to hold the position.
The approval includes extending the membership of Eng. Haitham Al-Ohali, Eng. Osama Al-Zamil, and Dima Al-Yahya.
Badr Al-Qadi and Dr. Mohammed Al-Otaibi join the board as new members.
Alazzaz expressed her thanks and gratitude to King Salman and Crown Prince Mohammed bin Salman for their generous and continuous support for the authority.
She also thanked the previous board members for their efforts and wished the new members success.
The authority’s CEO Dr. Abdulaziz Al-Suwailem, said that the new formation of the board reflects the continued generous support of the leadership for the authority, wishing the Board success.
Grand Mosque authority announces free storage for Umrah performers
- Storage facilities are located near the Makkah Library and Gate 64
MAKKAH: Authorities in the holy city of Makkah announced on Wednesday free luggage storage for Umrah performers.
The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet’s Mosque announced that free storage facilities are available to the east of the Grand Mosque, near the Makkah Library, and to the west, near Gate 64.
Umrah performers must present their permits through the Nusuk app to access the facilities, the Saudi Press Agency reported.
Umrah performers can store bags, not loose items, weighing up to 7 kilograms for a maximum of four hours. Valuables, prohibited items, food, and medicine are not permitted. A claim ticket must be presented for retrieval.
The authority plans to extend the service to encompass all areas around the Grand Mosque to better assist visitors, the SPA added.
