Raft of multimillion-dollar deals seal Putin’s visit to Saudi Arabia

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Saudi Arabia's King Salman with Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Saudi Arabia's King Salman greets Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Saudi Arabia's Crown Prince Mohammed bin Salman greets Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Saudi Arabia's King Salman with Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman with Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Saudi Arabia's Crown Prince Mohammed bin Salman greets Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Russian president Vladimir Putin meets Prince Al-Waleed bin Talal at Al-Yamamah Palace in Riyadh. (SPA)
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Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman with Russian president Vladimir Putin at Al-Yamamah Palace in Riyadh. (SPA)
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Russian President Vladimir Putin is welcomed by Riyadh Governor Prince Faisal bin Bandar. (SPA)
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Russian President Vladimir Putin is welcomed by Riyadh Governor Prince Faisal bin Bandar. (SPA)
Updated 15 October 2019
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Raft of multimillion-dollar deals seal Putin’s visit to Saudi Arabia

  • King Salman, Crown Prince Mohammed bin Salman welcome Russian leader at Al-Yamamah Palace
  • 20 deals of cooperation were signed between the two countries

RIYADH: A multimillion-dollar tranche of deals signed in Riyadh on Monday set the seal on Russian President Vladimir Putin’s first official visit to Saudi Arabia since 2012.

The 20 agreements covered oil and other energy industries, space and satellite navigation, justice, health services, tax administration, mineral wealth, tourism and aviation, along with cultural cooperation and the enhancement of trade relations.

The key deal was an agreement to increase cooperation in the OPEC+ group — the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, plus 10 non-members led by Russia. Moscow has worked closely with OPEC to limit supply and stabilize prices after a 2014 slump.

Monday’s deal seeks to “reinforce cooperation ... and strengthen oil market stability,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the signing ceremony.
Prince Abdulaziz said the two countries had begun a new phase of cooperation. “At the Saudi-Russian Joint Committee, we are working together to harmonize the Kingdom’s Vision 2030 reform plans with its strategic objectives and Russia’s strategic development plans,” he said.




Saudi Arabia's Crown Prince Mohammed bin Salman and Russian President Vladimir Putin during a meeting. (Sputnik/AFP)

State-owned enterprises and the private sector in both countries would make a significant effort in achieving the goals of the new agreements, the minister said.

Earlier, Russian and Saudi flags lined the streets of Riyadh as Putin arrived at Al-Yamamah Palace in the capital, to be greeted by King Salman and Crown Prince Mohammed bin Salman in a welcome ceremony with full military honors.

“Saudi Arabia values the active role that Russia is playing in the region and the world, and we look forward to working with you to establish security, stability and peace, to counter extremism and terrorism, and to promote economic growth,” the king told him.

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“The joint investment and trade opportunities between the two countries that will be consolidated by many agreements, especially in the field of energy, will have significant positive results on the interests of our two countries and peoples.”

In response, Putin said King Salman’s visit to Russia in 2017 had contributed to the strengthening of relations and increased cooperation and trade between the two countries, and hailed the Kingdom’s important role in safeguarding global economic interests.




King Salman welcomes the Russian President Vladimir Putin to Riyadh, Saudi Arabia. (Sputnik/Reuters)

Putin highlighted the importance of Saudi-Russian coordination to ensure security and stability in the Middle East. “I am sure that without Saudi Arabia’s participation, it is impossible to secure sustainable development for any of the region's problems,” he said.

The crown prince and the Russian president also chaired the inaugural meeting of the new Saudi-Russian Economic Committee, attended by high-level delegations of business and finance executives from both countries.

Later Putin held official talks with the crown prince, in which they discussed developments in Syria and Yemen, and “the importance of combating extremism and terrorism and working to dry up its sources,” a Saudi spokesman said. 


READ MORE: Dedicated Arab News ‘Putin in Saudi Arabia’ spotlight


Kremlin spokesman Dmitry Peskov described the talks as a “substantial exchange of opinions … on regional problems, on the situation in the energy markets, on oil prices.”

In the evening Putin attended a performance by Russia’s Tchaikovsky Symphony Orchestra, and on Tuesday he travels to the UAE for talks with Sheikh Mohammed bin Zayed Al-Nahyan, the crown prince of Abu Dhabi.

Financial expert Mohammed Alsuwayed told Arab News that Russia was “an important strategic partner of Saudi Arabia,” and their joint efforts would help to manage the oil market.

Links with the Russian Direct Investment Fund were also valuable, Alsuwayed said. “The Russian sovereign wealth fund is interested in investing in Saudi Arabia. It has recently opened an office in the Kingdom as its first international fund office outside Russia, demonstrating a clear plan to invest in various sectors.”




Russian President Vladimir Putin and Saudi Arabia's King Salman watch as Saudi Energy Minister Abdulaziz Bin Salman and Russian Energy Minister Alexander Novak attend a signing ceremony in Riyadh. (Sputnik/Reuters)


Officials discuss Saudi-South Korean cooperation in nuclear power and defense

Updated 8 sec ago
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Officials discuss Saudi-South Korean cooperation in nuclear power and defense

  • First Korea-Gulf Cooperation Council cooperation seminar hosted around 80 participants to discuss trade relations, cooperation in the energy sector, and regional conflicts in the Middle East
  • Ambassador to Saudi Arabia Choi Byung-hyuk said that the seminar was an opportune space to discuss economic cooperation and to come to a shared understanding of regional conflicts in the GCC

RIYADH: Officials and nuclear experts discussed cooperation in nuclear energy and defense between South Korea and Saudi Arabia during an event in Riyadh on Tuesday.

The first Korea-Gulf Cooperation Council cooperation seminar hosted around 80 participants to discuss trade relations, cooperation in the energy sector, and regional conflicts in the Middle East.

South Korea’s ambassador to Saudi Arabia, Choi Byung-hyuk, said the seminar was an opportune space to discuss economic cooperation and to come to a shared understanding of regional conflicts in the GCC, specifically Gaza and the Red Sea, as well as a space to diversify energy cooperation in the nuclear and renewables sectors.

Kang Han-ok, vice president for SMART development at the Korea Atomic Energy Research Institute, presented a joint research project currently underway between South Korea and Saudi Arabia on small modular reactors.

“SMRs are being highlighted as carbon-zero energy sources that complement the intermittent nature of renewable energy in the global power supply sector,” Kang said.

He noted how the SMART100 SMR, jointly designed by Saudi and South Korean entities, was approved by Seoul’s nuclear regulator in September.

The reactor was jointly developed by KAERI, the King Abdullah City for Atomic and Renewable Energy, and the Korea Hydro & Nuclear Power Corp.

Kang explained the reactor is now ready to be exported globally. “With its SDA acquaintance, SMART is now ready for global deployment in the demand of the power and thermal energy sectors,” he said.

Kang also spoke about ways to increase nuclear power plant cooperation between South Korea and GCC member states, citing the plan to establish a joint nuclear research and development center between the Saudi National Atomic Energy Project and KAERI.

The chairman of the Gulf Research Center, Abdulaziz Sager, emphasized that Saudi Arabia’s ability to rely on South Korea as a strong ally and defense supplier encouraged a relationship of trust and long-term partnership in the Kingdom’s security planning.

The seminar comes almost one year after the signing of a free trade agreement between South Korea and the GCC, signed on Dec. 28, 2023.

At the time, South Korea committed to eliminate 89.9 percent of tariffs on all products while the GCC committed to eliminate 76.4 percent, facilitating increased trade between the two parties.

The Korea-GCC FTA was 20 years in the making. Discussions for the agreement began in 2008, but it is yet to be verified or ratified. Lee Kwon-hyung, senior research fellow from the Korea Institute for International Economic Policy, put forward recommendations on how to pave the way for the agreement and how to best utilize it once finalized, including establishing an artificial intelligence data center to transition towards a green energy economy relying on solar, wind, and nuclear power for electricity generation.

“The AI data center needs a lot of electricity, so an energy transition and a digital transition are very imperative, and with the AI Data Center we can make industrial restructuring in both countries,” Lee said.

Prof. In Nam-sik, director general for strategic region studies at the Korea National Diplomatic Academy, evaluated the impact of geopolitical dynamics in the Middle East and East Asia on Korean-GCC relations, as well as the transformation of the US-led liberal international order.

On the war on Gaza, In said: “The situation threatens to shift the two-state solution toward an apartheid scenario, further destabilizing the region.”

On Iran, In continued: “Iran’s expanding influence through its regional proxy contributes to ongoing instability, with concerns that the current dynamics may accelerate Iran’s nuclear ambitions.

“The transition in Iran’s leadership raises uncertainties, with hopes for a gradual regime change that might reduce Iran’s revolutionary stance.”

Commenting on US influence, In said: “As the US pivots its strategic focus to Asia, Gulf nations are adopting flexible diplomacy, leveraging both US and Chinese influence.”

In stated that the Middle Eastern and European fronts are already linked, and North Korean military support to Russia signals an increasing risk of interconnected conflicts across regions.

To combat these regional and international threats, In urged South Korea and the GCC to work together on security cooperation across information sharing and technology, joint maritime security exercises, and shared support for multilateral forums, in addition to continued political dialogue in the above mentioned areas.


Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

Updated 12 November 2024
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Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

  • Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday

RIYADH: The Saudi cabinet, led by Crown Prince Mohammed bin Salman, convened in Riyadh on Tuesday to discuss outcomes from recent high-level summits and meetings.

Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday and the crown prince’s engagements with leaders from various countries.

The cabinet praised the summit’s outcomes and welcomed its signing of the Tripartite Mechanism Document to Support Palestine, a joint initiative by the Organization of Islamic Cooperation, the League of Arab States, and the African Union Commission.

The cabinet reiterated the Kingdom’s support for the Palestinian and Lebanese people as they face the severe humanitarian effects of the ongoing Israeli military action. It called on countries around the world to join an international coalition advocating for the two-state solution — a plan initiated this year by the Arab-Islamic Ministerial Committee, led by Saudi Arabia, in partnership with the European Union and Norway.

During the session, the crown prince briefed the cabinet on his recent discussions with President Masoud Pezeshkian of Iran, Japanese Prime Minister Shigeru Ishiba, and a phone conversation with US President-elect Donald Trump.

The minister of media announced that the cabinet expressed its appreciation for the Kingdom’s Arab Week at UNESCO initiative, hosted at UN headquarters in Paris, for enhancing cultural dialogue and promoting understanding among diverse communities.

On domestic matters, council members commended the reception of the Saudi medical team that accomplished the world’s first complete robotic heart transplant. 

It also celebrated the success of the Beban 24 Forum’s 10th edition in Riyadh, which produced agreements and initiatives exceeding SR35.4 billion ($9.42 billion) aimed at bolstering entrepreneurship and enhancing the contribution of small and medium enterprises to the national gross domestic product.


Indian film icons Bobby Deol, Suriya hail Riyadh visit

Updated 27 min 24 sec ago
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Indian film icons Bobby Deol, Suriya hail Riyadh visit

  • The duo are in the Kingdom’s capital to promote epic saga ‘Kanguva,’ in theaters on Nov. 14

RIYADH: Bollywood icon Bobby Deol and Tamil cinema veteran Suriya spent time with fans and members of the press to promote their new film “Kanguva” in Riyadh.

They are among the latest international stars to visit the Kingdom’s capital and interact with local fans of their work.

“Kanguva” is an epic fantasy action film directed by Siva, starring Suriya, Deol, and Disha Patani, which hits the Kingdom’s theaters on Nov. 14.

Over the past few weeks, Suriya and Deol have been promoting “Kanguva” across India and abroad. (Supplied)

Speaking to fans at an event in Riyadh this week, Deol expressed his appreciation for fans in Saudi Arabia. “Today I am here with all of you, and so many of you. I am happy to be here among you all. I love you, Suriya loves you, we all love you for so much of your love and compassion,” he said.

Speaking about his first visit to Riyadh, Deol added: “I feel so happy that our people live here and are liked by the host country. I am glad to see you all. It’s your energy, it’s your love that gives us strength, and whatever we are today, it’s because of your love.

“So, thank you so much for having us here today.”

HIGHLIGHT

Bobby Deol and Suriya are among the latest international stars to visit the Kingdom’s capital to promote their film.

Suriya is in Riyadh for the first time for the film’s promotion.

The style icon told Arab News: “I am happy to be among our people living here and to see a lot of transformation going on in the Kingdom, including in the cinema sector, thanks to Vision 2030 — the ambitious plan to transform Saudi Arabia, diversify its economy and open to the world.

Deol said he is geared up for the release of “Kanguva,” his first multilingual work in both Tamil and Hindi. (AN photo by Rashid Hassan)

“It aims to create an ambitious nation, a thriving economy, and a vibrant society that allows citizens and residents to achieve their dreams, hopes and aspirations, I am happy to see the transformation,” the actor added.

Suriya and Deol also spoke about sharing the screen in “Kanguva,” admiring each other’s roles and working together.

Deol said he is geared up for the release of “Kanguva,” his first multilingual work in both Tamil and Hindi. He shared his admiration for Suriya, highlighting the powerful presence the actor brings on the screen.

Over the past few weeks, Suriya and Deol have been promoting “Kanguva” across India and abroad.

With Suriya in a double role and Deol as a dangerous villain, the film was made with a budget of over $35million and is one of the most anticipated Indian films of the year.

The film also features Patani as a character connected to both a historical and contemporary timeline. Primarily known for her glamorous roles, action-packed sequences and songs, this role portrays her in a fresh look.

 


Speaker of Shoura Council leads Saudi delegation at GCC Shoura meeting in Abu Dhabi

Updated 33 min 5 sec ago
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Speaker of Shoura Council leads Saudi delegation at GCC Shoura meeting in Abu Dhabi

  • Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi emphasized the prominent regional and international standing of the GCC across political, economic, commercial, and information technology levels, the council said in a report

RIYADH: Saudi Shoura Council Speaker Sheikh Abdullah bin Mohammed bin Ibrahim Al-Sheikh headed the Kingdom’s delegation at the 18th periodic meeting of the Speakers of the Shoura Councils, Houses of Representatives, and National Assemblies of the Gulf Cooperation Council states in Abu Dhabi on Tuesday.

Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi emphasized the prominent regional and international standing of the GCC across political, economic, commercial, and information technology levels, the council said in a report.

The Kingdom’s delegation included Secretary-General of the Shoura Council Mohammed Dakhil Al-Mutiri and members of the Shoura Council Fadel bin Saad Al-Buainain and Dr. Arwa bint Obaid Al-Rashid, among others.

 

 


Saudi Arabia highlights military growth at Airshow China

Updated 12 November 2024
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Saudi Arabia highlights military growth at Airshow China

  • Kingdom’s defense industry aims to forge global partnerships at Zhuhai event
  • Defense sector is projected to contribute $17 billion to the Saudi economy by 2030

RIYADH: Military products and the achievements of both government bodies and national companies are highlighted at the Saudi pavilion at this year’s China International Aviation and Aerospace Exhibition.

Airshow China 2024, one of the world’s largest aviation expos, started in Zhuhai on Tuesday and will run until Nov. 17.

The Saudi pavilion features military products, particularly in aviation, and turns the spotlight on national companies that work in military industries. It also underscores efforts to boost national manufacturing capabilities and the aim of localizing over 50 percent of government spending on military equipment and services by 2030.

Launching events at the pavilion was the governor of the General Authority for Military Industries, Ahmad Al-Ohali, who was joined by Chief of Staff Lt. Gen. Fayyad Al-Ruwaili and the Saudi ambassador to China, Abdulrahman Al-Harbi. Other officials, international investors and aviation and aerospace decision-makers were also present.

Al-Ohali said: “This strategic participation, occurring for the first time in China, aims to enhance the Kingdom’s global presence in the military industries sector and to solidify its position as one of the fastest-growing economies among the G20 nations.

“Our participation also seeks to establish fruitful international partnerships to empower and develop the military industries sector, while also promoting the Kingdom’s message of welcoming investors from around the world. Additionally, it aims to highlight the key objectives of Saudi Vision 2030 within the military sector.”

The defense sector is projected to contribute $17 billion to the Saudi economy by 2030, with a $9 billion addition to non-oil revenues. This will generate 100,000 direct and indirect jobs by the end of the decade.

The Saudi pavilion features government bodies such as the Ministry of Investment and the General Authority for Defense Development, as well as public national companies such as the National Company for Mechanical Systems, Saudi Wakeb Company for Artificial Intelligence and Autonomous Systems, Milestone Aviation, and Homat Al-Watan Co.

The General Authority for Military Industries works closely with partners and government bodies to empower national and international companies in the military industry, enhance the defense sector’s potential, and create investment opportunities.

It also focuses on localizing cutting-edge aerospace technologies to support Saudi economic growth and strengthen defense and security independence.