(MENAFN -Arab News) Twenty-five Russian investment companies plan to enter the Saudi market soon in an initiative that hopes to boost economic relations between the two countries. An official delegation of major Russian stakeholders will visit the Kingdom in the next two months to discuss future investments with governmental bodies and Saudi businesses.
Hamad Al-Yahya, CEO of an investment corporation that is organizing the visit, said: “The visit comes in light of the strong political and economic relationship between Saudi Arabia and Russia. International companies are considering Saudi Arabia as a new economic marketplace after the economic renaissance in the Kingdom under the leadership of Custodian of the Two Holy Mosques King Abdullah.”
Al-Yahya praised the economic support given to the governmental projects in the Kingdom and said the meeting, supervised by the Russian Embassy in Saudi Arabia, will attempt to link Saudi authorities with their Russian counterparts and focus on choosing the best Russian companies to enter the Saudi market.
Investments will be mainly in medical, agricultural, educational and industrial fields as well as the food industry, and communications and information technology.
Saudi Arabia’s main imports from Russia include reinforced steel bars, barley, polished brass, copper pipes and drilling equipment, as well as semi-finished metal products. The Kingdom’s main imports from Russia in 2007 reached 32 percent of the Russian exports of iron pipes and 40 percent of the Russian exports of barely in the period between 2006 and 2010.
Saudi exports to Russia are mainly petrochemical products (dyes), dates and maintenance equipment for ships and sanitary ware.
In the Kingdom’s trading partners list, Russia moved up from the 60th to the 24th exporter to the Kingdom, and leveled up from the 99th importer from Saudi Arabia to the 82nd within ten years.