The governor of the Saudi Arabian General Investment Authority, Abdullatif Al-Othman.

A high-profile business conference hosting Russian and Saudi delegates will begin this week in Moscow, Arab News reported on Tuesday.

The governor of the Saudi Arabian General Investment Authority, Abdullatif Al-Othman, travelled to Russia on Tuesday to co-chair the forum as well as hold talks with top Russian officials.

Othman said Saudi Arabia’s relationship with Russia was a “key element in its bilateral engagement as the country moves forward to forge closer ties,” according to a statement cited by Arab News.

During the visit, several joint workshops will be organized to focus on potential areas of cooperation, including mineral exploration, transport, infrastructure development, agriculture, oil and gas, housing, real estate, tourism, electricity, renewable energy, water desalination and health care, the newspaper reported.

“Riyadh and Moscow have evinced keen interest to boost bilateral links in all sectors,” Othman added.

A framework agreement to set up “Russian-Saudi Joint Committee” is also likely to be signed on the sidelines of the business conference, according to Arab News.

Earlier this year, Saudi Arabia’s Public Investment Fund partnered up with Russia’s Direct Investment Fund to invest 37 billion riyals ($9.8 billion) into Russian projects. This reportedly became the largest foreign investment in Russia, the newspaper added.

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