Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA).

Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA), will patronize the Saudi-Russian Business Forum in Moscow Friday.

SAGIA is organizing the forum in collaboration with the Council of Saudi Chambers and the Saudi-Russian Joint Council.

Top officials from Russia and the private sector are taking part in the event.

The forum aims to discuss aspects of cooperation in the fields of mineral materials, transportation, infrastructure development, information security, petroleum, gas, food security, agricultural investment, housing, real estate development, tourism, manufacturing industries, petrochemicals, nanotechnology, advanced technologies, renewable electric power, financial resources, techniques of water desalination, pharmaceutical and health care.

Meanwhile, the fourth session of Saudi-Russian Joint Committee on trade, economic, scientific and technical cooperation took place in Moscow amid a genuine desire of the Saudi and Russian leaders to stimulate trade and investment cooperation between the two countries.

Saudi Arabia exports goods worth around SR175 million and Russian imports to the Kingdom totaled SR7.1 billion.

The Saudi delegation, participating in the committee under the chairmanship the SAGIA Governor, includes representatives from 25 government bodies as well as representatives of the private trade sector.

The delegation aims to improve economic and investment relations, promote trade and seize the opportunities that are provided by both markets.

Expectations grew after the successful visit of the Saudi delegation to Moscow.

The SAGIA governor sees this year as a turning point in relations between the two countries, especially after the successful visit by Prince Mohammed bin Salman, deputy crown prince, second deputy premier, minister of defense and chairman of the Council of Economic and Development Affairs to Russia.

The meetings of the joint committee held its fourth session and the Saudi investment-Russian Business Forum was hosted by the General Authority for Investment with the expanded partnership of the Council of Saudi Chambers and the Arab-Russian Council

The theme of friendship, partnership and opportunities was aimed at shaping the future of cooperation between the Kingdom and Russia.

According to recent data, Saudi exports in 2014 to Russia included high-density poly-polyethylene, terephthalate as well as pigments and superficial paints, carpets, rugs and yarn insulation.

Copper and barley wires and iron non-alloy steel, fuel oils and refined products are among major Russian exports to the Kingdom.

SAGIA believes that there are a number of promising investment fields between Saudi Arabia and Russia.

They include energy, transportation, infrastructure, health care and education projects.

According to SAGIA, the total number of Russian investment licenses in Saudi Arabia amounted to more than $21.2 million with the manufacturing sector (SR15 million) forming a major portion of these investments.

The service sector makes up about $5 million as Russian joint investments are mainly focused on the business activities where the share capital of Saudi Arabia is 17 percent and the Russian share is more than 60 percent. Other foreign investors hold 20 percent.

SAGIA says that the Russian investment with 100 percent Russian capital in Saudi Arabia amounted to more than $18 million, and investments ($15.8 million) in the manufacturing industry. Services investments worth $2.5 million take the second place.

The Saudi-Russian Business Council, which was held at the headquarters of the Russian Chamber of Commerce, has stressed the importance of upgrading the existing trade relations, especially in the light of the availability of great opportunities to achieve a genuine partnership between the business sectors of the two countries.

Abdulrahman Al-Zamil, president of the Council of Saudi Chambers, also addressed the meeting in Moscow.

He pointed to the benefits and incentives available for foreign investors in Saudi Arabia — either through 100 percent foreign capital or through a partnership with the Saudi private sector.

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