Alexander Novak with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia
Alexander Novak meets with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, on the sidelines of the Russian Energy Week International Forum
Alexander Novak during his meeting with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia
Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, meets with Deputy Prime Minister of Russia Alexander Novak
Alexander Novak with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia
Deputy Prime Minister Alexander Novak met with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, on the sidelines of the Russian Energy Week International Forum.
On the eve of the meeting of the Joint Russian–Saudi Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation and the Russia–Saudi Arabia Business Forum, scheduled to take place on 5–6 November in Saudi Arabia, Alexander Novak and Prince Abdulaziz bin Salman – co-chairs of the intergovernmental commission – discussed current cooperation issues in key sectors of the economy.
Bilateral trade continues to grow dynamically: last year, trade volume increased by 62.7 percent. Investment cooperation is also showing positive dynamics: the total volume of accumulated Russian investment in Saudi Arabia grew sixfold over the year, while Saudi investment in Russia increased by 11 percent. Over the past decade, more than 40 joint investment projects have been implemented across various fields, including cybertechnology, transport, infrastructure, and petrochemicals.
Special focus was placed on energy cooperation. The Deputy Prime Minister emphasised that collective actions within the OPEC+ framework serve both countries’ long-term national interests and contribute to strengthening their economies. The parties also discussed the potential for joint projects in liquefied natural gas (LNG), hydro- and nuclear energy.
Cultural, educational, and tourism ties between Russia and Saudi Arabia also continue to expand. Over the past five years, mutual tourist flows have grown significantly: the number of Saudi visitors to Russia has increased eightfold, while the number of Russian tourists travelling to Saudi Arabia has almost tripled. This year, direct flights between the two countries were launched.
“We are successfully developing our bilateral partnership and maintaining close interaction on the international stage. This cooperation is supported by the well-established trusting dialogue between our countries’ leaders: President of Russia Vladimir Putin and Crown Prince, Prime Minister of Saudi Arabia Mohammed bin Salman,” Alexander Novak noted.
