Moscow: Minister of Industry and Mineral Resources Bandar Alkhorayef is set to lead a high-level delegation to the Russian Federation from July 7 to 10, with the objective of enhancing bilateral relations in key sectors such as investments, industry, and mining. This visit aligns with Saudi Arabia's Vision 2030 goals, emphasizing the Kingdom's commitment to strengthening economic and industrial partnerships.
According to Saudi Press Agency, a significant aspect of the visit will be Saudi Arabia's participation as the partner country at INNOPROM 2025. Alkhorayef will inaugurate the Saudi pavilion, showcasing the Kingdom's investment opportunities and its leading industrial companies and products. The Russian prime minister is expected to visit the pavilion to gain insights into Saudi Arabia's rapidly evolving investment, industrial, mining, and tourism sectors.
In addition to pavilion activities, Alkhorayef will engage in high-level discussions with senior Russian officials, industry leaders, and mining companies. The meetings aim to expand cooperation in sectors such as manufacturing, petrochemicals, mining, machinery, automotive, and advanced technology. Key discussions will occur with Russian Minister of Industry and Trade Anton Alikhanov, Russian Minister of Natural Resources and Environment Alexander Kozlov, and General Director of JSC Russian Export Center Veronika Nikishina.
Alkhorayef will also meet with notable Russian mining and industrial companies to explore potential partnerships. These include Russian Aluminium Association and Norilsk Nickel for mining alliances, and Rostec corporation, the Republic of Tatarstan, the Chelyabinsk Region, United Confectionery Company Ltd., and Khimprom for collaborations in petrochemicals and automotive manufacturing.
A historical backdrop to this visit is the landmark 2017 visit by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to Russia, marking the first official visit by a sitting Saudi monarch. This visit laid the foundation for strengthened relations, which was further solidified by President Putin's 2019 visit to Saudi Arabia, culminating in the signing of multiple strategic agreements.
Trade relations between Saudi Arabia and Russia have grown significantly, with non-oil trade rising from SAR1.84 billion in 2016 to SAR12.3 billion in 2024. The two nations have collaborated across various sectors, including mining, industrial equipment, chemical processing, and advanced manufacturing, under the framework of the Saudi-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation.
Russia's industrial sector has seen significant development, driven by a national strategy to boost the manufacturing sector's GDP contribution. This industrial advancement, coupled with Russia's prominence in mining and mineral production, offers promising opportunities for collaboration with Saudi Arabia's industrial and mining sectors.
The mining sector represents a key area of cooperation, with both nations possessing vast mineral reserves and processing capabilities. A memorandum of understanding signed in 2024 between the two countries covers geological research and mineral resource development. The two sides are actively pursuing cooperation in green mining and downstream processing.
Saudi Arabia is also working to attract Russian investments into its industrial zones, facilitated by entities such as MODON and the Royal Commission for Jubail and Yanbu. This effort has led to several Russian companies establishing operations in Saudi Arabia's plastics manufacturing, petrochemicals, and industrial equipment sectors. Concurrently, Saudi Aramco is investing in Russia's oil and gas sector, further strengthening bilateral economic relations.
Beyond economic cooperation, Saudi Arabia and Russia are also enhancing cultural and tourism ties, with initiatives like mutual visa exemptions and the introduction of direct flights between Riyadh and Moscow. These efforts are part of broader preparations to celebrate the centenary of Saudi-Russian relations next year.
This visit marks a pivotal moment in Saudi Arabia's partnership with Russia, underscoring a mutual commitment to expanding cooperation across various sectors, including tourism, technology, trade, and industrial and mining sectors, in support of sustainable economic growth.