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Tue 15 Oct 2019 11:58 AM

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Saudi Arabia grants four investment licenses to Russian firms

An additional 17 MoUs were signed covering areas including AI, satellites, energy and petrochemicals

Saudi Arabia grants four investment licenses to Russian firms
The Russian firms include construction and real estate development Kontakt, computer programming consultancy P Group Saudi, international financial advisory RS Investment Advisor, and architectural and engineering firm Geopulsar.

Saudi Arabia has granted investment licenses to four Russian companies working in a variety of sectors, Saudi authorities have announced.

On Twitter, the kingdom’s minister of commerce and investment Abdullah Al-Qasabi said that the Russian firms specialising in construction, real estate, information technology, financial consulting and architecture.

He added that “17 memorandums of understanding were signed in artificial intelligence, railway, satellites, energy, petrochemicals.”

The firms include construction and real estate development Kontakt, computer programming consultancy P Group Saudi, international financial advisory RS Investment Advisor, and architectural and engineering firm Geopulsar.

The announcement came following a Saudi-Russian CEO Forum in Riyadh, which was attended from more than 400 business leaders. The event coincided with the visit of Russian president Vladimir Putin to the kingdom.

“Saudi Arabia is a growing and diversifying G20 economy, and offers significant potential to Russian investors,” Dr Majed Bin Abdullah Al Qasabi was quoted as saying. “We believe that today’s event serves as a powerful platform to continue building this valuable relationship between our two countries.”

He added: “By cultivating mutual understanding, we are better able to identify areas of cooperation, develop new opportunities and work towards creating new solutions to building a global future-forward economy."

A separate event, the Saudi-Russian Energy Partnership meeting, led to 20 agreements between the two countries.

The agreements covered petroleum, space and satellite navigation, health services, tax administration, tourism and aviation.