The Saudi-Russian Investment and Business Forum 2025 concluded in Riyadh, closing a packed day of high level strategic dialogue aimed at anchoring a bilateral partnership that extends well beyond oil coordination.
The forum was held on the sidelines of the 9th Russian-Saudi Joint Committee and underscored the two countries’ shared determination to deepen economic and investment cooperation, driven by a sharp rise in bilateral trade.
Saudi Energy Minister Prince Abdulaziz bin Salman, who heads the Saudi side of the joint committee, and Russian Deputy Prime Minister Alexander Novak, who leads the Russian side, opened the forum in Riyadh.
Saudi Foreign Minister Prince Faisal bin Farhan attended.
Senior officials, experts and investors from both countries took part with the aim of strengthening Saudi Russian economic cooperation.
During the forum, organized by the energy and investment ministries, Prince Abdulaziz described the new mechanism adopted by the OPEC+ alliance to assess the maximum production capacity of member states as a turning point.
He said it was fair and transparent and would ultimately help stabilize markets, noting that it rewards those who invest in production.
Prince Abdulaziz and Novak also co-chaired the meeting of the joint ministerial committee, which reviewed agenda items focused on expanding cooperation in key sectors that include energy, trade, economy, investment, space, industry, mining, health, education, media, culture, sports, tourism, transport, housing and agriculture.
Both sides expressed appreciation for the continued advances in cooperation across all areas of mutual interest and welcomed the desire of both countries to strengthen their partnership in ways that support economic development.
They pointed in particular to the success of the Saudi-Russian Business Forum and the Saudi-Russian Business Council meeting held alongside the committee’s work.
Commenting on the meeting, Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, said economic relations between the two countries are a key pillar supporting stability and growth in global energy markets.
He added that the strategic partnership has expanded significantly in recent years to include vital sectors such as mining, industry, agriculture and advanced technologies, reflecting the complementarity of their economic strengths.
Al-Huwaizi highlighted the notable rise in cooperation, saying bilateral trade has exceeded 3.8 billion dollars, an increase of 60 percent, which he said demonstrates growing private sector confidence in both countries.
From energy to economic diversification
Fadel bin Saad Al-Buainain, a member of Saudi Arabia’s Shura Council, said holding the forum is one of the tools that deepen bilateral relations and the economic partnership. He said it aims to strengthen the partnership and address challenges that may hinder progress toward its targets.
Al-Buainain stressed the importance of continued coordination between Saudi Arabia and Russia in the oil sector and of reinforcing the role of OPEC+, which he said has had a positive impact on stabilizing energy markets and shielding them from sharp fluctuations.
He added that systematic work is under way to expand the economic partnership, noting significant potential that is confirmed by tangible results such as the mutual visa waiver agreement and the launch of direct flights.
The forum’s outcomes further reflected Novak’s recent comments to Asharq Al Awsat, in which he said the OPEC+ partnership with Saudi Arabia extends beyond the oil market and represents a reliable platform for regional and international cooperation that ensures long term global market stability.
He added that bilateral cooperation includes major investment projects that go beyond energy.
Memorandums of understanding and agreements
During the forum, the Saudi energy minister and Novak signed a memorandum of understanding on cooperation in climate change and low emission development between the Saudi Ministry of Energy and Russia’s Ministry of Economic Development.
The MoU sets a broad framework for cooperation on climate issues and on supporting the objectives of the United Nations Framework Convention on Climate Change and the Paris Agreement.
It covers technologies and solutions related to mitigation, including shared opportunities to reduce, limit or remove greenhouse gas emissions and to improve energy efficiency.
On the sidelines of the event, the two sides signed a mutual visa exemption agreement for their citizens. It was signed by Prince Faisal bin Farhan for Saudi Arabia and by Novak for Russia.
Prince Abdulaziz also witnessed the signing of an agreement between Saudi Arabia’s King Abdulaziz Foundation for Research and Archives and Russia’s Federal Archival Agency to cooperate in their respective areas of work, including information exchange, conferences, forums, exhibitions, publications and expertise.
In a related development, Anton Berlin, vice president and head of sales at Russia’s Norilsk Nickel, the world’s largest producer of palladium and nickel, said the company is considering participating in mining projects in Saudi Arabia as well as in other countries, according to Russia’s Novosti agency.
He said the company is reviewing potential projects due to the presence of four industrial clusters in the kingdom.
Berlin said these clusters offer preferential tax treatment and have the needed infrastructure, including energy, gas, water supply, wastewater treatment and fueling stations. He said all an investor needs is to construct the production facilities.
