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Riyadh, Moscow to Launch Energy, Technical Development Funds

Riyadh, Moscow to Launch Energy, Technical Development Funds

Wednesday, 17 January, 2018 - 12:00
Russian President Vladimir Putin (R) and Saudi Arabia's King Salman attend a welcoming ceremony ahead of their talks in the Kremlin in Moscow, Russia October 5, 2017. (Sputnik/Reuters)

A Saudi official has affirmed that Riyadh and Moscow are preparing for launching two investment funds this year, the first fund is to support energy industries with an amount of USD1b and the second is to support technical development. He expected implementing 25 projects worth USD10b, funded by Saudi Arabia and Russia.

Abdulaziz al-Karidis, Vice-chairman of the Saudi-Russian Committee, said to Asharq Al-Awsat that the visit of Custodian of the Two Holy Mosques King Salman bin Abdulaziz to Moscow on Oct 4-7 2017 and the economic and investment deals signed during the visit have resulted in investment cooperation projects between the two countries.

Karidis added that this visit and other visits of Russian and Saudi delegations and businessmen last year, have led to establishing joint investment funds that permit implementing giant projects.

Year 2018 will witness the establishment of two other investment funds, the first in the field of energy worth USD1b and the other in the field of technical development, in addition to working on implementing 25 projects worth USD10b by a Saudi-Russian joint funding, said Karidis.

He added that during this year the work is in progress to facilitate procedures between Moscow and Riyadh through opening economic and commercial representations in both countries -- these representations would help boost ties and overcome challenges facing businessmen in Saudi Arabia and Russia.

Saudi-Russian Committee Vice-chairman stated that the establishment of a Saudi investment group is underway, via an initiative made by Saudi businessmen in the military industry field and in cooperation with Russian military industry companies.

This falls within Saudi-Russian cooperation memorandums that were signed during the visit of King Salman, declared Karidis.

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