Russia-Saudi relations built on trust, says Sistema founder
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Vladimir Evtushenkov, founder of Sistema Holding, stated that Russia-Saudi relations have transformed from "rock bottom" a decade ago to a solid foundation of trust, highlighting Crown Prince Mohammed bin Salman Al Saud's visit to Russia as a turning point.
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ST. PETERSBURG, June 4. /TASS/. Relations between Russia and Saudi Arabia, which were "at rock bottom" just a decade ago, now stand on a solid foundation of trust, said Vladimir Evtushenkov, the founder of Sistema Holding and the and co-chair of the Russian-Saudi Business Council.
"Ten years ago, our relationship was, so to speak, at square one. Different mentalities, different cultures, and the Russian business community’s focus on the Western world — all of this left no hope that relations would deepen," Evtushenkov said at the St. Petersburg International Economic Forum (SPIEF).
He recalled the "turning point," the visit of Crown Prince Mohammed bin Salman Al Saud to Russia, and the Arab country’s financial participation in joint projects through the Russian National Wealth Fund and the Russian Direct Investment Fund. "Those projects showed that there are opportunities worth investing in," the businessman noted.
Both Evtushenkov and Sistema itself have been helping to develop business ties between Russia and Saudi Arabia for many years, Ivan Makushok, the investment corporation’s press secretary, told TASS in a comment.
"Trust is the foundation of business. Trust means business. No trust, no business. Trust is built over years — through conversations, shared experiences, and an understanding of the challenges the other side faces. Ten years is not a long time, but we have been successfully walking this path together," Evtushenkov added.
