Saudi Arabia's Investments in Russia Surge 90% in One Year - Novak
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Russian Deputy PM Alexander Novak announces 90% growth in Saudi investments in Russia over the past year, citing successful partnership between RFDI and Saudi sovereign wealth fund.
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Why It Matters
Russia and Saudi Arabia marked 100 years of diplomatic relations with increased economic cooperation.
MOSCOW, July 24. /TASS/. Saudi Arabia's investments in the Russian economy have grown by 90% over the past year, Russian Deputy Prime Minister Alexander Novak said. "Saudi investments in the Russian economy grew by 90% over the past year alone. The investment partnership between the Russian Direct Investment Fund and the kingdom’s sovereign wealth fund is operating successfully," he said at an event marking 100 years since diplomatic relations between Russia and Saudi Arabia were established. In June, the kingdom participated as a guest country in the St. Petersburg International Economic Forum, on the sidelines of which a package of agreements was signed between government bodies and the business community, Novak added.
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Increased cooperation in energy sector
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- Future investment plans
- Impact on global oil prices
