Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with leaders of the Sistema investment group in St. Petersburg to explore cooperation opportunities in high-priority industrial sectors.
The discussions focused on localizing advanced technologies within the Kingdom and developing industrial cities to strengthen national industrial capabilities and secure local supply chains.
Saudi Arabia and Russia maintain a strategic and multifaceted bilateral relationship, encompassing energy, trade, investment, and political cooperation. The two countries have collaborated closely in the global oil market through OPEC+ agreements, coordinating production policies to stabilize prices and ensure energy security.
Furthermore, Saudi Arabia and the city of St. Petersburg maintain growing economic and investment ties, with the city serving as a hub for business delegations and international cooperation. Engagements have focused on industrial development, technology transfer, and joint investment opportunities in sectors such as manufacturing, mining, and infrastructure.
In a related development, Alkhorayef visited the Karpinsky Russian Geological Institute to discuss opportunities for exchanging scientific expertise in geological mapping and mineral exploration technologies.
This collaboration aims to advance geological knowledge and support the strategic expansion of Saudi Arabia’s mining sector by enhancing exploration capabilities, promoting innovation, and strengthening the Kingdom’s position as a regional hub for mineral resources and sustainable industrial development.
These engagements support the ministry’s broader strategy to attract high-quality international investment, facilitate the transfer of specialized expertise, and drive the achievement of the mining sector objectives outlined in Saudi Arabia’s Vision 2030. Furthermore, these interactions reflect the broader efforts to deepen economic partnerships and foster sustainable development between Saudi Arabia and key Russian regions.
