Saudi Arabia Minister of Industry and Mineral Resources Bandar Alkhorayef has held talks with Russian Minister of Industry and Trade Anton Alikhanov in Moscow, reaffirming the Kingdom’s interest in leveraging Russia’s industrial expertise to strengthen bilateral cooperation in key sectors.
During the meeting, the two ministers discussed enhancing collaboration in industries development, manufacturing localization, and mining-sector partnerships. Alkhorayef highlighted Saudi Arabia’s focus on heavy equipment, agricultural machinery, chemicals, automotive, manufacturing, and advanced materials, covering areas aligned with Saudi Arabia’s National Industrial Strategy.
Both sides reviewed quality investment opportunities in Saudi Arabia’s emerging sectors and discussed mechanisms to facilitate investor participation. They also explored prospects for partnerships in knowledge and technology transfer, innovation, and research.
Alkhorayef was joined by Saudi Ambassador to Russia Abdulrahman Al-Ahmad, National Industrial Development Center (NIDC) CEO Saleh Al-Solami, Saudi Authority for Industrial Cities and Technology Zones (MODON) CEO Majed Al-Argoubi, and Saudi Export Development Authority CEO Eng. Abdulrahman Althukair.
The ministers affirmed their commitment to developing non-oil exports and improving bilateral market access to enhance trade and support economic diversification in both nations. Alkhorayef extended an invitation to Alikhanov to attend the Future Minerals Forum (FMF) in Riyadh, scheduled for January 13 to 15, 2026.
The meeting is part of the Kingdom’s ongoing efforts to strengthen international partnerships and expand bilateral cooperation in line with the objectives of Saudi Vision 2030. Economic relations between Saudi Arabia and Russia have grown significantly, with bilateral non-oil trade rising from $491 million in 2016 to $3.28 billion in 2024, particularly in mining, petrochemicals, and advanced manufacturing.
