King Salman’s Russia visit a success: RDIF chief

Kirill Dmitriev
Updated 08 October 2017
0

King Salman’s Russia visit a success: RDIF chief

MOSCOW: The head of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, stressed that the historic visit of King Salman to the Russian Federation has been a success.
In a speech during a meeting with Saudi media at the Ritz-Carlton Hotel in Moscow, he said: “The meeting between King Salman and Russian President Vladimir Putin was positive, as they discussed a number of issues and topics of common interest to the Kingdom, Russia and the region of the Middle East, as well as economic and investment cooperation between us, and they agreed on a number of important issues such as military cooperation.”
Dmitriev thanked King Salman and Crown Prince Mohammed bin Salman for their efforts in improving and developing relations with the Russian Federation.
He added that President Putin in 2015 met with Crown Prince Mohammed bin Salman when he visited Russia, during which the two sides discussed levels of cooperation between the two countries. There were no Saudi-Russian investments then, except for a few companies, but a large number of agreements emerged after the visit of the crown prince and his meeting with the president to discuss the stability of the oil market.
Dmitriev talked about investments between the two countries and the investment forum, pointing out that the value of investments currently amounted to $10 billion, adding that these projects have significant positive advantages. “We announced an energy market and another fund in the field of technology,” he stated, indicating that a number of Russian companies such as Cebu, which produces petroleum products, and a gas company based on Russian industrial gas projects, have announced plans to work in Saudi Arabia.
“The Vision 2030 has a great interest in the sectors of the Kingdom in terms of investment and the economy to grow significantly, and we are happy with the trend,” he said.
Dmitriev disclosed that 200 Saudi companies were in the joint agreements with Russian companies to produce fertilizers.
“We welcome other important agreements that have been announced in the technical and military fields, and I am confident that we will continue in the field of energy and efforts to stabilize the price of oil, he emphasized.
He pointed out that local businessmen were impressed by the presence of the delegation of Saudi businessmen, who are supported by King Salman.
“We worked from morning to evening with ministers and businessmen to cooperate between the two parties,” he said, pointing out that the meeting of the king with Russian Prime Minister Dmitry Medvedev was successful and it was agreed that steps to implement the conventions and memoranda of understanding would be accelerated.
Dmitriev praised the role of Crown Prince Mohammed two years ago, who supported relations between the Kingdom and Russia, stressing that his decisive steps led to reaching many agreements in the field of development and investment.


Saudi Arabia’s King Salman will patronize the launch of the Qiddiya Project

Updated 24 April 2018
0

Saudi Arabia’s King Salman will patronize the launch of the Qiddiya Project

JEDDAH: Saudi Arabia’s King Salman will patronize on Wednesday the launch of the “Qiddiya” Project which is the new entertainment, sports and cultural destination in the Kingdom.
The project will be built in Al-Giddiya area, some 40 km west of the capital, Riyadh.
The foundation stone ceremony of will be attended by a host of local and international officials, as well as a number of decision-makers, major investors and representatives of the regional and international companies, marking the launch of the project’s formal infrastructure. The first phase will be completed by 2022.
In a statement to Saudi Press Agency (SPA), Dr. Fahd bin Abdullah Tounsi, Secretary General of the Foundation Council of the Qiddiya Project of the Public Investment Fund (PIF) said that the inauguration of this vital project is a real translation of the aspirations of the Kingdom’s wise leadership and its relentless efforts to develop mega projects that would contribute effectively to achieve many direct and indirect economic returns, and to advance sustainable development for the benefit of the homeland and the citizen, in accordance with the Kingdom’s Vision 2030.
“About two-thirds of the Kingdom’s population is under the age of 35. There is a great need for Qiddiya Project to provide them with entertainment. The project will save about $30 billion, which will be used to develop the domestic economy and create new job opportunities for Saudi youths,” he added.
For his part, Michael Reininger, Chief Executive of Qiddiya, said, “we are delighted to be a key contributor to boost the Kingdom’s economic development and investment, not only for the entertainment industry but also to projects that will develop the capabilities the young Saudi people.”