RIYADH, 29 May 2005 — As a result of the second Saudi-Russian Joint Economic Commission (JEC), the Kingdom and Russia have agreed to cooperate in several key areas. A Saudi-Russian bank will be set up; more Saudi satellites will be launched by Russian rocket launchers and the two countries will increase cooperation in higher education and manufacturing. The Saudi side is headed by Tariq Al-Qahtani and his Russian counterpart is Yiev Tushenko; both sides agreed on the need for a direct flight between Riyadh and Moscow in order to stimulate business.
For the first time, a six-member Russian businesswomen’s delegation participated in the session to look for joint ventures with their Saudi counterparts. “We have received an encouraging response to our proposal to produce a special perfume in the Kingdom for women,” Antonina Vitkovskaya, director general of a Franco-Russian joint venture firm, told Arab News.
Speaking for the Saudi delegation, Tariq Al-Qahtani told newsmen that the meeting had stressed the need for more investment and imports. Al-Qahtani said the Saudi side discussed with the Russians the question of investing in the Kingdom in the petrochemical and construction sectors. They also explored the possibility of exporting Saudi food products to Russia. Both sides recognized the need for opening up the transportation sector, especially aviation and marine.
Adel S. Al-Maddah, vice president of the commission, said one of the items on the agenda was the development of air links between the two countries. He said the Joint Business Commission also agreed in principle to establish a Saudi-Russian bank to support the business community through financial instruments, such as issuing letters of credit and providing banking services in support of common objectives.
Othman R. Othman, a leading Saudi businessman and investor, said he was looking for partners in the construction sector. He already has a link with Ukraine but said, “I am looking for ideas in the engineering and construction sector.” He has also set up joint ventures in the transportation, environmental, contracting, IT, consultancy and trading sectors.