Speaking at the session, Rustem Khamitov, president of Russia's Republic of Bashkortostan, and his official and business delegation, invited Saudis to consider investing in his country. "We are rich in oil, mineral resources, and tourism, and so Saudis should consider exploring the huge potential that exists for investment," Khamitov said at the Russia-Arab World Business Dialogue session held on the sidelines of Jeddah Economic Forum at the Hilton.

Speakers from the Russian side included Alexander Goncharuk, chairman of Bashneft, a joint stock petroleum company, Sergey Popenyukhov, director general of Zagranstroy group of companies, and Tatiana Gvilava, director of Russian-Arab Business Council.

Khamitov identified the republic's expanding oil and mineral resource-based industries, and its growing hospitality and tourist sectors as among the potentially rich areas in which Saudis could invest. The republic, considered one of the leading regions of Russia for its natural resources, has deposits of mineral resources. The most important of them are oil, natural gas, brown coal, ferrous metal ores, copper, lead, aluminum, zinc, gold, bauxite, rare metal ores and natural ores used for ornamental and decorative purposes.