MOSCOW, 19 January 2003 — On his recent visit to Russia, Prince Alwaleed ibn Talal, chairman of Kingdom Holding Company (KHC), met the Russian minister of foreign affairs, Igor Ivanov, the economic adviser to President Vladimir Putin, Andrei Illarionov, and the governor of St. Petersburg, Vladimir Yakovlev.
Prince Alwaleed and Ivanov, during their meeting at the Foreign Ministry in Moscow, discussed Saudi-Russian relations and other topics of mutual interest, including ways to boost trade between Saudi Arabia and Russia. The minister told Prince Alwaleed that the Russian government is looking forward to the visit of Crown Prince Abdullah, deputy premier and commander of the National Guard, to Russia during which political and economic issues of concern to both the countries will be discussed. Also in Moscow, Prince Alwaleed met Illarionov, in his office at the Kremlin. The meeting focused mainly on economic projects and investment opportunities of concern to both sides. They also discussed possible joint Saudi-Russian economic projects. Prince Alwaleed told Illarionov of KHC’s plans to develop hotel projects in Russia’s main cities; the prince also spoke of other possible investment ventures — particularly in tourism and the hotel sectors.
In St. Petersburg, Prince Alwaleed met Yakovlev. The two men discussed investment opportunities and the proposed location in the city of a hotel which KHC plans to build. The prince explained to the governor KHC’s global investments, especially in the hotel industry. He said that successful management and quality services provided by the international hotel chains KHC invests in worldwide have earned global awards and recognition. One idea which KHC is currently studying in Russia includes the transformation of historic buildings and palaces in Moscow and St. Petersburg into prestigious hotels providing top class service and accommodation.
Governor Yakovlev expressed his delight at Prince Alwaleed’s visit and welcomed his proposal to invest in St. Petersburg. He also expressed his hope that relations between Saudi Arabia and Russia would strengthen due to common interests in the region. The governor presented the Saudi prince with a souvenir to commemorate his visit.
