Russia ‘welcomes goods from Saudi Arabia’

Russia ‘welcomes goods from Saudi Arabia’
Alexey Gruzdev, deputy minister of industry and trade of the Russian Federation, stressed the importance of imports to his country and urged companies to explore the Kingdom’s vast opportunities. (Supplied)
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Updated 29 May 2023
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Russia ‘welcomes goods from Saudi Arabia’

Russia ‘welcomes goods from Saudi Arabia’
  • Russia can significantly benefit from Saudi imports in a wide range of economic sectors, says Gruzdev

RIYADH: Russia is willing to import and procure good technologies and expertise from its partners, the deputy minister of industry and trade of the Russian Federation said on Monday.

Alexey Gruzdev spoke to Arab News on the sidelines of a high-profile forum that began in Riyadh aimed at identifying investment opportunities to boost economic ties between Saudi Arabia and Russia.

Made in Russia + Innoprom is a two-day event consolidating both nations’ commitment to mutually beneficial partnerships and sustained growth.

Stressing the importance of imports to his country, Gruzdev urged Russian companies to explore the vast opportunities Saudi Arabia has to offer.

“Russian companies should come here (Saudi Arabia) to investigate and understand the experiences and capabilities of the local producers and also to see the materials, components, and services that can be imported from Saudi Arabia to Russia,” Gruzdev said.

Replying to Arab News question about measures Russia took to address the trade imbalance with Saudi Arabia, Gruzdev said: “The reason we came here is to look into this great turnover and find a way to improve.”

He added: “It might sound strange that as a producing country, we also talk about imports, but this is the model of modern Russia; we are not only able to supply to the world, but we are also ready to import and procure good technologies and expertise from our partners.”

Gruzdev further explained that the country is now implementing an import substitution strategy to replace suppliers who try to impose sanctions on Russia with products and services from friendly countries.

He said: “This kind of substitution means that we welcome goods from Saudi Arabia to Russia.”

The minister said that Russia can significantly benefit from Saudi imports in a wide range of economic sectors.

“A big part is machinery,” Gruzdev added, “we can also benefit a lot from biotechnology, chemicals, components, and raw materials … there is a wide selection of interest.”

Gruzdev stated that Saudi businesses could benefit from Russia’s large mining, pharmaceuticals, technology, and aviation industries.

“I would also suggest Saudi companies (to) invest in Russian startups and innovative companies in information technology, cybersecurity, and renewable energy,” he added.

The event highlighted the immense opportunities in the digital economy and advanced technologies, emphasizing the necessity of collaboration in these burgeoning fields. The infrastructure has sector also emerged as a promising avenue for joint ventures.

On the first day of the event, Saudi Deputy Minister of Investment Badr Al-Badr stressed the importance of Saudi-Russia trade relations. He said Russia is the 14th largest exporter to the Kingdom.

“The trajectory of Saudi exports to Russia has not followed the same path; Saudi exports to Russia between 2017 and 2022 have grown only by about 30 percent,” Al-Badr said.

He added: “In 2022, the value of the Saudi export to Russia was only 2 percent of the value of imports from Russia. This is clearly a major opportunistic area for us.”

The Saudi deputy minister also underscored crucial sectors such as energy, technology, and infrastructure, underlining their significant potential for bilateral cooperation.

Another key focus was the pivotal role of the energy and mining sectors, with Saudi Arabia being the leading global oil exporter and Russia being a major oil and gas powerhouse.

These initiatives reflect the joint resolve of Saudi Arabia and Russia to boost economic ties, setting a new growth trajectory in the post-pandemic era.


Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism
Updated 8 sec ago
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Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

RIYADH: In a bid to enhance the experience for travelers and bolster Chinese visits to Saudi Arabia, the Saudi Tourism Authority has collaborated with Huawei Mobile Services and its advertising branch, Petal Ads. 

The partnership was cemented through a memorandum of understanding signed during the Approved Destination Status launch ceremony in Beijing, according to a press release. 

Fahd Hamidaddin, CEO of the Saudi Tourism Authority, signed the deal alongside Walter Ji Rengui, president of Huawei Consumer Cloud Service Global Ecosystem Development & Operations. 

The primary objective of this collaboration is to reshape the way visitors explore Saudi Arabia by digitizing travel services, with a specific focus on attracting Chinese tourists, the press release added. 

Choon Yang Quek, chief technology officer at the STA, stated: “The partnership with Huawei Mobile Services and Petal Ads is part of Saudi’s innovative approach to marketing tourism and enhancing visitor experiences.”  

He added: “By joining forces with Huawei, known for its strong consumer connections, and combining it with Saudi’s commitment to visitor satisfaction, we can now reach new audiences more effectively through established Huawei channels and gain deeper insights into Chinese travelers to tailor their Saudi journeys.” 

This agreement reflects the ongoing partnership between the two entities and their shared dedication to showcasing Saudi Arabia as a dynamic destination to Chinese audiences, the press release added. 

Alhasan Al-Dabbagh, president of Asia-Pacific markets at the STA, said: “By incorporating Huawei’s cutting-edge technology into the travel experience, we can leverage established channels to reach a wider audience and gain a deeper understanding of potential visitors.” 

Through the integration of Huawei Mobile Services’ advanced technology solutions, tourists visiting Saudi Arabia can anticipate a smarter travel experience. 

This includes features such as seamless navigation, language translation services, and augmented reality-guided tours, all aimed at helping tourists make the most of their time while exploring the Kingdom. 

The partnership is part of the STA’s efforts to enhance the tourist experience through technology while highlighting Saudi Arabia’s cultural heritage, landscapes, and hospitality. 

This comes as the Kingdom aims to deliver personalized experiences for Chinese tourists, with readily available support throughout their trip. 

In partnership with Petal Ads, the STA looks to attract more Chinese tourists to discover Saudi Arabia’s attractions.  


OIC plans cooperation framework on contract farming among members   

OIC plans cooperation framework on contract farming among members   
Updated 10 min 43 sec ago
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OIC plans cooperation framework on contract farming among members   

OIC plans cooperation framework on contract farming among members   

RIYADH: A new framework to help boost food security across the Muslim world will be unveiled at the next meeting of the Organization of Islamic Cooperation, set to be held in 2025, it has been announced.

The OIC confirmed the move at its latest gathering in Doha on Tuesday, as it called for a new business model entered on contract farming for its member nations.    

This initiative is expected to be in the spotlight at the next OIC ministerial conference due to in the capital of Chad in 2025, with the exact date yet to be announced.  


Monsha’at, E-Commerce Council organize tour to promote online trade 

Monsha’at, E-Commerce Council organize tour to promote online trade 
Updated 03 October 2023
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Monsha’at, E-Commerce Council organize tour to promote online trade 

Monsha’at, E-Commerce Council organize tour to promote online trade 

RIYADH: Saudi Arabia can expect a considerable penetration of online trading as the General Authority for Small and Medium Enterprises, or Monsha’at, organized the third phase of its tour with the E-Commerce Council on Monday. 

According to the Saudi Press Agency, the tour concludes on Wednesday and has witnessed the participation of service providers and e-commerce specialists. 

The tour included discussions on developing an environment conducive to developing e-commerce in the Kingdom and the platform's role in various government sectors, including transportation, rural and municipal affairs, housing and SMEs. 


Saudi Arabia dispatches first crude iron shipment to US

Saudi Arabia dispatches first crude iron shipment to US
Updated 03 October 2023
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Saudi Arabia dispatches first crude iron shipment to US

Saudi Arabia dispatches first crude iron shipment to US

RIYADH: Saudi Arabia has strengthened its position in global supply chains after a ship loaded with 37,000 tons of crude iron set sail from the Port of Jazan City to New Orleans, US.

According to the Saudi Press Agency, this product marks a significant milestone as it is the first to be manufactured within the region, produced at the Advanced Smelting Industries Co. factory in Jazan.

Crude iron, also known as pig iron, is a more brittle form of the material and is used in steel production.

Traditionally recognized for its vast oil reserves, the Gulf nation has been proactively pursuing economic diversification, as outlined in Vision 2030.

The successful production and export of crude iron are crucial steps toward achieving this goal.

The Port of Jazan City boasts extensive capabilities and advanced logistical transportation services, solidifying its status as a pivotal trade hub in Saudi Arabia.

Positioned as one of the region’s most modern ports, it lies along the international trade route through the Red Sea, in close proximity to the Bab Al-Mandab Strait, various African nations, and the maritime Silk Road.

Consequently, this port is a crucial gateway for the southern regions and neighboring countries.


Saudi SWCC signs 5 agreements to localize the water industry

Saudi SWCC signs 5 agreements to localize the water industry
Updated 03 October 2023
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Saudi SWCC signs 5 agreements to localize the water industry

Saudi SWCC signs 5 agreements to localize the water industry

RIYADH: Amid efforts to localize the water industry and support advances and innovative technologies, Saudi government firm Saline Water Conversion Corp. has inked five deals with prominent organizations and companies.

During the second session of the Innovation Driven Desalination Conference 2023 in Jeddah, two agreements were signed with the Small and Medium Enterprises General Authority, also known as Monsha’at, and University of Tabuk.

The remaining three deals were in agreement with software firm UiPath, design and manufacturer Fluid Equipment Development Co., and American chemicals corporation Dow, the Saudi Press Agency reported.