November 27, 2015

Russian-Saudi Investment Exhibition-Forum.

On November 27, the Russian-Saudi investment exhibition-forum was held at the Ritz Carlton Hotel with the support of the Russian Arab Business Council, which was attended by representatives of Russian and Saudi business circles and government agencies.

The Saudi delegation included dozens of representatives of private and public companies and organizations, including the Saudi General Investment Agency (SAGIA), the company for investment in agriculture SALIC, the chemical company SABIC, the world's largest oil company Saudi Aramco, the Saudi Office for Supervision in Agriculture and Pharmaceuticals spheres (Saudi Food & Drug Authority) and others.

The solemn opening ceremony was attended by the Chairman of the Russian part of the Joint Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation, the Minister of Energy of the Russian Federation A.V. Novak, Chairman of Saudi Joint Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation, Governor of Saudi Arabia's General Investment Agency (SAGIA) Abdullatyf Al-Osman, Chairman of the Russian-Saudi Business Council, Chairman of the Russian-Arab Business Council, Chairman of the board of directors of AFK "Sistema" V.P. Evtushenkov, Chairman of the board of Chamber of Commerce and Industry of KSA Abdurrahman Az-Zamel, Vice-president of Chamber of Commerce and Industry of the Russian Federation G.G. Petrov.

In their speeches, high-ranking guests of the event pointed out, on the one hand, the insufficient volume of trade and economic cooperation between the two countries, with colossal opportunities for cooperation, and on the other hand, a firm intention to establish links with potential partners from the business communities of the two countries.

In his speech, the Minister of Energy of the Russian Federation A.V. Novak told about the successes that were achieved during the Joint Intergovernmental Commission held last week, as well as about the nearest plans for Russian-Saudi cooperation at the state level.

"We hope that after the signing of the intergovernmental agreement on the encouragement and mutual protection of investments currently being prepared, as well as the memorandum of understanding in the field of agriculture, new horizons will open for expanding intercorporate cooperation," the Chairman of the Russian part of the Joint Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation said.

For his part, the Governor of the Saudi General Investment Agency, Abdullatyf Al-Osman, noted that the successes achieved during the Joint Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation work are the first step that needed to be taken to give a new impetus to bilateral relations.

The main event of the day was a business forum in which businessmen presented each other their activities, exchanged contacts and information on doing business in two countries. Discussion of the urgent problems of business cooperation aroused a keen interest both in the Russian and Saudi sides.

The issues of such key industries as oil and gas sphere, engineering, machine building, transport, infrastructure, food security, agriculture, information technologies, medicine, pharmacy and others were discussed.

A number of investment projects were presented, including the construction and development of the infrastructure of economic cities in Saudi Arabia, the development of agricultural and industrial enterprises in the Russian Federation, the introduction of the latest Russian technologies in production in Russia and the Arab world.

Of particular interest to the representatives of the Saudi delegation was the presentation of Kaspersky Lab, at which representatives of the company told the Saudi guests about the solutions offered in the field of information security, and also presented their vision for cooperation with the KSA.

In parallel with the forum, active B2B communication went on the stands of the exhibition, where their stands were presented as Saudi companies and organizations, including SAGIA, the Saudi Agency for Economic Cities, the Saudi Agency for Export Promotion, and Russian ones, including «Uralvagonzavod», «RATSIN», «Vineta», «MTS», «Detsky Mir» and others.

Throughout the visit, the Saudi delegation was actively engaged in business negotiations with the Russian side in the B2B format.

The result of the contacts was the signing of the following documents:

1) Memorandum on joint activities in the field of organization of religious pilgrimage (umra, hajj) between the holding of AL HADZH GROUP (Saudi Arabia) and LLC Al Hadzh Group of Russ.

2) Agreement on the construction of a medical research center and a factory for the production of biopharmaceuticals in the Kingdom of Saudi Arabia.

3) Agreement on accreditation in the Kingdom of Saudi Arabia and the opening of a branch of the Russian State University of Oil and Gas named after. Gubkin

4) Agreement on cooperation in the Russian projects of import substitution and transfer of technologies in the oil and gas industry between the Engineering Center of the Russian State University of Oil and Gas named after I.M. Gubkin and ELSTAR MIDDL IST

5) Agreement on the construction in Saudi Arabia of a plant for the production of bioprotein by the construction and engineering holding of JSC GC "RusGazEngineering"

6) Memorandum of Understanding between Sistema JSFC and Wafrat Al Tawasul on the establishment of a Russian-Saudi investment company

7) Memorandum of Understanding between JSC "Targin" and Wafrat Al Tawasul on the establishment on the territory of the Kingdom of Saudi Arabia of a joint venture to manufacture drill bits.

8) The memorandum of understanding between National association of contractors of the Kingdom of Saudi Arabia and the Russian Union of builders

9) Protocol of joint sitting of the Russian-Saudi Business Council

10) Final protocol of the fourth meeting of the Joint Intergovernmental Russian-Saudi Commission on Trade-Economic and Scientific-Technical Cooperation

11) Memorandum of Understanding and Cooperation between the Association of Regional Investment Agencies and Inter Health Saudi Arabia

12) Memorandum of Understanding between Inter Health Saudi Arabia and LLC Dike Consulting;

13) Agreement on cooperation between the company "Navadir Al-Jazeera" and the company "AST Company";

14) Agreement on cooperation between the company "Navadir Al-Jazeera" and the company "Yeisk port elevator";

15) Agreement on cooperation between the company "Navadir Al-Jazeera" and the company "Archda Product Ltd";

16) Agreement on cooperation between Navadir Al-Jazeera and Bakcharneftegaz;

17) Agreement on cooperation between the company "Navadir Al-Jazeera" and the company "Neftegazoborkomplekt";

18) Agreement on cooperation between the company "Navadir Al-Jazeera" and the company "GUB";

19) Agreement on cooperation between the company "Navadir Al-Jazeera" and the company "NMC";

20) Agreement between the Technology of the Future and His Highness Prince Abdullah bin Fahd bin Jalavi Al Saud on the construction of a plant for the production of high-tech amphibious yachts;

21) Agreement between the National Technological Reserves Company and His Highness Prince Abdullah bin Fahd bin Jalawi Al Saud for the construction of a plant for the production of essential oils;

22) Memorandum of Understanding on the transformation of sandy soils between the National Technological Reserves Company and His Highness Prince Abdullah bin Fahd bin Jalawi Al Saud.