Minister of Energy and the Russian Deputy Prime Minister Inaugurate the Saudi–Russian Investment and Business Forum, Featuring Broad Participation from Officials and Private-Sector Representatives and the Signing of Several Bilateral Agreements

Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy and Co-Chair of the Saudi–Russian Joint Commission, and Alexander Novak, Deputy Prime Minister of the Russian Federation and Co-Chair of the Commission, inaugurated today in Riyadh the Saudi–Russian Investment and Business Forum. The Forum, organized by the Ministry of Energy and the Ministry of Investment, was held in the presence of Prince Faisal bin Farhan, Minister of Foreign Affairs, and brought together senior officials, experts, and investors from both countries with the aim of strengthening economic cooperation between the Kingdom of Saudi Arabia and the Russian Federation.

On the sidelines of the Forum, the Minister of Energy and the Russian Deputy Prime Minister signed a Memorandum of Understanding on cooperation in the field of climate change and low-greenhouse-gas-emissions development, between the Ministry of Energy of the Kingdom of Saudi Arabia and the Ministry of Economic Development of the Russian Federation.

The MoU seeks to establish a comprehensive framework for cooperation between the two countries in climate action, and to advance the goals and principles of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, in a manner that serves their mutual interests and strengthens their partnership.

The MoU covers technologies and solutions related to climate-change mitigation, including exploring joint opportunities in GHG emissions reduction, abatement and removal activities and improving energy efficiency.

On the sidelines of the Forum, Minister of Energy witnessed the signing of an agreement on mutual visa waiver between Russia and Saudi Arabia. The agreement was signed by Prince Faisal bin Farhan, Minister of Foreign Affairs, on behalf of the Kingdom, and by Alexander Novak, Russian Deputy Prime Minister, on behalf of the Russian Federation.

Minister of energy also witnessed the signing of an agreement between the King Abdulaziz Foundation for Research and Archives (Darah) and the Federal Archival Agency of the Russian Federation to cooperate within their respective areas of expertise. The agreement covers the exchange of information, the organization of symposia, forums, and exhibitions, the sharing of publications and related materials, and mutual visits and expertise. The agreement was signed by the Darah CEO, Turki bin Mohammed Al-Shuwaier, and Minister of State and Deputy Head of the Federal Archival Agency, Andrey Yurasov.