Riyadh – Mubasher: Saudi Arabia and Russia inked 13 strategic agreements and memoranda of understanding (MoUs) valued at SAR 4.80 billion on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
The agreements aim to expand cooperation and strengthen trade and investment exchange between the two countries, according to the Saudi Press Agency (SPA).
Vice Minister of Environment, Water, and Agriculture Engineer Mansour Al Mushaiti affirmed that the government worked to attract leading Russian companies specializing in vital and food-related sectors.
He noted that the forum, in which the Gulf country took part as a guest of honor, witnessed the signing of a package of high-quality agreements and partnerships between government entities and major private-sector companies from both countries.
The partnership contributes to enhancing food security, localizing advanced biotechnology, and bolstering supply chain sustainability in line with the Saudi Vision 2030 goals.
Al Mushaiti stressed that the Kingdom’s participation in SPIEF offers an opportunity to exchange expertise and explore investment opportunities in the environment, water, and agriculture sectors.
Both countries, part of OPEC+, recently approved a fourth hike in its combined crude oil production targets by 188,000 barrels per day (bpd) to be applied next July.
