Saudi-Russian ties get a boost at St. Petersburg

Saudi Arabia and Russia are pushing to deepen industrial integration, targeting USD 1.46 bn in Russian investments over the next five years through industrial projects and joint ventures, Saudi-Russian Business Council Chairman Tariq Al Qahtani told the Arabic Press (watch, runtime: 1:57) on the sidelines of the St. Petersburg International Economic Forum. Bilateral trade is also expected to hit USD 12 bn over the period, jumping from the USD 3.9 bn recorded between 2022 and 2026.

The push comes as Saudi Arabia and Russia deepen cooperation across a range of sectors. Energy Minister Prince Abdulaziz bin Salman said the two sides signed 30 agreements covering education, energy, tourism, and industry. The minister hailed enduring Saudi-Russian ties, saying in viral remarks the two countries intend to keep the cooperation going “until death do us part.”

More to follow: Both countries are identifying joint projects in transportation technologies, aerial vehicles, chemicals, mining, construction, energy equipment, pharma, and medical equipment, Russia’s Industry and Trade Deputy Minister Alexey Grozdev told Argaam. They also signed an agreement on environmental protection.

Watch for mining’s moment: Industry and Mineral Resources Minister Bandar Al-Khorayef said Saudi Arabia wants to play a larger role in global mineral supply chains, bringing it on par with its position in global energy supply. Backed by expanded exploration efforts, international partnerships, and fresh investment, the Kingdom sees mining as a key driver of downstream manufacturing and fertilizer production.

Why it matters: It’s mutually beneficial cooperation. Russia is seeking new investment and trade channels via the GCC to bypass Western sanctions, while Saudi Arabia is tapping Russian industrial expertise to support the development of its mining and manufacturing sectors. Building domestic supply chains and feeder industries has also risen in priority for Saudi Arabia following the US-Iran war to reduce exposure to external disruptions.