Russia and Saudi Arabia reach milestone of 70 joint investment projects

Russia and Saudi Arabia said their investment partnership has reached a new milestone, with the Russian Direct Investment Fund describing cooperation with the Kingdom as having produced 70 joint projects across multiple sectors. The statement came as Saudi Arabia took part as guest of honor at the St. Petersburg International Economic Forum, underscoring the growing economic ties between the two countries.

According to the reporting from Asharq Al-Awsat and remarks from Russian officials, the projects span areas such as energy, infrastructure, transport, petrochemicals and technology. Alexander Novak, Russia’s deputy prime minister, said in a separate statement that the two countries had carried out more than 40 joint investment projects over the past 10 years, while bilateral trade rose by more than 62 percent in 2024 and nearly quadrupled in the first quarter of 2025. He also said Russian and Saudi tourism flows had expanded sharply, reflecting broader ties beyond investment.

Russian Economy Minister Maxim Reshetnikov told Asharq Al-Awsat that Moscow considers itself a reliable partner for Saudi Arabia and said Russia is satisfied with the development of strategic relations with the Kingdom. His comments fit a wider effort by both sides to present the relationship as long-term and practical, built not only on state-level dialogue but also on business cooperation and co-investment.

Saudi Arabia’s prominent role at the forum also highlighted its economic transformation agenda. Asharq Al-Awsat reported that the Kingdom was showcasing achievements linked to Vision 2030, the reform program aimed at diversifying Saudi Arabia’s economy and attracting new investment. The forum provided a venue for officials and business leaders to present projects and explore additional areas of cooperation.

The investment partnership between the Russian Direct Investment Fund and Saudi institutions has been one of the clearest symbols of that cooperation. Russian officials have repeatedly pointed to joint financing as a way to support projects in both countries, while also creating channels for trade, tourism and industrial cooperation. The latest figures suggest the relationship has broadened from isolated deals into a more structured economic partnership.

The growing volume of joint projects matters because it comes at a time when both countries are seeking to expand economic links with partners outside traditional Western markets. For Russia, Saudi participation can help attract capital and signal international interest in its economy. For Saudi Arabia, the partnership offers access to projects and sectors aligned with its diversification goals, especially in transport, energy services and infrastructure.

What happens next will likely depend on whether the two sides can turn the current momentum into more large-scale investments and measurable trade growth. Russian officials have said they want deeper Saudi business involvement in Russian projects, including in tourism and development initiatives in regions such as the Far East, Kamchatka and Lake Baikal, suggesting the partnership may continue to widen if both governments and private investors keep backing it.