MOSCOW, October 2 /TASS/. Saudi Arabia's investment in Russia will exceed $1 bln after the announcement of new landmark deals during the visit of Saudi Arabia's King Salman bin Abdulaziz Al Saud to Moscow on October 5, General Director of the Russian Direct Investment Fund Kirill Dmitriev told reporters.
"The investment of Saudi partners by the time of the visit will have already totaled $1 bln and we will announce new deals that will increase this figure," Dmitriev said.
The upcoming visit will be the first visit of Russia for the Saudi monarch. Russia and Saudi Arabia in September last year signed an agreement on joint actions to maintain stability in the oil market. This deal made possible an agreement on reducing production, signed by oil-producing countries on November 30, 2016. In May 2017, the arrangements were extended for another nine months.
The trade turnover between the two countries increased by 30% in the first half of 2017 compared to the same period last year, amounting to $430 mln. However, according to most experts, these figures do not correspond to the potential of trade and economic cooperation between the two countries.
"We see a very significant interest in investing in Russia not only from the Saudi Arabia, but also from our companies to work in Saudi Arabia," Dmitriev said.