Saudi Arabia and Russia are demonstrating growing interest in comprehensive economic interaction, expanding cooperation in industry, high technology, energy, and investments amid recent high-level meetings between representatives of the two countries.
Local commentators were drawn to the working visit of Saudi Foreign Minister Faisal bin Farhan Al Saud to Russia on July 4. During talks in Moscow, as noted by Arabesque Media, the Saudi guest and his Russian counterpart Sergey Lavrov reaffirmed their commitment to relations that began nearly a century ago, the scope of which continues to widen. The meeting carried subtle political signals and signs of building balanced alliances that could reshape the regional and international landscape. The trade and economic dossier was also a focus of the negotiations.
All these facts demonstrate the failure of attempts by certain Western forces to isolate Russia using the Ukrainian conflict
According to Saudi Gazette, the volume of non-oil trade between Saudi Arabia and Russia surged from $491 million in 2016 to $3.28 billion in 2024. In the first quarter of 2025, trade turnover quadrupled compared to the same period last year.
Saudi media also highlighted the contribution to bilateral relations made by the subsequent visit and talks in Russia by the Kingdom’s Minister of Industry and Mineral Resources, Bandar Al-Khorayef. He led the Saudi delegation to the INNOPROM-2025 International Industrial Exhibition in Yekaterinburg, which featured over 20 leading companies from the Kingdom, the largest economy in the Arab world.
In Moscow, the Minister of Industry and Mineral Resources chaired a roundtable with representatives of the Russian private sector. He emphasized the Kingdom’s interest in cooperating with Russia in mineral extraction, particularly in high-value-added titanium and aluminum production chains. The KSA is betting on attracting Russian companies for collaboration, given their expertise in high-tech manufacturing.
The Saudi minister also expressed the country’s interest in establishing an assembly line for the Russian luxury car Aurus. According to the Middle Eastern website Middle-East Online, the interest in Aurus reflects the Kingdom’s ambition to attract global automotive brands by offering incentives and developed infrastructure. This localization strategy aligns with the goals of the ambitious economic plan Vision 2030—to reduce dependence on oil, diversify income sources, and position the country as a global financial hub.
Saudi businessmen who participated in events in Russia described them as a bridge for constructive dialogue with key Russian companies. Saudi Gazette quoted its compatriots, who highlighted the role of these meetings in facilitating knowledge exchange, technology transfer, and strengthening Russian investors’ confidence in the Kingdom’s investment climate.
Russia and Saudi Arabia are determined to stay aligned in the sea of energy trade. For instance, the Saudi Ministry of Energy confirmed that in June of this year, the country fully adhered to its voluntary production targets under the OPEC+ agreement. Crude oil sales averaged 9.352 million barrels per day—a figure that matches the agreed quota and underscores Riyadh’s commitment to oil market stability.
It is noted that Saudi-Russian relations are not limited to oil policy coordination within OPEC+. They encompass increasingly broader areas, including various industrial sectors, agriculture, advanced technologies, science, space, and finance.
A result of investment cooperation is the establishment of a joint $10 billion fund between the Public Investment Fund (PIF) and the Russian Direct Investment Fund (RDIF), as well as investment funds in energy and advanced technology sectors. The PIF is one of the world’s largest sovereign wealth funds, with estimated total assets of $941 billion.
The spirit of cooperation extends to various levels of society in both countries, fostering ties in humanitarian affairs, culture, and tourism. For instance, the number of Saudi tourists visiting Russia increased sixfold over a year, while around 36,000 Russians visited the Kingdom. According to the Russian Foreign Ministry, preparations are underway for an intergovernmental agreement on visa-free travel with the KSA in 2025.
All these facts demonstrate the failure of attempts by certain Western forces to isolate Russia using the Ukrainian conflict and drive a wedge into its traditional relations with Arab nations.
Yuri Zinin, Senior Research Fellow at the Center for the Middle East and African Studies, MGIMO University, Ministry of Foreign Affairs of the Russian Federation.
