Saudi Gazette report

MOSCOW — Minister of Industry and Mineral Resources Bandar Alkhorayef met with Russian Minister of Industry and Trade Anton Alikhanov in Moscow.

During the meeting, they discussed opportunities to advance cooperation in industrial development, manufacturing localization, and mining-sector partnerships. Alkhorayef emphasized the Kingdom’s interest in leveraging Russia’s industrial expertise, particularly in heavy equipment, agricultural machinery, chemicals, automotive, manufacturing, and advanced materials — sectors that complement Saudi Arabia’s National Industrial Strategy.

They also explored building effective investment partnerships to take advantage of available opportunities in knowledge and technology transfer, innovation, and industrial research. They reviewed the most prominent quality investment opportunities in Saudi Arabia's promising industrial sectors and the enablers provided to facilitate investors' journeys.

During the meeting, Alkhorayef was accompanied by Saudi Ambassador to the Russian Federation Abdulrahman Al-Ahmad, National Industrial Development Center (NIDC) Chief Executive Saleh Al-Solami, Saudi Authority for Industrial Cities and Technology Zones (MODON) Chief Executive Majed Al-Argoubi, and Saudi Export Development Authority Chief Executive Eng. Abdulrahman Althukair.

Both sides emphasized their commitment to developing non-oil exports and facilitating their access between the two countries, aiming to contribute to the growth of trade and achieve economic diversification in both Saudi Arabia and Russia.

Alkhorayef invited Alikhanov to Saudi Arabia to participate in the Future Minerals Forum (FMF), scheduled to take place in Riyadh on January 13–15, 2026.

The meeting is part of the Kingdom’s ongoing efforts to strengthen international industrial partnerships and expand bilateral cooperation in line with the objectives of Saudi Vision 2030.

Saudi Pavilion at INNOPROM 2025 inaugurated

Bandar Alkhorayef inaugurated the Saudi pavilion at INNOPROM 2025 in Yekaterinburg, Russia, where Saudi Arabia is participating as a partner country from July 7 to 10. INNOPROMi s an international industrial exhibition that brings together manufacturers and buyers from around the world.

The Saudi pavilion offers a comprehensive program of activities highlighting the Kingdom’s industrial capabilities, special economic zones, and investment ecosystem. Key presentations will cover advanced infrastructure, financial enablers provided by the Saudi Industrial Development Fund and Saudi EXIM Bank, and initiatives driven by the National Industrial Strategy.

The Kingdom’s most reputable companies are showcasing innovative products and technologies to visitors, while bilateral meetings between Saudi and Russian industry leaders will explore mutual avenues for collaboration and investment to promote growth within the industrial sector.

Alkhorayef is leading a high-level Saudi delegation, accompanied by senior officials from 18 government entities and more than 20 leading national companies. These organizations represent priority sectors including industrial services, technology, manufacturing, machinery, mining, industrial automation, energy, tourism, and culture.

Government entities at the Saudi pavilion include the ministries of industry and mineral resources, investment, and energy, and entities under the umbrellas of “Saudi Made,” “Invest Saudi,” and “Visit Saudi.”

Also participating are the Zakat, Tax and Customs Authority, Economic Cities and Special Zones Authority, the Saudi Investment Promotion Authority, and the Premium Residency Center, along with several Public Investment Fund companies such as NEOM, New Murabba Development Company, and ROSHN Group.

The INNOPROM platform provides an opportunity for Saudi Arabia to reaffirm its commitment to global industrial cooperation and international investment. The Kingdom aims to enhance its role as a trusted economic partner, attract foreign investment, and establish long-term partnerships to support knowledge transfer, localize advanced technologies, and strengthen industrial and mining supply chains, while aligning with its broader objective of increasing non-oil exports.

Saudi Arabia and Russia’s economic relations have witnessed significant growth in recent years, particularly in the fields of industry, mining, petrochemicals, and advanced manufacturing. Bilateral non-oil trade increased from $491 million in 2016 to $3.28 billion in 2024, reflecting the deepening partnership between the two countries.