Saudi Arabia, Russia trade exchange hits SAR 3.5B, huge opportunities ahead: Alkhorayef

Minister of Industry and Mineral Resources Ibrahim Alkhorayef said that trade exchange between Saudi Arabia and Russia currently stands at nearly SAR 3.5 billion, adding that there is a remarkable growth in terms of ratios, with greater ambitions and even huge opportunities ahead.

 

In an interview with Argaam on the sidelines of Saudi Arabia's participation as a partner country at the INNOPROM International Industrial Exhibition currently held in Russia, Alkhorayef stated that Russian companies have shown growing interest in the Saudi market. He noted that the Kingdom also seeks to attract companies that possess technologies in metal processing, military industries, industrial equipment, and other fields.

 

He pointed out that the iron industry is among the sectors the Kingdom aims to develop, noting that Saudi Arabia has launched a dedicated strategy to develop this sector, and Russia is considered a qualified country to export iron to the Saudi market.

He added that the Kingdom also aims to develop the titanium industry, given its strategic importance both locally and globally.

 

Moreover, the launch of the National Industrial Strategy and the Mining Strategy has created significant opportunities for cooperation between the two countries, especially in light of global challenges that have affected supply chains. These challenges have made Saudi Arabia an attractive hub for investments, according to the minister.

 

Meanwhile, Alkhorayef noted that Russian investments in the Kingdom’s industrial sector are still limited, which is attributed to the fact that several countries, including Russia, had not previously viewed Saudi Arabia as a hub for expanding into other markets and, instead, investments were focused on serving domestic demand.

 

He pointed out that this view has now changed amid increased domestic demand, huge government projects, and localization and local content programs. “The goal is to transform the Kingdom into a global platform for manufacturing, exporting, and logistics, making it an attractive destination for major firms to build capabilities that can expand worldwide,” he said.

 

Alkhorayef also clarified that the Saudi Industrial Strategy includes over 800 projects worth more than SAR 1 trillion, stressing the strong growth in the industrial sector.

 

“For example, MODON’s industrial cities currently host more than 1,400 factories under construction, along with 2,000 factories waiting for industrial land allocation. This reflects the sector’s rapid growth and the confidence investors have in Saudi Arabia’s industrial environment,” he said.

 

This growth reflects the National Industrial Strategy, the localization strategy, and local content targets, said the minister, adding that major companies such as Aramco, SABIC, stc and Maaden have localization programs that have opened up significant opportunities for both Saudi and international investors.

 

Alkhorayef also said that Saudi Arabia’s selection as a partner country for this year’s edition of the exhibition underscores its international position and the opportunities available across various sectors, particularly in industry.

 

He indicated that the exhibition aims to showcase the opportunities available in the Kingdom, especially in the industrial and educational sectors, highlighting that the Ministry of Tourism is participating with a special pavilion to promote tourism in the Kingdom, while the Ministry of Investment, through its “Invest in Saudi” initiative, is working to introduce visitors to opportunities in other sectors.