Saudi industrial services sector offers huge opportunities for Russian investors

Shaaf Al-Osaymi, a member of the Executive Committee of the Saudi-Russian Business Council

Shaaf Al-Osaymi, a member of the Executive Committee of the Saudi-Russian Business Council, said that Saudi Arabia’s industrial services sector offers significant opportunities for Russian investors.

In an interview with Argaam on the sidelines of the Saudi-Russian roundtable meeting in Moscow, he pointed out that sectors such as mining and advanced industries present high-growth potential for companies providing essential support services.

Russia is a key partner for the Kingdom, especially in the food security field, as it is one of the largest producers of agricultural products, which supports the Kingdom’s strategy to achieve sustainable food security.

The roundtable discussed potential investment opportunities within the Kingdom and Russia, he added.

Al-Osaymi affirmed that there are promising opportunities for the two countries, particularly as both operate in similar sectors such as oil and gas, petrochemicals, as well as mining, including gold and base metals, in addition to other industries.

Saudi Arabia offers diverse opportunities for Russian investors in areas such as industrial development, technology, technology transfer, cybersecurity, construction as well as execution of mega projects, he said.

Al-Osaymi also indicated that these topics were also discussed during the economic forum held two days ago in Yekaterinburg in the presence of the Minister of Industry and Mineral Resources and a Saudi delegation of over 130 participants from both the public and private sectors.

He highlighted that among the main challenges facing cooperation between the two sides are language barriers and differences in standards and specifications.

Saudi Arabia heavily relies on international standards, while Russia follows its own standards and specifications, which can create obstacles when qualifying Russian entities to operate in the Kingdom, Al-Osaymi said.