Business & Money | Saturday 28 November, 2015 12:06 pm |

Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA), has stressed the depth of Saudi-Russian cooperation in the fields of development and investment.

In a joint press conference on Friday with Russian Energy Minister Alexander Novak, Al-Othman emphasized the importance of intensifying joint action to support security, wealth and combating terrorism.
“Russia marks progress in several fields enabling the official leading companies to contribute to the qualitative investments in the Kingdom. We have the right economy, ideal location, political stability and the governmental commitment,” Al-Othman said.
For his part, Novak highlighted his country's keenness in enhancing cooperation with Saudi Arabia.
A new unified investment plan is being implemented by SAGIA, Al-Othman said earlier at the Saudi-Russian Investment Forum, which he opened jointly with Novak.
The plan includes mechanisms and standards covering all investment fields with a view to lessening imports and enabling the sectors to become more internationally competitive.
The Russian minister considered the resumption of meetings of the Saudi-Russian Joint Committee as a sign of the two sides' determination to further enhance relations between the two countries. 
He said that high-level exchange of visits between the two countries was followed by serious dialogue to promote economic cooperation and commercial exchanges. He paid tribute to the efforts being exerted by the two sides to resume the committee's meetings, and organize the forum and the exhibition on its sidelines in Moscow.
Novak emphasized that the mere $1.2 billion trade exchange between the two great economies needs to improve given their economic and investment capabilities.
Novak noted the signing of 13 documents and memorandums for cooperation between the two business sectors in the two countries while some 50 projects are currently under way.