Saudi king's "landmark" Russia visit sees deals worth 2.1 bln USD signed

Source: Xinhua| 2017-10-06 00:07:47|Editor: Mu Xuequan
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MOSCOW, Oct. 5 (Xinhua) -- Deals worth at least 2.1 billion U.S. dollars were signed during Saudi King Salman bin Abdulaziz Al Saud's first visit to Russia, the Kremlin said Thursday.

The Public Investment Fund (PIF) of Saudi Arabia, Saudi national oil company Saudi Aramco, and the Russian Direct Investment Fund (RDIF) signed an agreement to set up an energy investment fund of 1 billion U.S. dollars, a Kremlin statement said.

The PIF and RDIF also agreed to establish another 1-billion-dollar high technology investment fund, it said.

In addition, the Saudi fund will invest 100 million dollars in the construction and operation of roads, railways, city transport and other public-private projects in Russia.

Russian state arms export agency Rosoboronexport and Saudi Military Industries Corporation signed a contract for the licensed production of Kalashnikov AK103 assault rifles and cartridges in Saudi Arabia, as well as a memorandum on the purchase of Russian military products and localization of their production.

Russian and Saudi government bodies also sealed memorandums on cooperation in outer space exploration, information and communications, trade, economy, in particular oil-processing projects, science, technology and agriculture.

Before the signing of the documents, King Salman had talks with Russian President Vladimir Putin.

They discussed bilateral cooperation in trade, investment, culture and humanitarian sectors as well as international issues.

"It was a very meaningful conversation, substantive and very confidential," Putin said afterwards, calling the visit a "landmark event" which will enhance relations between Moscow and Riyadh.

King Salman said Saudi-Russian relations were characterized by similar views on many regional and international problems.

"We strive to continue positive cooperation between our countries to achieve stability in the world oil markets, which contributes to the growth of the world economy," he said.

It is the first time that a reigning Saudi Arabian monarch has visited Russia since the founding of the Middle Eastern country in 1926. Putin paid a state visit to Saudi Arabia in 2007.