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The Saudi Arabia is going to increase the volume of mutual investments with Russia up to $50 billion

24.05.2010

The meeting between the Advisory Board of the Parliament of the Saudi Arabia with Valerii Yazev, deputy chairman of the State Duma, and Zelimkhan Mutsoyev, deputy chairman of the State Duma on International Affairs, was held in the State Duma of the Russian Federation.
The Saudi Arabia is going to increase the volume of mutual investments with Russia up to $50 billion
The meeting between the Advisory Board of the Parliament of the Saudi Arabia with Valerii Yazev, deputy chairman of the State Duma, and Zelimkhan Mutsoyev, deputy chairman of the State Duma on International Affairs, was held in the State Duma of the Russian Federation.

Dr. Muhammad Bin Saad Al-Salim, head of the Advisory Board, announced that the Kingdom of Saudi Arabia would like to increase the volume of mutual investments with Russia up to $50 billion within the next five years. According to Dr. Muhammad Al-Salim, the Saudi government is going to build a Centre for Atomic and Renewable Energy, and Russia could participate in the project.

The key issue of the negotiations was mutual investments. Oil and gas industry and Energy sector are the most promising fields for Saudi investments in Russia. The deputy chairman of the State Duma of the Russian Federation reported on development of these sectors in the Eastern Siberia, on the Yamal Peninsula, where oil reserves are estimated at $13 trillion. He also informed that many researches of the Russian defense sector and nuclear fuel and energy sector had been declassified, and large investments are required for their engineering development.

The representatives of the Saudi Arabia in its turn invited Russian investors to exploit silver and gold deposits in their country and showed their interest in cooperation in education, e.g. training of mining engineers. In addition to that, the Saudi Arabia is keenly interested in development of tourism to Russia. Zelimkhan Mutsoyev suggested establishing a Russian and Saudi travel agency that will be in charge of organizing tourist trips of Saudi citizens to Russia, particularly in summer time.

The Advisory board of the Saudi Arabia invited Boris Gryzlov, chairman of the State Duma of the Russian Federation, to visit their country.

Islamic-Finance.ru based on materials of IslamRF

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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