Saudi Arabia’s Minister of Industry and Mineral Resources, His Excellency Bandar Alkhorayef, held talks in Moscow with Mr. Anton Alikhanov, Russia’s Minister of Industry and Trade, focusing on expanding collaboration in industrial development, manufacturing, and mining. According to the Saudi Gazette, the two ministers discussed leveraging Russian expertise in sectors such as heavy equipment, agricultural machinery, chemicals, automotive, and advanced materials, all of which align with Saudi Arabia’s National Industrial Strategy.
The meeting also covered investment partnerships to boost knowledge and technology transfer, innovation, and industrial research. Saudi Arabia presented its top investment opportunities and outlined the support available for foreign investors. His Excellency Bandar Alkhorayef was joined by key Saudi officials, including His Excellency Abdulrahman Al-Ahmad, Ambassador to Russia, and leaders from major industrial agencies.
Both sides reaffirmed their commitment to increasing non-oil exports and facilitating trade, aiming to drive economic diversification in Saudi Arabia and Russia. His Excellency Bandar Alkhorayef extended an invitation to Mr. Anton Alikhanov to attend the Future Minerals Forum in Riyadh in January 2026.
In a related event, His Excellency Bandar Alkhorayef inaugurated the Saudi pavilion at INNOPROM 2025 in Yekaterinburg, where Saudi Arabia is a partner country. The pavilion showcases the Kingdom’s industrial strengths, special economic zones, and investment climate, including presentations on infrastructure and financial support from the Saudi Industrial Development Fund and Saudi EXIM Bank.
A high-level Saudi delegation, featuring senior officials from 18 government entities and representatives from more than 20 leading companies, is participating. Sectors represented include:
- Industrial services
- Technology
- Mining
- Automation
- Energy
- Tourism
- Culture
Key government bodies such as the ministries of industry, investment, and energy, along with Saudi Made
, Invest Saudi
, and Visit Saudi
, are present, as well as organizations like the Zakat, Tax and Customs Authority, Economic Cities and Special Zones Authority, and Public Investment Fund companies including NEOM and ROSHN Group.
INNOPROM offers Saudi Arabia a platform to strengthen global industrial partnerships, attract investment, and promote technology transfer and localization, supporting its strategy to grow non-oil exports. According to the Saudi Gazette, bilateral non-oil trade between Saudi Arabia and Russia has grown from $491 million in 2016 to $3.28 billion in 2024, highlighting the expanding economic partnership.
