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    A Saudi money changer, pictured through a glass, arranges U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016

    Saudi Economist: It’s Convenient to Invest in Russia

    © REUTERS / Faisal Al Nasser
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    Saudi economic expert Muhammed al Awid has told Sputnik that the amount of Saudi investment in the Russian economy has reached 10 billion dollars.

    ‘The kingdom doesn't limit itself to one priority sphere. The KSA is investing in the construction of infrastructure, agriculture, medicine, logistics, retail, real estate, and energy. In addition, we've been developing museum cooperation, conducting joint archaeological excavations, organizing large-scale culture exhibitions', the expert said. According to him, the attractiveness of a project is evaluated by businessmen. For its part, Russia has been offering as many opportunities for development as possible.

    ‘Our Russian counterparts have gained enough expertise to invest in the most convenient and profitable ways. This means the technical aspect, as well as establishing an investment partnership. Ultimately, the most ambitious projects are brought to life', Muhammed al Awid said.

    READ MORE: Saudi Arabia Mulls Investment in Russian Petrochemical Plant

    In turn, speaking to Sputnik, Saudi economist Mamduh al Ahmad added that Saudi-Russian economic relations have been growing rapidly. He pointed out that the countries have been paying special attention to investment in research and development.

    ‘Saudi investment in the "Arctic LNG 2" project is aimed at scientific research. At the moment, we are establishing a special research centre in Moscow. It will deal with new technologies for exploring gas and oil fields and extracting these resources', the Saudi economist explained.

    ‘Both Saudi and Russian scholars are working in this centre. We hope that their work will be profitable for both nations. They are expected to find more convenient ways of oil and gas field exploration and enhance the existing technological process of extracting these natural resources', he told Sputnik.

    Views and opinions expressed in the article are those of the speaker and do not necessarily reflect those of Sputnik.

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