MOSCOW (Sputnik) — On Tuesday, a Saudi delegation led by Abdullatif Othman arrived in Moscow to establish closer political and economic ties as well as to participate in an investment and business forum in the Russian capital.
"I expect that we will see a significant increase in direct investments [into the Saudi economy] and a new type of investments. An average level of foreign direct investments is about $10-15 billion a year. We expect that this volume will double or triple, because the potential of the economy is fantastic," Othman said.
Riyadh has been strongly affected by a steep drop in global oil prices, which have almost halved compared to summer 2014 levels, and the country is looking for additional investment to boost its economy.
