The Saudi enterprise Saudi Chemical and the Russian Direct Investment Fund have signed a memorandum of understanding on the supply of the Sputnik V coronavirus vaccine to the kingdom, Saudi Chemical said in a statement.
"The MoU first envisions delivery and distribution of the vaccine in Saudi Arabia and secondly, transfer of the vaccine development technology and corresponding training of the personnel," the statement read.
The memorandum is in effect for a year and is subject to approval by Saudi regulating bodies.
The Russian Direct Investment Fund previously said that it was in touch with Riyadh regarding Phase 3 of clinical tests of the vaccine in Saudi Arabia and its development in the country.
Russia registered the world's first coronavirus vaccine, dubbed Sputnik V, in August. It is being jointly developed by the Gamaleya Research Institute and the Russian Direct Investment Fund. The head of the investment fund, Kirill Dmitriev has stated that more than 20 nations have applied for the purchase of a billion Russian coronavirus vaccine shots.