His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy and Chairman of the Saudi side of the Saudi-Russian Committee, and His Excellency Alexander Novak, Deputy Prime Minister of the Russian Federation and Chairman of the Russian side of the Committee, inaugurated today in Riyadh the Saudi-Russian Investment and Business Forum. The event was attended by His Highness Prince Faisal bin Farhan, Minister of Foreign Affairs.

Organized by the Ministry of Energy and the Ministry of Investment, the forum brought together senior officials, experts, and investors from both countries to strengthen economic cooperation between the Kingdom of Saudi Arabia and the Russian Federation.

Climate Cooperation Memorandum Signed

During the forum, His Royal Highness the Minister of Energy and His Excellency Alexander Novak signed a Memorandum of Understanding (MoU) on cooperation in climate change and low-emission development between the Saudi Ministry of Energy and the Russian Ministry of Economic Development.

The MoU aims to establish a comprehensive framework for collaboration in addressing climate change and achieving the objectives of the UN Framework Convention on Climate Change and the Paris Agreement, serving mutual interests and reinforcing bilateral partnership.

Areas of Cooperation

• Exploring joint opportunities to reduce, mitigate, and remove greenhouse gas emissions.
• Improving energy efficiency through advanced technologies.

Visa Waiver Agreement

On the sidelines of the forum, Saudi Arabia and Russia signed a mutual visa waiver agreement for citizens of both countries. The agreement was signed by His Highness Prince Faisal bin Farhan, Minister of Foreign Affairs, on behalf of Saudi Arabia, and His Excellency Alexander Novak on behalf of Russia.

Archival Cooperation Agreement

An agreement was also signed between the King Abdulaziz Foundation in Saudi Arabia and the Federal Archival Agency in Russia to cooperate in their respective fields. The agreement includes:

• Information exchange.
• Organizing seminars, forums, and exhibitions.
• Exchanging publications and related materials.
• Sharing expertise and visits.

The agreement was signed by Turki bin Mohammed Al-Shuwaier, CEO of the King Abdulaziz Foundation, and Andrey Yurasov, Minister of State and Deputy Head of the Federal Archival Agency.

Impact on the Energy Sector

The forum and signed agreements have significant implications for the energy sector in both countries:

• Advancing Clean Energy Technologies: Accelerating joint research and development in low-emission technologies to support global energy transition goals.
• Enhancing Energy Efficiency: Collaboration on innovative solutions will help reduce energy consumption and improve operational efficiency.
• Supporting Carbon Reduction Initiatives: Joint efforts to mitigate greenhouse gas emissions align with international climate commitments and strengthen Saudi Arabia’s leadership in sustainable energy.
• Diversifying Energy Partnerships: Strengthening ties with Russia provides Saudi Arabia with strategic access to expertise in energy technologies and resources, complementing its Vision 2030 objectives for a diversified energy mix.

This cooperation positions Saudi Arabia as a key player in global energy sustainability, reinforcing its role as a hub for innovation and clean energy development.