King Salman signs multi-billion dollar economic deals with Russian Federation

King Salman signs multi-billion dollar economic deals with Russian Federation

King Salman signs multi-billion dollar economic deals with Russian Federation

According to the publication, Saudi Arabia does not plan to sign the deal to acquire S-400 missile systems from Russian Federation during King Salman's visit to Moscow.

Rosoboronexport, Russia's state-owned arms exporter, had no immediate comment on the agreements.

Vedomosti newspaper reported that Saudi Arabia's sovereign fund is also eyeing investment into a toll road project in Moscow, which would be the first one for the capital. "We seek to strengthen bilateral relations for the sake of peace and security, for the sake of the development of the global economy", the Saudi monarch stressed.

Saudi Arabia signed on Thursday preliminary agreements to buy S-400 air defence systems and receive "cutting edge technologies" from Russian Federation during King Salman's landmark visit to Moscow, the Saudi military industries firm said.

The Saudi Arabia Ministry of Defense signed contracts with the Russian government to procure the S-400 air defense system, the Kornet-EM system, the TOS-1A, the AGS-30 and the Kalashnikov AK-103.

He also mentioned that Russian firms have been discussing possible future deals with energy giant Saudi Aramco, such as the provision of drilling services in Saudi Arabia and in crude trading.

Though a rally in September helped propel oil into a bull market, prices have slipped back amid concern the market remains oversupplied despite cutbacks by the Organization of Petroleum Exporting Countries and its allies including Russian Federation.

The Saudi king invited Putin to visit his country - an offer the Russian leader accepted - and said they planned to keep cooperating to keep world oil prices stable.

Russian Energy Minister Alexander Novak said that the value of investment agreements expected during the visit is more than $3 billion.

The leaders held one-on-one talks, followed by broader discussions.

Analysts say King Salman and President Putin would try to put those differences behind them.

"The political will of Moscow and Riyadh for deeper cooperation on the widest range of issues is clear", Putin's spokesman Dmitry Peskov told journalists ahead of the meetings.

As the Saudi king arrived in Moscow, the golden escalator he uses to disembark his plane malfunctioned, leaving him stuck halfway to the tarmac.

The expert called attention to the fact that Moscow and Riyadh's cooperation in business and energy trade has already borne fruit.

Salman said he was looking to expand relations with "friendly nation" Russian Federation "in the interests of peace, security and development of the world economy".

Related news