Saudi Industry Minister says kingdom seeks deeper industrial, investment ties with Russia

SPA

Riyadh, February 10, 2026 (Saudi Arabia Breaking News) – Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said the kingdom is committed to deepening industrial and investment partnerships with Russia and pursuing joint opportunities in priority sectors, the Saudi Press Agency reported on Tuesday.

Alkhorayef delivered the remarks in a keynote address at the International Industrial Exhibition “INNOPROM. Saudi Arabia” in Riyadh, which runs through February 10 and includes participation from public and private sector leaders and industrial companies from Saudi Arabia, Russia and other countries, SPA said.

Hosting INNOPROM in Riyadh reflects mutual interest in expanding industrial and investment cooperation and building strategic industrial partnerships, the minister said, referring to bilateral relations spanning more than a century.

The Riyadh edition follows Saudi Arabia’s participation as a partner country in the previous INNOPROM edition in Russia, a sequence the minister linked to efforts to develop cooperation in priority areas including industry, logistics and supply chains.

Saudi Arabia and Russia aim to establish a cooperative foundation that supports a stable and secure investment environment for long-term investors, the minister said.

On mining and minerals, Alkhorayef pointed to Russia’s experience in the field and said Saudi Arabia sees opportunities for Russian mining and mine-services companies to participate in developing the sector in the kingdom.

The minister also cited Saudi support for industrial projects, including industrial cities, infrastructure, industrial financing, and training and qualification programmes, alongside policies supporting localisation and knowledge transfer.

INNOPROM is organised annually in Russia and has run for more than 15 years, SPA said. The Riyadh edition includes dialogue sessions and bilateral meetings aimed at building strategic partnerships aligned with the economic development objectives of both countries, according to the agency.