During his official visit to Russia, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khuraif held talks with the heads of leading Russian industrial and mining companies.
The main purpose of the visit is to develop strategic cooperation, attract investment and expand international industrial ties between the Kingdom and Russia.
Key meetings and areas of cooperation:
1. The diamond industry
The Minister held talks with the CEO of Alrosa— the world’s largest diamond producer. The prospects of joint ventures, investments and the development of the diamond mining industry in Saudi Arabia were discussed.
2. Gold mining and exploration
The meeting with the management of Nordgold was devoted to joint projects in the field of gold mining and mineral exploration. The Kingdom has already initiated large-scale exploration work on an area of 50,000 km2, which opens up new opportunities for Russian investors and technology partners.
3. Glass industry
Negotiations with the Chairman of the Board of Salavatsteklo touched upon issues of investment, localization of production and expansion of cooperation in the industrial glass sector.
4. Titanium industry
The Minister met with the CEO of VSMPO-Avisma, the world leader in titanium production. Joint projects in the aerospace, automotive and industrial sectors were discussed. Saudi Arabia already holds a leading position in the production of titanium sponge and slag.
5. Aluminum industry
During the meeting with representatives of the Russian Aluminum Association, issues of expanding cooperation along the entire aluminum value chain, from mining to the production of finished products, were discussed. The Kingdom plans to increase primary aluminum production from 1.8 to 3 million tons per year.
Investment opportunities and government support:
• Saudi Arabia’s mineral resources are estimated at 2.5 trillion US dollars: gold, copper, phosphates, rare earths.
• The program “Standard benefits for the industrial sector”: reimbursement of 35% of investments (up to 50 million Saudi riyals per project).
• Exploration Support Program: USD182 million to reduce investment risks.
• 100% foreign ownership and reimbursement of up to 75% of capital expenditures through SIDF.
• Sector growth: According to the Vision 2030 strategy, the mining industry’s contribution to Saudi Arabia’s GDP will increase from $17 billion in 2024 to $75 billion by 2030.
Prospects and strategic goals
• Saudi Arabia aims to become a global center for the aluminum and food industries, as well as a leader in the production of titanium and glass.
• The Kingdom actively invites Russian investors and technology partners to participate in key industry forums such as the Future Minerals Forum 2026 in Riyadh.
• Trade between Saudi Arabia and Russia outside the oil sector increased from 491 million US dollars in 2016 to 3.28 billion dollars in 2024.
The talks between the Minister of Industry of Saudi Arabia and Russian companies confirm the course towards long-term industrial partnership, the development of joint projects and the deepening of economic ties between the two countries. Saudi Arabia offers unique conditions for investors and is becoming one of the key players in the global industrial and mining market.