Saudi King Salman arrives in Russian Federation for first visit

06 October, 2017, 00:26 | Author: Brian Mcdaniel
  • Reuters

The first king of Saudi Arabia who visited Russia, Selman bin Abdulaziz, went to Moscow.

The Dubai-based television channel also said that Saudi Arabia had signed a memorandum of understanding to help the kingdom in its efforts to develop its own military industries.

As for the arms deal, Saudi Arabia is buying the S-400 air defense system, the Kornet anti-tank guided missile systems and multiple rocket launchers.

It can track and engage up to 300 targets at the same time and has an altitude ceiling of 27 kilometers.

Salman, met by Putin in the Kremlin, said he was convinced that there were opportunities to diversify economic cooperation with Russian Federation. The prince has promoted closer ties for the past two years and visited Moscow in May.

LONDON, Oct 5 (Reuters) - Oil prices steadied on Thursday on expectations that Saudi Arabia and Russian Federation would extend production cuts, although record USA exports and the return of supply from a Libyan oilfield dragged on the market.

But the two sides have made a decision to end their animus, and in a round of meetings will sign commercial deals, coordinate on oil prices, and discuss a potential peace settlement in Syria, including the future role of Iran, now that it seems clear that President Bashar-al Assad is not going to be deposed.

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These 10 major agreements, would map the future of relations between Russian Federation and Saudi Arabia.

Beyond short-term market drivers, analysts at Barclays said future oil demand could be undermined by improving fuel-efficiency and the rise of electric vehicles (EV).

Putin visited Riyadh in 2007.

Saudi king at airport, Russian Deputy Prime Minister Dimitriy Rogozin and Russian Foreign Minister Mikhail Bogdanov welcomed.

Saudi Arabia's General Investment Authority granted licenses to four Russian companies to work fully in the construction sector.

Vision 2030, a blueprint for Saudi Arabia to move its economy away from oil, is driving that change. Diplomatic relations were restored in 1992, after a five-decade hiatus, but Riyadh and Moscow found little common ground. New York, London and Hong Kong are the main contenders.

Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during the visit, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday.

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