SAGIA grants four investment licenses to Russian firms

The Saudi Arabian General Investment Authority (SAGIA) has granted four investment licenses to Russian companies operating in the construction and real estate development, administrative consultancy and information technology sectors.

The licenses were handed to Contact Saudi Contracting Co. (construction and real estate development), B Group Saudi Arabia (IT and Telecommunications sector), Saudi Russian Company for Management Consulting (administrative consulting) and Geopolsar (Architecture), it said in separate tweets.

The investment authority further said that a total of 17 memorandums of understanding between Saudi and Russian firms were signed covering energy, technology and transportation sectors.

Speaking to CNBC Arabia on the sideline of the Saudi-Russian Forum, SAGIA Deputy Governor Ayedh Al-Otaibi said that nine of the agreements were signed between Saudi Aramco and Russian firms and the majority of them were in the petrochemical sector.
 

In addition, MoUs were signed between Saudi Railway Company and its Russia counterpart; Saudi Technology Development and Investment Company (Taqnia) and Russian Direct Investment Fund for development of a platform to launch satellites and research MoUs between Petroleum University and Moscow University for International Relations, and King Abdullah Studies and Research Center and Moscow School of Management.