Saudi Arabia grants construction, real estate license to Russian firms

Minister of Trade and Investment, Majed Abdullah Al Qasabi says the initiative aims to strengthen public-private partnership

The licenses were awarded at the Saudi-Russian CEO Forum. [representational image]
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The licenses were awarded at the Saudi-Russian CEO Forum. [representational image]

On the sidelines of Saudi-Russian CEO Forum that was hosted in Riyadh as part of Russian President Vladimir Putin’s visit to Saudi Arabia, the kingdom has granted four investment license to Russian companies in various sectors.

The kingdom’s Minister of Trade and Investment, Majed Abdullah Al Qasabi said in an Arabic-language tweet that these licenses were given to firms “specialising in construction and real estate development, information technology, financial consulting, and architecture”.

The minister added “17 memorandums of understanding were signed in AI, rail, satellite, energy, and petrochemicals” sector in a bid “to strengthen public-private” partnership.

According to a report by Kuwait News Agency, these firms included construction and real estate development firm Kontakt; computer programming consultancy, P Group Saudi; international financial advisory, RS Investment Advisor; and architectural and engineering firm, Geopulsar.

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