Riyadh, June 2, SPA — Saudi Arabia and Russia will set up joint ventures in third countries as part of their comprehensive cooperation program both within the Kingdom and abroad, Arab News reported today.
According to Russian Ambassador Dr. Andrei Baklanov, the Saudi-Russian Joint Commission meeting, which concluded in Riyadh earlier this week, was noteworthy in several aspects. It charted the course of bilateral cooperation in several fields, including space technology, higher education and manufacture of special alloys in space, besides exploration of water resources and environmental
preservation by launching more Saudi satellites through Russian rockets.
Referring to bilateral cooperation in third countries, Ambassador Baklanov said the decision was taken in light of the economic boom which both countries are going through. While the Kingdom has huge resources accruing from its oil revenues, Russia”s revenues also surged to a record $146 billion this year. "This factor was behind their decision to channel investments into third countries."