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"Arab Capital Hits Russia"

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21 December 2003
"Arab Capital Hits Russia"

Political risks and doubts about American economic stability have forced wealthy Arab countries to look for new possibilities for investment. Russia is proving to be a very attractive partner.

Investors from Arab countries are demonstrating more and more interest in Russia. The official visit of Saudi Crown Prince Abdalla to Moscow in September played a key role in the promotion of Russo-Arab economic cooperation. For many years, relations between Russia and Saudi Arabia, the source of more than 60% of Arab foreign investment, were strained, in part due to mutual distrust over the Afghan War and Chechnya. However, in the last six months, the situation has rapidly begun to change. The Saudis have come to understand that Russia is one of the world’s most attractive countries for investment. At the Russo-Saudi business forum which took place in August, the president of the Saudi Arabian Chamber of Commerce and Industry Al-Juresi stated that though “Saudi investment abroad is approaching one trillion dollars, the investment potential of Saudi business is far from exhausted and businessmen in Saudi Arabia are prepared to invest tens of billions of dollars in interesting projects in Russia.”

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