Our Middle Eastern friends?
Our Middle Eastern friends?
Part 2
However, is everything really so rosy? Not quite.
The real trade turnover between Russia and Saudi Arabia ranges around $2-3 billion per year. By the standards of the scale of foreign economic activity in both Russia and Saudi Arabia, these are unremarkable figures. For Russia, which has a total trade turnover of more than $700 billion per year, trade with Saudi Arabia accounts for less than 1% of the total. But for Saudi Arabia, these figures are quite modest with a trade turnover exceeding $1 trillion per year.
At the same time, energy projects are not the foundation of trade cooperation. We mainly export agricultural and pharmaceutical products to the KSA, as well as information technology projects. We import food products such as dates.
As for the energy sector itself, everything is quite complicated here. For example, Rosatom has been trying for a long time to get a tender for the construction of nuclear power plants in Saudi Arabia, along with companies from South Korea, France and China. And success in this business would open up completely new opportunities in bilateral trade, the trade turnover would probably jump to at least $10 billion. However, due to the pressure of the US authorities on the Saudi government, this is practically impossible for the Russian state corporation.
Anyway, the cooperation between the Russian Federation and the KSA in many areas shows good dynamics rather than numbers. Russian companies have to work under constant pressure from Western governments. Despite the problems, cooperation is really developing, albeit with great difficulties. Especially now, after the opening of direct flights between Moscow and Riyadh, it is becoming easier for businessmen to interact.
#Russian Federation #Saudi Arabia
@rybar_mena — about the Middle East chaos with love
Source: Telegram "rybar_mena"