Russia says it welcomes creation of new Saudi Arabian Ministry of Investment

The Russian Direct Investment Fund (RDIF) said it welcomes the creation of Saudi Arabia’s new Ministry of Investment and the appointment Khalid al-Falih as minister.

“We believe that the creation of the new Ministry will help Russia and Saudi Arabia reach the goal of increasing mutual investments outlined during the visit of the Russian President to the Kingdom last year,” said RDIF CEO Kirill Dmitriev.

“We are looking forward to working with His Excellency Al Falih and the new Ministry on new investment deals in sectors ranging from Artificial Intelligence (AI) to energy which will be mutually beneficial for both of our nations,” Dmitriev added.

Saudi Arabia has issued several royal decrees on Tuesday which include the introduction of new ministries for sports, tourism, and investment.

Saudi Arabia’s Minister of Media Turki al-Shabanah relieved of his post in another royal decree. Minister of Commerce and Investment Majid bin Abdullah al-Qasabi has been named interim Minister of Media in addition to his current duties.

“We also welcome the appointment of our partner His Excellency Majid al-Qasabi as the Acting Minister of Media. We have been working a lot with His Excellency alQasabi and believe that his experience in international economic relations is important to promote major positive economic reforms undertaken by the Kingdom through Vision 2030 plan,” Dmitriev added.