St. Petersburg | BETH | B
06 June 2026

Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, intensified his engagements at the St. Petersburg International Economic Forum (SPIEF) 2026 as part of the Kingdom’s efforts to expand industrial and mining partnerships with Russia and strengthen cooperation in investment, geological technologies, and industrial cities.

The meetings included discussions with the Russian Direct Investment Fund (RDIF), the Russian Ministry of Economic Development, and Sistema Investment Group, in addition to a visit to the Karpinsky Geological Institute to explore the latest mineral exploration technologies and exchange scientific expertise.

Alkhorayef emphasized that Saudi Arabia is working to strengthen its pivotal role in the mining and minerals sector, building on its historic contribution to global energy market stability. He noted that developing resilient global supply chains requires broader international partnerships and closer cooperation among governments, institutions, and specialized companies.

BETH Analysis

Saudi Arabia’s activities in St. Petersburg reflect a shift in economic cooperation with Russia from the stage of dialogue and opportunity exploration toward initiatives that are more closely linked to execution and direct investment.

The visit also highlights the Kingdom’s growing focus on mining as one of its key future economic growth engines, in line with Vision 2030 objectives aimed at transforming mineral resources into a major economic pillar and reinforcing Saudi Arabia’s position as a global hub for industry, mining, and supply chains.

The meetings carry additional significance as Saudi Arabia and Russia mark the 100th anniversary of diplomatic relations this year, while bilateral trade between the two countries currently exceeds US$3.28 billion.