Saudi Arabia grants construction, real estate license to Russian firms

Saudi Arabia grants construction, real estate license to Russian firms
The licenses were awarded at the Saudi-Russian CEO Forum. [representational image]
Published: 17 October 2019 - 11 a.m.

On the sidelines of Saudi-Russian CEO Forum that was hosted in Riyadh as part of Russian President Vladimir Putin’s visit to Saudi Arabia, the kingdom has granted four investment license to Russian companies in various sectors.

The kingdom’s Minister of Trade and Investment, Majed Abdullah Al Qasabi to took to his Twitter account and said that these licenses were given to firms “specialising in construction and real estate development, information technology, financial consulting, and architecture”.

The minister added “17 memorandums of understanding were signed in AI, rail, satellite, energy, and petrochemicals” sector in a bid “to strengthen public-private” partnership.

According to a report by Kuwait News Agency, these firms included construction and real estate development firm Kontakt; computer programming consultancy, P Group Saudi; international financial advisory, RS Investment Advisor; and architectural and engineering firm, Geopulsar.


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