Minister of Industry Concludes Saudi Participation in St. Petersburg Forum 2026 with Strategic Agreement with Moscow

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, concluded his participation as part of the official Saudi delegation at the St. Petersburg International Economic Forum 2026 (SPIEF) in the Russian Federation. This participation is part of the Kingdom's efforts to enhance its presence in international economic forums, expand strategic partnerships in the industrial and mining sectors, and showcase investment opportunities and enablers offered to global investors.

His Excellency participated in several panel discussions and specialized events held during the forum's activities, including a session titled 'Rare Earth Elements and Strategy: Sovereignty and International Cooperation in Rare Earth Elements and Critical Minerals.' He also took part in an interactive session with a select group of young people, students, and entrepreneurs organized by the St. Petersburg International Economic Forum Academy.

Minister Al-Khorayef held a series of bilateral meetings with several officials from both the public and private sectors. These included a meeting with the Russian Federation's Minister of Economic Development, Maxim Reshetnikov, a meeting with the CEO of the Russian Direct Investment Fund, Kirill Dmitriev, and a meeting with the Chairman and CEO of Sistema Investment Group. During these meetings, they discussed ways to enhance economic cooperation, develop joint investments, and enable the private sector to benefit from mutual opportunities in the promising industrial and mining sectors.

As part of the accompanying field visit program, His Excellency visited the Russian Karpinsky Geological Institute, where he learned about the latest practices and technologies used in geological mapping and mineral exploration. He also visited the Engineering Center Kronstadt, where he explored advanced engineering technologies and solutions, discussing opportunities for exchanging expertise and transferring knowledge in industrial and technical fields of mutual interest.

Minister Al-Khorayef witnessed the signing ceremony of a strategic cooperation document between the Saudi Authority for Industrial Cities and Technology Zones 'MODON' and the Entrepreneurship and Innovation Development Administration of the Moscow City Government. This document aims to enhance cooperation and exchange expertise in the fields of innovation, entrepreneurship, and the development of investment-supportive industrial environments.

The participation of the Minister of Industry and Mineral Resources in the 29th session of the St. Petersburg International Economic Forum 2026, held from June 3 to 6, is an extension of the Kingdom's efforts to build effective international partnerships in the industrial and mining sectors, attract quality investments, and transfer advanced knowledge and technologies. This supports the objectives of Saudi Vision 2030 and strengthens the Kingdom's position as a global industrial and mining hub.