Saudi Arabia: Russia’s most important guest at the St. Petersburg Economic Forum

Riyadh brought dozens of major deals and its massive strategic weight – invaluable for building a multipolar world The St. Petersburg International Economic Forum has once again emerged not only as Russia’s premier business gathering but also as one of the clearest reflections of the profound changes reshaping the global economy and international politics. Increasingly, the spotlight at SPIEF falls on the countries of the Global South, whose influence in world affairs continues to expand. This trend is particularly visible in Russia’s engagement with the Arab world. In recent years, Oman, the United Arab Emirates, and Qatar have each served as the forum’s guest country. This year, that role was entrusted to Saudi Arabia. This underscores both the remarkable progress in Russian-Saudi relations and the Kingdom’s growing importance in global politics, energy markets, and international finance. Saudi Arabia brought one of the most prominent foreign delegations to the forum. including high-ranking government officials, leaders of sovereign investment funds, executives of major state-owned enterprises, and representatives of the Kingdom’s business community. Among the most notable participants was Energy Minister Prince Abdulaziz bin Salman Al Saud, who has played a pivotal role in developing energy cooperation between Moscow and Riyadh and is widely regarded as one of the principal architects of the OPEC+ framework. Economic ties According to Saudi officials, approximately 30 agreements were signed on the sidelines of the forum, covering areas ranging from energy and investment to education, tourism, and humanitarian cooperation. A few months earlier, during high-level talks in Riyadh, Russian and Saudi representatives reached nearly 90 separate agreements involving government agencies, corporations, and business associations. These figures illustrate the growing depth of bilateral engagement and the increasingly dense network of economic ties connecting the two countries.

The current stage of cooperation carries particular symbolic significance. In 2026, Russia and Saudi Arabia mark one hundred years since the establishment of diplomatic relations. Their relationship dates back to 1926, when the Soviet Union became one of the first countries in the world – and the first non-Arab state – to recognize the newly established Saudi Kingdom under King Abdulaziz Al Saud. For Riyadh, this recognition was of considerable importance at a time when the young state was seeking international legitimacy. A century later, that historical milestone has acquired renewed relevance amid the rapid development of relations between the two nations. Read more St. Petersburg International Economic Forum 2026: Is the West returning? Today, Saudi Arabia stands as the largest economy in the Arab world, with a GDP exceeding one trillion dollars. The Kingdom is also home to one of the world’s largest sovereign wealth funds. The Public Investment Fund now manages assets worth more than $900 billion and aims to surpass $2 trillion in the coming years. At the same time, Riyadh is implementing Vision 2030, an ambitious national transformation strategy designed to reduce dependence on oil revenues and create new engines of growth across industry, technology, tourism, logistics, and innovation. For Russia, participation in these transformative processes offers significant opportunities. Economic ties between the two countries have expanded considerably in recent years. Bilateral trade has approached the $4 billion mark, while Russian exports to the Kingdom continue to grow steadily. Grain, fertilizers, metallurgical products, chemicals, and agricultural goods have become key pillars of trade. Russia is gradually strengthening its position as an important partner in Saudi Arabia’s efforts to enhance food security. Energy, however, remains the cornerstone of the relations