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Russia might get a toehold in the banking sector in Saudi Arabia
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A proposal in this regard is being looked at by both the countries
There might soon be a Russian bank in Riyadh. A proposal in this regard was presented at a meeting between Saudi and Russian officials on Thursday, according to Arab News.
The move would facilitate trade and economic exchange between the two countries, a meeting of the Saudi-Russian Business Council of the Council of Saudi Chambers (CSC) was told. Russia’s Ambassador to the Kingdom, Sergei Kozlov, said he promised to support and study the proposal to open the bank in Riyadh.
He said a commercial attaché had been appointed at the embassy in Riyadh to help Saudi business owners overcome obstacles. Ajlan bin Abdulaziz Al-Ajlan, president of the CSC, said the meeting provided strong impetus toward developing more trade and economic relations.
Chairman of the Saudi-Russian Business Council Tariq Al-Kahtani said it was important to strengthen economic and trade cooperation. The meeting also dealt with some challenges that contributed to the weak volume of trade exchange between the Kingdom and Russia, including the lack of a direct shipping line to facilitate import and export operations.
