Development of Saudi Arabia-Russia International Cooperation

MOSCOW, February 17, 2010 /PRNewswire/ -- On February 13, 2010, the following Russian companies participated in the work of the annual Jeddah Economic Forum for the first time, with the support of the St. Petersburg International Economic Forum (SPIEF): Sberbank, Solar Projects (Renova Group), Lommeta (a construction company from Novosibirsk), and Sibstroy (an investment company from Tyumen).

This is evidence of the development of economic ties between our countries and it embodies the points of the Memorandum of Understanding between the St. Petersburg International Economic Forum and the Jeddah Economic Forum (Saudi Arabia), signed in October 2009 (read more about the Memorandum at http://www.forumspb.com and http://www.jef.org.sa).

A presentation of the St. Petersburg International Economic Forum 2010 (June 17-19, 2010 in St. Petersburg) took place at the Jeddah Economic Forum on February 15. Attending the presentation were Sergey Kuznetsov, General Consul of the Russian Federation in Jeddah; Mustafa Sabri, General Secretary of the Jeddah Chamber of Commerce; Mazen Batterjee and a number of Saudi businessmen; and representatives of the press.

The topics to be discussed at the Forum in St. Petersburg have great significance for the world community. Coordinated actions by the national governments have successfully helped to avoid a financial collapse and the global economy has started on its way towards recovery. The global community must now adopt every measure for economic recovery and initiate necessary and sometimes difficult steps for its restructuring in order to lay the foundation for sustainable, long-term growth and prosperity over the coming decades.

The 2010 St. Petersburg Forum offers top global decision makers an important and timely opportunity to assess post-crisis measures, examine key global macroeconomic trends, and exchange ideas on ways to adjust strategies that will foster stronger economic growth going forward.

In addition to examining the macroeconomic climate, the Forum will address Russia's specific economic and business issues, with emphasis on Russia's global capital allocation, efforts to unlock its investment potential and instituting new frameworks to mitigate risks.

And as is traditionally the case, the Forum allows for a rich cultural experience that St. Petersburg presents to its guests including performances by the world's leading artists, and visits to theaters and museums.

More information on the St. Petersburg International Economic Forum - http://www.forumspb.com

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SOURCE St. Petersburg International Economic Forum Foundation