Russia's Vnesheconombank (VEB) and Abdel Hadi A Al-Qahtani & Sons Group of Companies (AHQ) of Saudi Arabia have signed a memorandum of understanding (MoU) in Moscow for the joint development of international projects.

The document was signed by Sergey Gorkov, chairman of Vnesheconombank, and Tariq Abdel Hadi Al-Qahtani, chairman of AHQ.

VEB and AHQ agreed to build long-term collaboration and business relationship for the mutual benefit of both parties and their affiliates. AHQ is interested in undertaking business activities with Russian companies with the support of VEB, said a statement.

Gorkov said: "The Near East region is very interesting for VEB in terms of raising capital, joint financing projects and supporting exports. It is important for us to build relationships with companies and institutions of the Gulf countries in order to create opportunities for international investment projects."

Al-Qahtani said: "I believe this agreement is the first and very important step of our cooperation. There are several important areas like chemical industry, agriculture, aviation and automobile industries where we can efficiently work together. Moreover, financial infrastructure will be highly significant for expanding the cooperation between the markets of our countries and reaching new opportunities."

Abdel Hadi A. Al-Qahtani & Sons Group of Companies was founded in the 1940s in Saudi Arabia. It is now a global highly diversified group of companies, specialising on a wide range of activities, including industrial and technical support, supply of heavy machinery and electronic equipment, agriculture, commercial aviation and other activities. - TradeArabia News Service