Kazakhstan and Saudi Arabia sign agreements for USD200 mln

Kazahk President Nursultan Nazarbayev visits Saudi Arabia to enhance cooperation, strengthen ties, and discuss trade and energy
Kazakhstan and Saudi Arabia sign agreements for USD200 mln
27 October 10:17 2016 Print This Article

Kazakhstan and Saudi Arabia signed over 10 agreements worth nearly USD200 mln during the official visit of Kazakh President Nursultan Nazarbayev to Saudi Arabia, reports the presidential press-service.

The agreements cover energy sector, mining industry, agriculture, and trade, Mr Nazarbayev announced at a results briefing. The parties paid particular attention discussing bilateral economic relations and ways to enhance them, as well as current policy in oil and gas spheres.

According to Mr Nazarbaev the parties agreed to establish a joint investment fund to finance joint projects in Kazakhstan, as well as create a bilateral intergovernmental commission and working groups in different economic spheres aiming to enhance fruitful cooperation.

Mr Nazarbayev has invited Saudi companies to invest in innovative projects in Kazakhstan,  in the wake of the upcoming international specialized exhibition EXPO 2017 to be heldin Kazakh capital city of Astana next year.

As part of the Kazakh official visit in the Middle East, Mr Nazarbayev met with Crown Prince Muhammad bin Nayef bin Abdulaziz Al Saud, Deputy Crown Prince, Second Deputy Prime Minister, Defence Minister of Saudi Arabia Mohammad bin Salman Al Saud and newly appointed President of the Islamic Development Bank (IDB) Bandar bin Mohammed bin Hamza Asaad Al Hajjar. He also held meeting with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces.

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