Riyadh – Mubasher: Saudi Arabia and Russia will collaborate in various sectors in the coming period, and Russian firm plans to establish plant for producing ships in the Kingdom’s megaproject, Neom, said a former Russian diplomatic, Vladislav Lutsenko.

A delegation from the Russian business sector is searching for Saudi partners to cooperate in economy, commerce, in energy sector, and in industrials sector, Lutsenko added.

Lutsenko forecasted that trade and investment exchange between Russia and Saudi Arabia will increase in the coming two years.

The former Russian diplomatic stated that number of Saudi businessmen will visit Russia in the coming December.

In October, the Saudi Crown Prince, Mohammed bin Salman announced a plan to establish a $500 billion city in the north west of the kingdom to implement the megaproject, Neom project.

Neom will extend through Jordan and Egypt, adjacent to the Red Sea and the Gulf of Aqaba, and near maritime trade routes that use the Suez Canal.

The Kingdom’s megaproject will be a business and industrial zone, and represents the largest effort by Saudi Arabia to reduce its dependence on oil exports.

The city will cover an area of 26,500 square kilometres, and its business will focus on industries as biotechnology, energy and water, food, and advanced manufacturing.

Neom’s first phase is forecasted to be completed by 2025.