The Saudi Arabian General Investment Authority (SAGIA) has granted four investment licenses to Russian companies operating in the construction and real estate development sectors, as well as in the administrative consultancy and information technology sectors, it has been announced.

According to a statement from SAGIA, the construction and real estate licenses have been handed Kontakt and Geopulsar, who operate in construction and engineering, while P Group Saudi Arabia and RS Investment Advisor operate in computer programming and consultancy, respectively.

A total of 17 MoUs have been signed between Saudi and Russian firms covering a variety of sectors, including energy, technology and transportation.

The major deals are between Saudi Railway Company and its Russian counterpart; and between Saudi Technology Development and Investment Company (Taqnia) and Russian Direct Investment Fund, for the development of a platform to launch satellites.

The agreements are aimed at diversifying Saudi economy away from oil and are part of its economic reforms to enable rapid growth in foreign investments, the statement added.