Abdullah Al Alami
July 8 2025
Today, I write about the development of Saudi relations with friendly countries, specifically Kuwait, Korea, and Russia.
The Kuwaiti government's announcement on the entry into a double taxation avoidance agreement with Saudi Arabia is encouraging, particularly in developing their economic relationship. The deal is not limited to current taxes, but extends to any tax imposed by both countries after signing the agreement. It also covers income from real estate, business profits, maritime, air, and land transportation, joint ventures, dividends, income from technical services, capital gains, and independent and non-independent personal services. It also covers board members' fees, artists' and athletes' fees, pensions, and government services, but excludes teachers, students, and researchers.
Saudi Arabia has also launched several projects with Korea to expand economic cooperation, including technology companies, and support Korean startups and small companies in the Saudi market in four key areas, most notably artificial intelligence. There are also serious efforts in information technology, digital infrastructure, electric vehicles, defense, and renewable energy. South Korea and Saudi Arabia jointly hosted a business forum in Seoul to work together in advanced industries. Twenty major Saudi companies participated, including STC Group, the Saudi Arabian Military Industries Company, and Seer, the first Saudi electric vehicle manufacturer. From Seoul, 100 companies participated in cooperation with Saudi companies.
Relations between Saudi Arabia and Russia include strengthening bilateral ties and exploring mutual opportunities in the mining, petrochemical, automotive, aviation, energy, defense, and technology sectors. It should be added that the volume of non-oil trade between the two countries increased from SR1.84 billion in 2016 to SR12.3 billion in 2024. Riyadh also seeks to attract Russian investments to the Kingdom to establish petrochemical and geological survey companies and to benefit from technical expertise. Perhaps the recent visit of Saudi officials to Russia is an important step toward strengthening the strategic economic partnership between the two countries, expanding the horizons of bilateral cooperation in the promising cultural and tourism sectors, and reaching consensus on political issues, especially since the Soviet Union was the first non-Arab country to recognize the Kingdom of Saudi Arabia.
The final word: Best wishes to Saudi Arabia, which is leading the list of countries to host the 2029 Club World Cup, amid fierce competition for the tournament with five major countries, all of which deserve encouragement and victory.
