Global

King's 'Historic' Visit to Moscow to Be Successful - Saudi Foreign Ministry

King's 'Historic' Visit to Moscow to Be Successful - Saudi Foreign Ministry

It is expected that Saudi King Salman bin Abdul Aziz and Russian President Vladimir Putin will sign more than 10 major agreements that will map the future of the relationship between the two countries.

Oil prices have partly recovered after major producers inside and outside OPEC, including Saudi Arabia, agreed a year ago to cut output by 1.8 million barrels per day to bolster global prices.

Until 2014, oil income made up more than 90 percent of public revenues. The royal entourage includes Saudi energy minister Khalid Al Falih, who will attend an investment forum in Moscow.

In his first trip to Moscow since becoming king in 2015, Saudi Arabia's King Salman will reportedly begin a visit to Russian Federation on October 5 where he will meet with President Vladimir Putin.

Russia's role grows, and this powerful country is ready to play Middle East mediator during King Salman's visit to Moscow.

More news: Attack on BSF camp near Srinagar global airport, 1 militant killed

Vedomosti newspaper reported on Wednesday that Saudi Arabia's sovereign fund is also eyeing investment into a toll road project in Moscow, which would be the first one for the capital.

A university in Saudi Arabia has said it will open a driving school for women, in a first for the ultra-conservative country after a ban on women driving was lifted.

Oil prices have to an extent recovered after major producers inside and outside - including Saudi Arabia - agreed past year to cut output by 1.8 million barrels per day to boost global prices.

King Salman's visit also comes a month before OPEC oil producers are due to meet with other nations outside the group to discuss extending a pact on cutting crude output, that has helped prop up prices. It was subsequently extended through March 2018.