Development of Saudi Arabia-Russia International Cooperation

MOSCOW, February 17, 2010 - On February 13, 2010, the following Russian companies
participated in the work of the annual Jeddah Economic Forum for the first
time, with the support of the St. Petersburg International Economic Forum
(SPIEF): Sberbank, Solar Projects (Renova Group), Lommeta (a construction
company from Novosibirsk), and Sibstroy (an investment company from Tyumen).

This is evidence of the development of economic ties between
our countries and it embodies the points of the Memorandum of Understanding
between the St. Petersburg International Economic Forum and the Jeddah
Economic Forum (Saudi Arabia), signed in October 2009 (read more about the
Memorandum at www.forumspb.com and www.jef.org.sa).

A presentation of the St. Petersburg International Economic
Forum 2010 (June 17-19, 2010 in St. Petersburg) took place at the Jeddah
Economic Forum on February 15. Attending the presentation were Sergey
Kuznetsov, General Consul of the Russian Federation in Jeddah; Mustafa Sabri,
General Secretary of the Jeddah Chamber of Commerce; Mazen Batterjee and a
number of Saudi businessmen; and representatives of the press.

The topics to be discussed at the Forum in St. Petersburg have
great significance for the world community. Coordinated actions by the
national governments have successfully helped to avoid a financial collapse
and the global economy has started on its way towards recovery. The global
community must now adopt every measure for economic recovery and initiate
necessary and sometimes difficult steps for its restructuring in order to lay
the foundation for sustainable, long-term growth and prosperity over the
coming decades.

The 2010 St. Petersburg Forum offers top global decision
makers an important and timely opportunity to assess post-crisis measures,
examine key global macroeconomic trends, and exchange ideas on ways to adjust
strategies that will foster stronger economic growth going forward.

In addition to examining the macroeconomic climate, the Forum
will address Russia's specific economic and business issues, with emphasis on
Russia's global capital allocation, efforts to unlock its investment
potential and instituting new frameworks to mitigate risks.

And as is traditionally the case, the Forum allows for a rich
cultural experience that St. Petersburg presents to its guests including
performances by the world's leading artists, and visits to theaters and
museums.

More information on the St. Petersburg International Economic
Forum - www.forumspb.com

    Contact:
    +7-812-680-00-00
    information@forumspb.com

Contact: +7-812-680-00-00, information at forumspb.com