Saudi Arabia's investments in the Russian economy increased by 90% over the past year, according to Russian Deputy Prime Minister Alexander Novak.

Speaking at an event commemorating 100 years of diplomatic relations between Russia and Saudi Arabia, Novak said the investment partnership between the Russian Direct Investment Fund and the kingdom's sovereign wealth fund continues to operate successfully, The Caspian Post reports, citing TASS.

Novak also noted that Saudi Arabia participated as the guest country at the St. Petersburg International Economic Forum in June.

During the event, a package of agreements was signed between government institutions and representatives of the business community on the sidelines of the forum.