MOSCOW, July 24. /TASS/. Saudi Arabia's investments in the Russian economy have grown by 90% over the past year, Russian Deputy Prime Minister Alexander Novak said.

"Saudi investments in the Russian economy grew by 90% over the past year alone. The investment partnership between the Russian Direct Investment Fund and the kingdom’s sovereign wealth fund is operating successfully," he said at an event marking 100 years since diplomatic relations between Russia and Saudi Arabia were established.

In June, the kingdom participated as a guest country in the St. Petersburg International Economic Forum, on the sidelines of which a package of agreements was signed between government bodies and the business community, Novak added.