Salman's visit comes after decades of tensions, most recently over the war in Syria, where Saudi Arabia had backed the Sunni rebels fighting to oust President Bashar Assad, while its arch-rival, Shiite powerhouse Iran, had teamed with Russian Federation to shore up his rule.
Saudi Arabia started preparing for the visit of the 81-year-old monarch, who rarely travels outside his country, several years in advance. Now everything will depend on the personal meeting between the leaders of Russian Federation and Saudi Arabia.
On Thursday, Putin received the monarch in the gold-decorated St. Andrew Hall, one of the grandest spaces in the Kremlin, attended by soldiers in ceremonial dress and with an orchestra playing their countries' national anthems.
Speaking in an interview broadcast on Al Arabiya TV on Monday, Novak said that the fund will focus on "strengthening of cooperation in oil, gas, electricity renewable energy and other projects for oil and gas equipment". The world's largest oil company in terms of oil production and reserves, Saudi Aramco controls fields with oil reserves totalling approximately 260.8 billion barrels (99 percent of Saudi Arabia's reserves), accounting for about a quarter of the world's explored oil reserves.
The leaders and high-level representatives are expected to tackle what has positioned them on opposing sides of a bloody warfare in Syria.
Following the talks, Saudi Arabian Military Industries (Sami) said it signed agreements with Russia's state arms trader, Rosoboronexport, for the purchase of cutting-edge Russian weapons, including the long-range S-400 air defence missile systems.
US State Department spokesperson Heather Nauert was asked during a recent briefing whether the United States was concerned about the recent moves of its staunch allies - Turkey and Saudi Arabia.
Earlier this year Saudi Arabia pledged billions of dollars of investment in projects in Indonesia and Malaysia to ensure long-term oil supply deals.
The Saudi energy minister has said his country is open to all options.
Lower demand from U.S. Gulf Coast refiners that are still recovering from Hurricane Harvey in August has caused crude sellers to seek markets overseas, triggering shipments of 1.98 MMbpd, the highest level in weekly government data compiled since 1993.
"I haven't decided whether I'm going to run at all".
He also mentioned that Russian firms have been discussing possible future deals with energy giant Saudi Aramco, such as the provision of drilling services in Saudi Arabia and in crude trading. However, there are U.S. sanctions on the way of cooperation between Saudi Arabia and Russian Federation.