On his journey into central Moscow from Vnukovo airport late on Wednesday, King Salman's limousine passed billboards bearing his photograph and messages in Russian and Arabic welcoming him.
Russia's foreign minister, Sergey Lavrov, said after the talks that Mr Putin and King Salman had discussed conflicts in the Middle East, as well as reconfirmed the need to fight terrorism. The Russian leader praised Trump as someone with a strong character but said the relationship between Moscow and Washington has been complicated by a domestic political fight in America. "In addition to OPEC, we have an intergovernmental commission for trade and economic cooperation", the minister noted.
Relations between the two countries have often been strained.
Saudi Arabia's Public Investment Fund, the kingdom's sovereign wealth fund, announced in 2015 plans to invest $10 billion in Russian Federation over the next five years, though only a fraction of that has so far been put up.
Putin said the agreement to cut oil production previous year between OPEC and non-OPEC countries could be extended beyond March 2018 but an announcement was unlikely before the next OPEC meeting in Vienna at the end of November.
The visit aims to eliminate elements that affected the relations, or as the Russian Ambassador in Saudi Arabia said that some parties are trying to target the Saudi-Russian relations through the Syrian issue.
The PIF and RDIF also agreed to establish another 1-billion-dollar high technology investment fund, it said.
"We are well aware that the development of cooperation between Russian Federation and Saudi Arabia serves not only our common interests but also stability in the region because Saudi Arabia is one of the most influential countries in the Middle East and the whole world", she stated.
King Salman said Saudi-Russian relations were characterized by similar views on many regional and worldwide problems.
More sanctions were the road to nowhere, Putin told the same forum, saying around 40,000 North Korean citizens were now working in Russian Federation.
It is the first-ever visit by a Saudi monarch to Russia, Efe news agency reported.
Saudi wants to be not just a buyer of military equipment but also a manufacturing and servicing partner. But the start of a four day state visit was interrupted when the special escalator malfunctioned halfway and the king had to walk down.