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11 Oct, 2019 10:06

Russia’s sovereign fund eyes multi-billion dollar projects with Saudi Arabia

Russia’s sovereign fund eyes multi-billion dollar projects with Saudi Arabia

The Russian Direct Investment Fund (RDIF) has announced plans to implement new projects and ink agreements with Saudi companies during President Vladimir Putin’s visit to Saudi Arabia next week.

“We are working now on 25 new projects totaling $10 billion,” RDIF CEO Kirill Dmitriev said, adding that the sides will sign an agreement on cooperation in artificial intelligence.

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The fund said in a statement that more than 10 agreements worth over $2 billion will be sealed both with its current and new partners in Saudi Arabia. The deals will cover high technologies, space, logistics, transport, infrastructure construction, oil production, petrochemicals, and agriculture. One of the deals will involve oil giant Saudi Aramco, according to Dmitriev.

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In 2015, RDIF and Saudi Arabia’s Public Investment Fund (PIF) launched a long-term strategic partnership, with PIF putting up $10 billion for joint projects.

An RDIF delegation, led by Dmitriev, will join President Putin’s official visit to Saudi Arabia on 14-15 October.

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