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Saudi investors may take part in $200 billion Russian national projects program

Saudi investors may take part in $200 billion Russian national projects program
The development of Russia’s national projects could lead to massive investment from Saudi Arabia, according to the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev.

Speaking to TASS, he said “we believe that the implementation of national projects in Russia creates excellent opportunities for investment, in a portfolio of projects worth over $200 billion in a number of industries.”

Dmitriev explained that “the RDIF, which acts, by the order the President, as a tool for the selection, structuring and implementation of national projects, constantly offers interesting projects with attractive levels of yield to our Saudi partners.”

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Moscow and Riyadh sealed more than 20 major deals earlier this month, during Russian President Vladimir Putin’s state visit to Saudi Arabia. The deals covered petroleum and other energy industries, space and satellite navigation, mineral wealth, tourism and aviation, in addition to cultural cooperation and the enhancement of trade relations.

The RDIF and Saudi Arabia’s sovereign wealth fund PIF have jointly invested more than $2.5 billion into over 30 projects, Dmitriev said.

“Together with our Saudi colleagues, we are working on more than 25 new projects, worth a total of $10 billion, across sectors including agriculture, technologies [and] artificial intelligence. We are also investing in projects to develop Russia’s Far East.”

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According to the RDIF principal, Russia's national development goals are in many ways similar to the Saudi Vision-2030 program.

“Joint implementation of these programs will help support economic growth and transform national economies,” he predicted.

For more stories on economy & finance visit RT's business section

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