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Earlier this year, the sovereign wealth fund said that it was poised to significantly increase its number of investment deals with Saudi Arabia.
Thursday 10, October 2019 BY KUDAKWASHE MUZORIWA
The Russian Direct Investment Fund (RDIF) has opened its first foreign office in Saudi Arabia, as the sovereign fund seeks to do more deals in the Kingdom.
The Russian sovereign fund stated that the office will conduct its activities based on ongoing agreements and platforms with partners in Saudi Arabia, among them is the Russia-Saudi Investment Fund.
RDIF and PIF also cooperate under the support of the Russian-Saudi Energy Investment platform established together with Saudi Aramco and the $1 billion Russian-Saudi platform for investments in the technology sector.
Additionally, RDFI said that the two sides have approved more than 25 joint projects with a total investment of over $2.5 billion across various sectors of the economy, while RDIF and Saudi Aramco are also considering numerous active projects in the oil services sector with a total investment value of over $1 billion as well as in oil and gas conversion projects worth over $2 billion.
Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, said that the opening of the office will enable a breakthrough in a wide range of areas for bilateral cooperation.