Russian projects benefit from $10 billion Saudi investment

The Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) of Saudi Arabia have agreed to create a partnership to invest $10 billion into projects implemented in Russia, according to the Russian news agency Sputnik.

RDIF head Kirill Dmitriev is reported as saying that the first four or five investment deals are expected to be signed in the next 2-3 months. They may attract partners from China, South Korea and United Arab Emirates. He added that the final agreement stage had been reached and that RDIF could now announce the creation of a partnership with the sovereign fund of Saudi Arabia, under which PIF will invest $10 billion into projects on Russian territory. These funds are expected to be implemented within 4-5 years.

It is planned to implement ten deals with RIF before the end of this year: seven of these are already in the final stage of preparation. The greater part of Saudi investment will be put into Russia’s agricultural projects, as well as on medicine, logistics and the retail and real estate sectors.