Kuwait’s Sovereign Wealth Fund doubles its investment with RDIF to $1 billion
Sochi, 10 November, 2015– The Russian Direct Investment Fund (RDIF) and Kuwait’s sovereign wealth fund, the Kuwait Investment Authority (KIA), have agreed to expand their partnership, with KIA allocating an additional $500 million to investment projects in Russia. Kirill Dmitriev, CEO of RDIF, signed the agreement today with Bader Mohammad Al-Saad, Managing Director and CEO of KIA, in the presence of Russian President Vladimir Putin and H. H. the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, as part of the Emir of Kuwait’s official visit to Russia.
In addition to increasing Kuwait’s funds for investment projects in Russia, the parties agreed to increase KIA’s share in RDIF’s automatic co-investment mechanism, which Kuwait has contributed to from 2012. In that year, KIA also allocated $500 million for investment with RDIF.
The mechanism involves automatic participation in all of RDIF’s ongoing deals as a co-investor.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: “Three years ago, KIA became the first international long-term investor who pioneered alongside RDIF’s automatic co-investment mechanism. Our Kuwaiti partners’ decision to increase the investment clearly demonstrates their confidence and trust in this partnership and recognition of the mechanism’s success.”
Bader Mohammad Al-Saad, Managing Director and CEO of KIA, said: “Russia continues to be an important and promising emerging market. KIA believes that RDIF is the ideal partner to invest with in Russia. KIA has all the trust and confidence in RDIF management.”
Russian Direct Investment Fund (RDIF)was established in 2011 to make equity co-investments, primarily in Russia alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. Based in Moscow, RDIF’s management company is a 100% subsidiary of Vnesheconombank. Further information at rdif.ru
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