Russia’s RDIF signs $100 mln logistics deal with Arab funds
MOSCOW, Mar 24 (PRIME) -- The Russian Direct Investment Fund (RDIF) has signed a U.S. $100 million deal with Arab funds for development of logistics infrastructure in the Moscow Region, the RDIF said in a statement Thursday.
"Money was invested in two modern projects in the Moscow Region with a combined area of more than 200,000 square kilometers and a territory planned for further development," the fund said.
The projects are located in the Dmitrovsky and Chekhovsky districts of the region close to the A107, M11, and M2 highways. Construction company PNK Group is a developer of both projects.
"It is important that our partners invest in the project together with us, including partners from the United Arab Emirates, as they see possibilities for growth in the Russian logistics sector. We think that now it is favorable time for investments in logistics from the point of long-term development of these projects," the fund quoted its CEO Kirill Dmitriev as saying.
He also said that the investors are studying further investments for development of additional infrastructure with a combined area of up to 300,000 square meters.
On Tuesday, business daily Vedomosti reported citing sources that the deal was carried out by the RDIF together with the Arab fund Mubadala Development. In 2013, the funds agreed to invest about U.S. $2 billion in projects in Russia. In 2014, the funds created a joint venture with developer DG-19, which planned to spend $200–300 million on purchase and development of warehouses.