RDIF strengthens cooperation with Public Investment Fund of Saudi Arabia

Press release, 30.05.2017

Moscow, 30 May 2017 – The Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) of Saudi Arabia, have announced they will be further strengthening their joint efforts to identify and act on promising investment opportunities in Russia, as part of their investment partnership formed in 2015.

Enhancing this cooperation, PIF has signed a nonbinding Memorandum of Understanding (MOU) to explore the opportunity to join the consortium of investors involved in the complex development of the former Tushino airport in Moscow. The MOU was signed today as part of Russian-Saudi negotiations during the visit to Russia of HRH Prince Mohammed bin Salman Al-Saud, Deputy Crown Prince, and Chairman of the Council of Economic and Development Affairs (CEDA) and of the Public Investment Fund.

Additionally, RDIF and PIF are evaluating investment opportunities in retail, real estate, alternative energy projects, transportation and logistics infrastructure.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“We are delighted that our partners from PIF appreciate the potential of infrastructure projects in Russia, especially in light of Saudi Arabia’s new investment development strategy. This strategy seeks to diversify investments geographically and reduce dependence on energy exports. The participation of these major funds demonstrates that even complex transport infrastructure projects, including those done on a PPP basis, are attractive to foreign institutional investors.”

H.E. Yasir Al Rumayyan, Managing Director of the Public Investment Fund of the Kingdom of Saudi Arabia, said:
“Our ongoing investment activities in Russia reflect the potential to identify projects that offer long-term and sustainable returns. We are pleased to continue to build our partnership with RDIF, and work with them to unlock opportunities across a number of key sectors.”

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Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund 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. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru

The Public Investment Fund of Saudi Arabia has a diverse portfolio made up of approximately 200 investments, of which around 20 are listed on the Tadawul, the Saudi Stock Exchange. As well as its listed holdings, the Public Investment Fund also has unlisted equity investments, international investments, real estate holdings, and loans, bonds and sukuks.

Since oversight of the Public Investment Fund was transferred from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA) in 2015, the Fund has been undertaking a phased transformation program to implement a redefined strategy and mandate. This includes expanding the leadership and operational teams, enhancing the governance structures, engaging with the diverse portfolio and implementing the investment strategy, which is closely aligned with Vision 2030. A new Board has been appointed, chaired by HRH the Deputy Crown Prince Mohammad bin Salman Al Saud.

The Public Investment Fund aims to be a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.

For additional information contact:
Maria Medvedeva
Russian Direct Investment Fund
Director of External Communications
Tel: +7 495 644 34 14, ext. 2141
Mobile: +7 964 726 17 73
E-mail: mm@rdif.ru

Andrew Hayes / Yulianna Vilkos
Hudson Sandler
Tel: +44 (0) 20 7796 4133