RDIF and PIF announce establishment of Russian-Saudi platform for technology investment

Press release, 05.10.2017

Moscow, 05 October 2017 – The Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) of Saudi Arabia have announced the establishment of a Russian-Saudi platform, under which the parties will explore opportunities for PIF to invest alongside RDIF in Russian technology companies.

The partners will focus on identifying attractive investment opportunities in the Russian technology sector, including in e-commerce, digital infrastructure, and big data. The total investment under this new initiative to invest in technology is targeted to be $1bn.

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), noted:
“RDIF and our Saudi partners believe in the potential of Russian high-tech companies, and consider the technology sector to be crucial for further development of our countries’ economies. This is why we are focused on a creating a separate work stream for investments in high tech as part of our cooperation. With the established platform in place, the investment potential and our team’s expertise would be leveraged to develop and implement advanced technology solutions not only in Russia and Saudi Arabia, but also in the global market.”

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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 Russia-Saudi Investment Fund was established by the Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) to invest in attractive projects primarily within Russia that help to strengthen trade, economic and investment cooperation between the Russian Federation and the Kingdom of Saudi Arabia. Priority investment sectors include food production and agriculture, consumer goods and services, healthcare and pharmaceuticals, innovation and hi-tech, and infrastructure. www.rsifund.com

Public Investment Fund - in March 2015, the Council of Ministers issued a decree to transfer oversight of the Public Investment Fund to the Council of Economic and Development Affairs (CEDA). As part of this process, a new Board was appointed, chaired by His Royal Highness the Crown Prince Mohammad bin Salman Al-Saud.
To help achieve Saudi Arabia’s vision of a sustainable, diversified economy, the Board of Directors has taken several steps to clearly define the Public Investment Fund’s vision, objectives and strategy in line with Saudi Vision 2030.
The Public Investment Fund is developing a portfolio of high quality domestic and international investments, diversified across sectors, geographies and asset classes. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom’s main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia.
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. More information can be found at: www.pif.gov.sa

For additional information contact:
Arseniy Palagin
Russian Direct Investment Fund
Press Secretary
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru

Andrew Hayes / Elena Garside
Hudson Sandler
Tel: +44 (0) 20 7796 4133