RDIF with partners to participate in project to create NEOM, city of future in Saudi Arabia
Press release, 26.10.2017
Riyadh, October 26, 2017 - The Russian Direct Investment Fund together with its partners will participate in a project to create NEOM, a city of the future. The project was announced by His Royal Highness Crown Prince of the Kingdom of Saudi Arabia Mohammed bin Salman Al-Saud during the Future Investment Initiative forum in Riyadh.
Involvement of RDIF and its partners in NEOM project will facilitate participation of leading Russian innovative companies in the following key areas: solar energy, healthcare and education, artificial intelligence, high-speed transportation as well as port infrastructure for the transshipment of agricultural products.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“We are pleased to participate in such an ambitious project that will combine new technologies from a wide range of areas - from renewable energy, advanced transportation and port infrastructure to artificial intelligence. RDIF plans to co-invest alongside international funds and bring leading Russian companies into the NEOM project, thus fostering expansion of their innovative technologies in the promising markets of Saudi Arabia and Middle East as a whole.”
Russian Direct Investment Fund (RDIF) is a Sovereign Fund of the Russian Federation 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 city of NEOM is being created as part of Vision 2030, a programme aimed at developing Saudi Arabia as a country with a sustainable and diversified economy. NEOM is expected to become a new independent, vibrant and diverse community of millions of people in the North-West of Saudi Arabia, on the border with Egypt and Jordan. The high quality of life and the welfare of the city, which will also become a free economic zone, will be supported by revenues from high-tech businesses in energy, water, transport, biotechnology, food production, innovative industry, media, entertainment and digital technology. The total cost of the project exceeds $500 billion, with funds to be provided by the Kingdom of Saudi Arabia and PIF, as well as local and international investors. http://www.discoverneom.com/
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Elena Garside
Tel: +44 (0) 20 7796 4133