Russian companies discuss new opportunities for business development in Saudi Arabia

Press release, 02.11.2017

Riyadh - Moscow, November 2, 2017 – Russian companies were shown opportunities for business development and production localisation with Saudi Arabian partners. This was a result of the Russian business delegation that visited the country on 1st and 2nd November 2017. This business mission was organized by the Russian Direct Investment Fund (RDIF) in partnership with the Russian Ministry of Industry and Trade and the Ministry of Energy.

The delegation visited leading companies of Saudi Arabia and met with representatives of key Saudi ministries, regulators and industry associations. Senior officials from The Saudi Ministry of Trade and Investment, Russian Ministry of Industry and Trade and Russian Ministry of Energy joined an expanded meeting of businesses from both countries. The attending Russian companies presented investment opportunities and took part in sectoral discussions and bilateral negotiations with potential Saudi partners.

The Russian business mission supported by RDIF followed the visit of the Custodian of the Two Holy Mosques, the King of Saudi Arabia, Salman bin Abdulaziz Al-Saud to Russia in October, when he met representatives of Russian business and the Russian-Saudi investment forum. Companies from both Russia and Saudi Arabia have stated their intention to implement joint projects in both countries. This includes the project to create NEOM, the city of the future in Saudi Arabia and the development of Vision 2030, the strategic transformation programme of Saudi Arabia. The mission also explored the possibility of cooperation in other markets beyond Russia and Saudi Arabia.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
"The visit to the Kingdom of Saudi Arabia enabled Russian businessmen to see trade and investment opportunities arising in sectors such as oil and gas, equipment manufacturing, infrastructure, transport and new technologies. The Kingdom’s economy, which is undergoing deep transformation, generates stable and long-term demand for many Russian goods and services. We hope that the implementation of joint projects, initiated during the business mission will begin in the very near future."

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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

 

For additional information contact:

Arseniy Palagin                                               Andrew Hayes / Elena Garside
Russian Direct Investment Fund                        Hudson Sandler
Press Secretary                                               Tel: +44 (0) 20 7796 4133
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru