Russia and Saudi Arabia to establish joint funds worth $2 bln - head of RDIF

TASS, 04.10.2017

The Russian Direct Investment Fund (RDIF) and Saudi Arabia will create two joint funds for the total amount of $2 billion, head of RDIF Kirill Dmitriev told journalists.

On Thursday, October 5, RDIF will announce the creation of an energy fund with Saudi Arabia for the sum of $1 billion, he said.

"We will announce it tomorrow. They will sign an agreement on creation of a $1 billion fund. Saudi investors, including the Sovereign Fund and Saudi Aramco (Saudi Arabia"s national oil company) will invest in the Russian oilfield services sector, respectively, to give our companies investment and contracts so that they can work with the largest Saudi companies," Dmitriev said.

In addition, on Thursday, RDIF and Saudi Arabia will sign an agreement on the creation of a technological fund worth $1 billion, he said.

"We will also sign an agreement for a $1 billion technology fund," Dmitriyev told TASS.

He added that the parties will sign an agreement on investment in a major Russian infrastructure company but did not specify the name of the company.

The signing ceremony will take place during the official visit of the King of Saudi Arabia Salman bin Abdulaziz Al Saud to Moscow. Dmitriev called the coming visit of the Saudi King "a historic event."

He noted that RDIF also intensively cooperates with Bahrain, UAE and Kuwait.