RDIF announces investment by Saudi Arabia’s sovereign wealth fund in logistics operator PLT
Press release, 14.06.2018
Moscow, June 14, 2018 - The Russian Direct Investment Fund (RDIF, the sovereign fund of the Russian Federation) announces an investment by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), in Professional Logistics Technologies (PLT)—one of Russia’s top 5 logistics operators. The agreement was reached during the visit of the Crown Prince, Minister of Defense of Saudi Arabia Mohammad bin Salman Al-Saud to Russia.
The investment will be used to build high-quality logistics infrastructure facilities to meet the growing need of Russian companies to improve supply chain efficiency.
Kirill Dmitriev, CEO of RDIF, said:
"The Public Investment Fund’s investment in the PLT project is a landmark moment for the development of Russia’s logistics infrastructure. We are delighted with this opportunity to strengthen cooperation with the Public Investment Fund. The partnership between RDIF and PIF significantly strengthens investment and economic relations between Russia and Saudi Arabia, and is an excellent example of sovereign funds interacting at a global level."
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
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. Further information can be found at www.pif.gov.sa
PLT was set up by RDIF, Mubadala and other co-investors in 2016 to expand and enhance Russia’s grade A logistics infrastructure and to meet demand from Russian and international companies for high quality well managed logistics infrastructure. Investors are planning to grow the portfolio of PLT’s modern logistics facilities to become the leading player in logistics facilities in Russia with a network of facilities throughout the country. PLT is committed to implementing some of the best practices of the world’s leading logistics operators and development companies. Further information can be found at www.pltrussia.ru
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Andrew Leach
Tel: +44 (0) 20 7796 4133