Saudi Arabia’s sovereign wealth fund and RDIF announce investment in the construction of Russia’s largest Technopark
Press release, 14.06.2018
Moscow, 14 June 2018 – The Russian Direct Investment Fund (RDIF, the sovereign fund of the Russian Federation) have announced an investment by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), in the construction of Russia’s largest technological park (Tushino project). The agreement was reached during the visit of the Crown Prince, Minister of Defense of Saudi Arabia Mohammad bin Salman Al-Saud to Russia.
PIF will allocate $100 million and join the consortium of RDIF, Russia-China Investment Fund (established by RDIF and China Investment Corporation) and leading Middle Eastern investment funds in the real estate development of the former Tushino airfield in the North-West of Moscow. In cooperation with strategic partner Vi Holding, the consortium intends to develop one of the most advanced multifunctional technological centres, with quality residential and office properties, sports and social infrastructure, research and educational facilities, and recreational zones. The investment totals over RUB 90 bn.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted:
“Tushino is an excellent example of joint cooperation on a significant innovative project. It is extremely important that alongside PIF and other partners we create new opportunities for investment and technological breakthroughs in Russia, and support all generations of Russians to lead active lives.”
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
Tushino project - The Project successfully passed public hearings in 2015 to approve the master plan of the site and in 2016 received permit documents from the city. Sports and social infrastructure facilities comprise a significant portion of the development. The development will consist of the following components:
- The largest technological park in Russia with 262,000 sqm of above-ground area (offices, multifunctional expo center, and related infrastructure). The goal of the project is to unite a variety of innovative companies with unique technologies and to accelerate the development and implementation of innovations, and to increase production efficiency through cooperation. Research activities will be supplemented by a world-class exhibition center as a platform for international events and new products demonstration;
- Sports facilities (ice rink arena, artistic gymnastics center, motor sports center), and recreational facilities (fully landscaped river-side park);
- Residential: c. 512,000 above-ground sqm of comfort-, business-class, and serviced apartments units. Designed to accommodate c. 15,000 people overlooking the Moscow river, with ground-floor high-street retail and river-side park;
- Social infrastructure facilities (2 kindergartens, 2 schools and a clinic with a total space of 32,000 square meters);
- Road networks and landscaped boulevards.
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