RDIF brings top Russian business leaders to Saudi Arabia for first business mission of the year to majorly increase mutual investments in 2019
Press release, 16.01.2019
Riyadh, January 16, 2019 − The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, is planning to multiply the number of investment deals with Saudi Arabia by several times in 2019 and has led its first Russian business mission of the year to the Kingdom for high-level meetings to discuss new projects.
The mission included over 20 majority shareholders and senior managers of leading Russian companies, including petrochemicals holding SIBUR, submersible pump manufacturer Novomet, and fertilizer producer Phosagro.
Kirill Dmitriev, CEO of RDIF, led the Russian delegation at meetings with Saudi Arabia’s Energy, Industry and Mineral Resources Minister, Khalid Al-Falih, the Managing Director of the Public Investment Fund (PIF) of Saudi Arabia, Yasir Al-Rumayyan, Saudi Aramco’s President and Chief Executive Officer, Amin Nasser, and top managers of the petrochemicals company SABIC.
The delegation discussed projects in the oil refining, petrochemical, gas chemical and oilfield services sectors, including large-scale petrochemical projects in Russia, a rubber production project in Saudi Arabia, and joint oil and gas equipment manufacturing projects in Saudi Arabia, which could support a localisation of production.
RDIF has a $10 billion investment partnership with PIF, with over $2 billion already invested in projects such as Pulkovo International Airport in St. Petersburg and the construction of a toll road bypassing Kutuzovsky Prospekt, one of Moscow’s busiest avenues.
In 2017, during King Salman’s official visit to Moscow, RDIF, Saudi Aramco and PIF established a $1 billion joint platform for investments in the energy sector and a $1 billion platform for investments in technology.
Kirill Dmitriev, CEO of the Russian Direct Investment, noted:
“RDIF is delighted that the Russia-Saudi partnership takes no break as we enter the new year with ambitious plans for new investment deals. We believe this partnership is a strategic alliance that will be extremely beneficial for both countries. We see strong interest in exploring new joint opportunities among Russian and Saudi business leaders. As Saudi Arabia proceeds with its reforms and transformation, we see enormous potential in our partnership and expect investment levels to multiply by a significant factor this year and further in 2020.”
Khalid Al-Falih, Energy, Industry and Mineral Resources Minister, said:
“We welcome the Russian business mission led by the Russian Direct Investment Fund in the Kingdom and are very optimistic about our partnership, especially in the energy sector. We are looking forward to new deals already this year in such sectors as oil field services, petrochemicals and gas chemicals. This visit builds on the ever strengthening relationship between Russia and Saudi Arabia, especially in the sectors of energy and technology, fertilizers, research & development and on our joint effort to stabilize the global oil market.”
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. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than 1.4 trillion rubles and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people, and generate revenues which equate to more than 5% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than 40 billion dollars. Further information can be found at www.rdif.ru
The Russian-Saudi Investment Fund was established by Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) to invest in attractive projects primarily within Russia that help to strengthen trade, economic and investment cooperation between the Russian Federation and the Kingdom of Saudi Arabia. Priority investment sectors include food production and agriculture, consumer goods and services, healthcare and pharmaceuticals, innovation, hi-tech, and infrastructure. Further information can be found at www.rsifund.com
For additional information contact:
Head of communications Andrew Leach / Maria Shiryaevskaya
Russia Saudi Investment Fund Hudson Sandler
Press Secretary Tel: +44 (0) 20 7796 4133
Tel: +7 495 644 34 14
Mobile: +7 903 774 45 10
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41