RDIF to open new opportunities for joint investments in tourism sector jointly with Saudi Arabia

Press release, 11.02.2019

Al-Ula, February 11, 2019 – A delegation from the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, led by RDIF’s CEO, Kirill Dmitriev, took part in the opening ceremony of the Al-Ula cultural center in Saudi Arabia. The delegation also agreed on joint projects with the Saudi part to develop the tourism industry and the participation of Russian experts in archaeological excavations in the Kingdom of Saudi Arabia.

The area around the city of Al-Ula, in the north-west of Saudi Arabia, is known for its unique historical monuments in the open air, in particular, the Mada’in Saleh complex, included in a UNESCO world heritage site.

The Al-Ula development program will bring together archaeologists, scientists and cultural figures from around the world. It will also see the creation of a National Park in the region, designed to protect the region’s natural heritage, including the Arab leopard, and the construction of a recreation center with a world-class resort.

Al-Ula has great potential to become one of the leading archaeological, cultural and historical centers of the Middle East, and also to become a popular destination for foreign tourists. By 2035, it is planned to attract over 2 million tourists annually to visit Al-Ula.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Russia has significant experience of working with artifacts of historical importance, and our experts in public events, tourism, archeology and art are in great demand in the Kingdom of Saudi Arabia. During the visit we reached an agreement for Russian archaeologists to work on historical sites across the region. Together with Saudi partners, we will invest in tourism sector of Russia and other countries. We see Al-Ula as a prime destination that will be soon appreciated by the Russian tourists and significantly exceed their expectations.”


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 rdif.ru

For additional information contact:
Arseniy Palagin
Russian Direct Investment Fund
Press Secretary
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru

Andrew Hayes / Andrew Leach
Hudson Sandler
Tel: +44 (0) 20 7796 4133

Gleb Bryanski
Head of communications
Russia Saudi Investment Fund
Press Secretary
Tel: +7 495 644 34 14
Mobile: +7 903 774 45 10
E-mail: gleb.bryanskiy@rdif.ru