RDIF and Middle Eastern partners invest in upgrading the Baikonur Cosmodrome
Saint-Petersburg, June 6, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has partnered with investors from the Middle East and JSC “GK Launch Services”and, with the support of the State Corporation Roscosmos, announces $87mn of investment in the Baikonur Cosmodrome infrastructure modernization project.
The agreement was signed today at the St. Petersburg International Economic Forum It supports a project aimed at modernizing the Launch Pad №1 (“LP-1” or so-called “Gagarin Start”) ahead of its planned future use for launches of “Soyuz-2” vehicles.
Investments by RDIF and its partners will help upgrade the infrastructure of the world’s largest cosmodrome. This will help increase the competitiveness of the Russian space industry in the global launch services market and the commercialization of the best domestic space technology.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The modernization of the Baikonur Cosmodrome will provide an important contribution to the development of the domestic space industry, boosting the number of launches and attracting new customers. RDIF is able to attract leading Middle Eastern partners to this modernization project. There is strong interest in this kind of projects, not only in Russia, but internationally. Such demand is proof that space exploration provides great potential for new discoveries, whilst also providing excellent opportunities for new partnerships on Earth.”
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 RUB 1.5tn 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 $40bn. Further information can be found at www.rdif.ru
Roscosmos is a state corporation established in August 2015 to carry out a comprehensive reform in the rocket and space industry of Russia. Roscosmos ensures the implementation of state policy in space activities and its legal regulation while also booking orders for the development, production and supply of space hardware and space infrastructure facilities. It also develops the international cooperation in the space sphere and sets the stage for the use of the results of space activities for the socio-economic development of Russia.
JSC “GK Launch Services” is a commercial space-launches operator. The company was established by the decision of Roscosmos State Corporation and is authorized to conclude and implement commercial deals for launching spacecraft using Soyuz-2 vehicles from Russian cosmodromes.
For additional information contact:
Arseniy Palagin Maria Shiryaevskaya / Andrew Leach
Russian Direct Investment Fund Hudson Sandler
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