Russia, Saudi Arabia to Create Council Uniting Large Businesses - Investment Fund

Sputnik, 29.06.2019

OSAKA (Sputnik) - Russia and Saudi Arabia will soon create an economic council that will unite the largest businesses of the two countries, Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev told reporters on Saturday.

"It is planned to create an economic council between Russia and Saudi Arabia, which will unite the most influential businessmen from the Russian side and the Saudi side to implement major joint projects ... The council will be created in the shortest possible time," he said.

The creation of such a council will allow to boost joint investments and implement mutual projects, Dmitriev stressed.

According to Dmitriev, the meeting of Russian President Vladimir Putin with Saudi Crown Prince Mohammed Bin Salman on the sidelines of the G20 summit was very positive. The two leaders discussed joint projects, including in the investment sphere, he noted.

"Saudi Arabia, jointly with the RDIF, has invested $3.9 billion in Russia. This is one of our largest partners. In the framework of the planned visit to Saudi Arabia, new deals are expected for investment both in Russia and in Saudi Arabia," Dmitriev added.

In July 2015, the RDIF and Saudi Arabia's Public Investment Fund (PIF) signed a partnership agreement to jointly invest in projects in Russia, including in infrastructure and agriculture. Under the agreement, the Saudi fund's share of the investment will amount to $10 billion, and part of this sum has already been invested.

The RDIF, the Saudi Public Investment Fund and Saudi Aramco are now holding talks on the Saudi oil company's purchase of a stake in Russian tech holding Rusnano.