RDIF CEO Kirill Dmitriev discusses investment cooperation and preparation for official visit with leadership of Kingdom of Saudi Arabia
Riyadh, October 7, 2019 - Kirill Dmitriev, the CEO of the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has discussed the prospects for investment cooperation and the preparation for Russian President’s official visit to Saudi Arabia with the Crown Prince, Minister of Defence of the Kingdom Mohammed bin Salman Al Saud.
The meeting was attended by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy; Prince Abdullah bin Bandar bin Abdulaziz, Minister of National Guard, and Dr. Musaed bin Mohammed Al-Aiban, Minister of State and Cabinet Member.
Kirill Dmitriev earlier received the highest award of the Kingdom of Saudi Arabia in recognition of his contribution to strengthening cooperation between Russia and Saudi Arabia. Kirill Dmitriev is the first Russian citizen to be honoured with this award after Russian President Vladimir Putin, who received the King Abdulaziz Highest Order of Merit during his visit to Saudi Arabia in 2007.
RDIF acts as the main catalyst for Saudi Arabian investment in Russia. RDIF and the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, established a long-term strategic partnership in 2015. PIF has allocated $10 bn for investment in joint projects with RDIF. As part of the partnership, RDIF and PIF have made and approved investments worth more than $ 2.5 bn.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The meeting with the leadership of the Kingdom of Saudi Arabia and personally with Crown Prince Mohammed bin Salman Al Saud on the eve of the official visit of the President of the Russian Federation has demonstrated outstanding potential for cooperation between our countries. During the visit Russia and Saudi Arabia are planning to sign a number of important agreements in fields ranging from energy to culture. The historic visit of the Russian President to the Kingdom is a testament to Russia’s growing role in the Middle East”.
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 RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru
For additional information contact:
Russian Direct Investment Fund
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Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133