RDIF opens first overseas office in Saudi Arabia
Moscow, October 8, 2019 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces the opening of its first foreign office in the Kingdom of Saudi Arabia.
The office will conduct its activities based on ongoing agreements and platforms with partners from KSA. Among them is the Russia-Saudi Investment Fund, established by RDIF and the Kingdom’s sovereign fund - Public Investment Fund (PIF) - for joint investments in attractive projects. RDIF and PIF also actively cooperate within the Platform for Russian-Saudi Energy Investment (established together with the state-owned oil company Saudi Aramco) and the $1 bn Russian-Saudi platform for investments in the technology sector.
To date, the parties have funded and approved over 25 joint projects with a total investment of over $2.5 bn across various sectors of the economy, such as advanced technology (including Artificial Intelligence), medicine, infrastructure, transport and industrial production. RDIF and Saudi Aramco are also considering numerous active projects in the oil services sector with a total investment value of over $1 bn, as well as in oil and gas conversion projects worth over $2 bn.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“RDIF is the first Russian investment institution to open an office in Saudi Arabia. This will elevate our partnership to new levels and speaks highly for our mutual trust. We expect to develop existing projects as well as to find attractive new industries for joint investments and further support the entry of our companies into each of our markets. Moreover, our cooperation extends beyond an economic basis - the Fund is actively involved in the information and cultural exchange between Russia and Saudi Arabia. The opening of RDIF’s office will enable a breakthrough in a wide range of areas for bilateral cooperation”.
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
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133