RDIF, Russian Railways and Saudi Railway Company sign cooperation agreement
Riyadh, October 14, 2019 – The Russian Direct Investment Fund (RDIF), the sovereign fund of the Russian Federation, JSC Russian Railways and Saudi Railway Company (SAR) have formally agreed to explore possibilities for the cooperative construction of transport infrastructure.
The agreement was signed today during Russian President Vladimir Putin’s visit to Saudi Arabia.
The agreement between the parties is primarily focused on jointly participating in expanding Saudi Rail network projects related to the Vision 2030 program, including meeting the supply needs of railway products for SAR.
The parties will consider the potential supply of Russian systems to strengthen safety, as well as fostering transfer of knowledge from Russian railways to Saudi Railway.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“RDIF is pleased to cooperate with Russian Railways and SAR on the construction of infrastructure to provide support for the growth of trade via Middle Eastern transport routes. The various financial and technological expertise from all parties will support the accomplishment of the ambitious tasks of modernizing the existing railway network, building new transport routes, and creating additional logistics opportunities for manufacturers and railway operators. We look forward to jointly commencing work on our first projects in the near future”.
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 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