First meeting of Russian-Saudi Economic Committee will take place during the visit of Russian President Vladimir Putin to Riyadh
New partnerships and implementation of joint projects will be discussed during the meeting
Riyadh, October 14, 2019 - The first meeting of Russia-Saudi Economic Committee, a new body that includes high-profile businessmen and executives from both countries, will take place in presence of Russian President Vladimir Putin and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense of the Kingdom of Saudi Arabia as part of President’s state visit to the Kingdom.
The Committee is Co-Chaired by Kirill Dmitriev, CEO of Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and HRH Prince Abdullah bin Bandar bin Abdul Aziz, the Kingdom’s National Guard Minister.
The newly established Committee will assume a leading role in developing economic and trade ties as well as investments between Russia and Saudi Arabia across all sectors.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The creation of Russian-Saudi Economic Committee represents another important milestone in rapidly developing relationship between our countries. The new Committee, which includes top businessmen from Russia and Saudi Arabia, will focus on large scale joint projects including localization of production and entrance to the large Saudi market for the Russian companies. We expect investment on both sides to grow exponentially after the Committee’s first meeting today. We are grateful for the support the Committee received from the leaders of our states.”
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