RDIF Opens First Foreign Representative Office in Saudi Arabia

Sputnik, 08.10.2019

MOSCOW, October 8 (Sputnik) - The Russian Direct Investment Fund (RDIF) said Tuesday it was opening its first foreign representative office in 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 said.

"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," it said.

RDIF said it was also considering with Saudi Aramco numerous active projects in the oil services sector with a total investment value of over $1 billion, as well as in oil and gas conversion projects worth over $2 billion.