Russia to sign mega deals with Saudi Arabia during Putin's visit

Xinhua, 10.10.2019

MOSCOW, Oct. 10 (Xinhua) -- The Russian Direct Investment Fund (RDIF) expects to sign 10 agreements with a total value of over 2 billion U.S. dollars when Russian President Vladimir Putin pays a state visit to Saudi Arabia on Oct. 14, the RDIF head said Thursday.

"These will cover various areas, including agriculture, the railway sector, the fertilizer sector, the petrochemical sector and so on," RIA Novosti news agency quoted RDIF's Chief Executive Officer Kirill Dmitriev as saying.

One of the deals will involve Saudi oil giant Aramco, he said, refusing to disclose details.

RDIF will also sign an agreement with Saudi colleagues on cooperation in artificial intelligence, he added.

A RDIF delegation led by Dmitriev will join Putin's visit to Saudi Arabia.

RDIF is the main operator of investment between Saudi Arabia and Russia. RDIF and Saudi Arabia's Public Investment Fund (PIF) created a long-term strategic partnership in 2015.

PIF has allocated 10 billion dollars to invest in projects with RDIF.