Russia's RDIF, PhosAgro, Saudi Ma'aden Form Investment Cooperation Partnership

Sputnik, 14.10.2019

RIYADH, October 14 (Sputnik) - The Russian Direct Investment fund (RDIF), PhosAgro and the Saudi Arabian Mining Company (Ma'aden) have formed an investment cooperation partnership for jointly implementing projects in Russia and Saudi Arabia, RDIF said on Monday.

The announcement was made in presence of Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.

"RDIF, Russia’s sovereign wealth fund, PhosAgro, one of the world's leading producers of phosphate-containing fertilizers, and... Ma’aden have formed an investment cooperation partnership to develop and jointly implement projects in the Russian Federation and the Kingdom of Saudi Arabia," RDIF said in a press release.

The signatories have agreed to "exchange ideas and expertise, production methods and processes to increase efficiency and reduce environmental impact, and also consider the possibility of implementing joint investment projects," according to RDIF.

RDIF CEO Kirill Dmitriev noted that the partnership between RDIF, PhosAgro and Ma'aden aimed at strengthening the Russian-Saudi investment and technological exchange.

"We plan to particularly focus on the development of green technologies, which will make production more eco-friendly and direct additional resources to new promising projects," Dmitriev said, as quoted in the press release.