RDIF and major Russian companies lead the inaugural business mission within the framework of the Russia-Saudi Economic Council
Moscow, February 12, 2020 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and representatives of major Russian companies have led the first business mission within the framework of the Russia-Saudi Economic Council to the Kingdom of Saudi Arabia.
The first workshops as part of the mission were dedicated to strengthening bilateral investment cooperation and discussing joint projects in several areas including oil and gas, petrochemicals, construction, energy, etc. On the Russian side, representatives of PJSC Gazprom, PJSC ALROSA, PJSC LUKOIL, the State Atomic Energy Corporation ROSATOM, PJSC SIBUR, Novomet, ESN Group and PIK Group took part in the visit. Representatives of the world's largest oil company Saudi Aramco, the Saudi Arabian General Investment Authority (SAGIA), petrochemical corporation SABIC, National Industrialization Company (Tasnee), oilfield services company TAQA and ACWA Power, the developer of power generation and desalinated water plants, took part on the Saudi side.
In addition to discussing promising joint projects, representatives of the Russian delegation visited facilities of the Saudi oil and gas industry.
The Russia-Saudi Economic Council was established in 2019. The first meeting of the Council took place as part of Russian President Vladimir Putin’s visit to Saudi Arabia. The Council aims to develop bilateral economic and trade ties as well as investments between Russia and Saudi Arabia across all sectors. It is Co-Chaired by Kirill Dmitriev, CEO of the Russian Direct Investment Fund, and HRH Prince Abdullah bin Bandar bin Abdul Aziz, the Kingdom’s National Guard Minister.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Projects with potential joint investment of more than $10 bn in total were discussed during the workshops. Russia and Saudi Arabia are implementing large-scale national development programs that are of considerable investment interest to the business communities of our countries. We intend to continue the discussion during a reciprocal visit of representatives of Saudi businesses to Moscow, which is expected in the spring. We will discuss projects in high technology, medicine, construction and agriculture.”
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’s portfolio of companies employs more than 800,000 people and generates revenues which equate to over 6% of Russia’s GDP. RDIF has 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:
Arseniy Palagin Maria Shiryaevskaya / Andrew Leach
Russian Direct Investment Fund Hudson Sandler
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