Russia’s sovereign fund opens office in Saudi Arabia

The office will conduct its investment activities as part of existing agreements and joint platforms such as the Russia-Saudi Investment Fund, which was created by the RDIF and the Saudi sovereign wealth fund PIF, it said in a statement.

The move comes as RDIF said this year it was ready to significantly increase its number of investment deals with Saudi Arabia.

The Russian Direct Investment Fund, Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia, the fund said on its website as it seeks to make more deals in the kingdom.

RDIF and PIF also co-operate under the auspices of the Russo-Saudi Energy Investment Platform created jointly with Saudi state-owned oil company Aramco, and the $ 1 billion Russo-Saudi platform for investment in the technology sector.

The two sides have approved more than 25 joint projects with a total investment of over $ 2.5 billion across various sectors of the economy, while RDIF and Saudi Aramco are also considering many projects in the oil services sector, the statement said./

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