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Russian and Saudi funds launch joint projects for $3 billion

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Russian and Saudi funds launch joint projects for $3 billion

Until the end of 2017, the Russian Direct Investment Fund (RDIF) and the Sovereign Fund of Saudi Arabia will launch joint projects for the amount of $ 3 billion, the speaker of the Federation Council Valentina Matviyenko announced.


“The Russian Direct Investment Fund (RDIF) and the Sovereign Fund of Saudi Arabia are successfully interacting. Thanks to them, the projects with a total volume of about $600 million have been realized. By the end of this year, more projects for $3 billion will be launched,” - the Chairman of the Federation Council said.

During the official visit of a delegation of the Parliament’s upper house, the senators held a meeting with representatives of business circles of Saudi Arabia, the press office of the Federation Council reports on Monday. Valentina Matviyenko also said that the Federation Council would promote the removal of barriers for development of business contacts between Russia and Saudi Arabia.

In summer 2015, RDIF and the Sovereign Fund of the Kingdom of Saudi Arabia – Public Investment Fund (PIF) – set up a partnership, under which they intend to make joint investments in attractive projects in Russia, including infrastructure and agriculture. Under the agreement, the PIF invests $10 billion in the partnership.

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