Arab News, Thursday, Oct 10, 2019 | Safar 11, 1441
RDIF opens first overseas office in Saudi Arabia
Saudi Arabia: The Russian
Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its
first foreign office in Saudi Arabia.
It comes amid deepening commercial ties between the two countries, which have
already established the Russia-Saudi Investment Fund, the Platform for
Russian-Saudi Energy Investment and the $1 billion Russian-Saudi platform for
investments in the technology sector.
“RDIF is the first Russian investment institution to open an office in Saudi
Arabia,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. “This
will elevate our partnership to new levels and speaks highly for our mutual
So far, 25 joint projects have been approved with a total investment of more
than $2.5 billion across various sectors of the economy.
RDIF and Saudi Aramco are also considering projects in the oil services sector
with a total investment value of over $1billion, as well as in oil and gas
conversion projects worth over $2 billion, the Russian fund said in a statement.