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Russian fund, Saudi Arabia to invest in one of Russia’s top logistics operators

June 14, 17:14 UTC+3 MOSCOW

The investment will be used to build high-quality logistics infrastructure facilities to meet the growing need of Russian companies to improve supply chain efficiency

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© AP Photo/Amr Nabil

MOSCOW, June 14. /TASS/. The Russian Direct Investment Fund (RDIF) and the Public Invesment Fund (PIF), a Saudi Arabian sovereign wealth fund, will invest in one of Russia’s top five logistics operators, Professional Logistics Technologies (PLT), RDIF said in a statement on Thursday. The agreement was reached during the visit of the Crown Prince, Minister of Defense of Saudi Arabia Mohammad bin Salman Al-Saud to Russia, the statement said.

"The Public Investment Fund’s investment in the PLT project is a landmark moment for the development of Russia’s logistics infrastructure," CEO of RDIF Kirill Dmitriev was quoted as saying.

"The partnership between RDIF and PIF significantly strengthens investment and economic relations between Russia and Saudi Arabia, and is an excellent example of sovereign funds interacting at a global level," he emphasized.

The investment will be used to build high-quality logistics infrastructure facilities to meet the growing need of Russian companies to improve supply chain efficiency, RDIF added.

Russia's biggest technopark 

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, will invest $100 mln in the construction of Tushino, Russia’s largest technological park, the Russian Direct Investment Fund also added. 

The agreement was reached during the visit of the Crown Prince, Minister of Defense of Saudi Arabia Mohammad bin Salman Al-Saud to Russia, RDIF said.

"PIF will allocate $100 million and join the consortium of RDIF, Russia-China Investment Fund and leading Middle Eastern investment funds in the real estate development of the former Tushino airfield in the North-West of Moscow," the statement said.

The total amount of investment in the construction of the technological park is expected to exceed 90 bln rubles ($1.4 bln).

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