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Saudi Public Investment Fund to invest up to $10 billion in Russian economy

July 07, 2015, 8:52 UTC+3 MOSCOW
"That's a token transaction, one of the largest transactions in the realm of sovereign funds", Russian Direct Investment Fund director said
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© ITAR-TASS/Valeriy Matytsin

MOSCOW, July 7. /TASS/. Saudi Arabia's Public Investment Fund (PIF) plans investing up to $10 billion in infrastructure and agricultural projects in Russia in partnership with the Russian Direct Investment Fund (RDIF), Kirill Dmitriyev, RDIF director told TASS.

"That's a token transaction, one of the largest transactions in the realm of sovereign funds," Dmitriyev said. "These monies will be channelled to the farming sector, agriculture, healthcare, logistics, retail trade, and real estate.'

The aforementioned amount of $10 billion will be invested over a period of four to five years, and the first seven deals have receive preliminary endorsement, and ten or so investments will be made before the end of this year," he said.

The agreement between Saudi PIF and RDIF signals a reloading of economic relations between Russia and Saudi Arabia, Dmitriyev told TASS.

"The potential of relations between the two countries is huge," he said.

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