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Russian Direct Investment Fund, Saudi PIF to invest in over 25 projects

October 05, 1:27 UTC+3 MOSCOW

"The trade turnover between the countries soared 30% in the first half of 2017 year-on-year," Russian Minister of Industry and Trade Denis Manturov said

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MOSCOW, October 5. /TASS/. Russian Direct Investment Fund (RDIF) and Saudi Arabia’s sovereign fund Public Investment Fund PIF plan to invest in more than 25 projects, Russia’s Industry and Trade Ministry reported following the meeting of Russian Minister of Industry and Trade, Denis Manturov, and Saudi Minister of Energy, Industry and Mineral Resources, Khalid al-Falih, in Moscow on Wednesday.

"RDIF and PIF have respective (investment - TASS) plans regarding over 25 projects in the areas of consumer goods production, agriculture, real estate, infrastructure, oil and gas sector," the ministry said.

"The trade turnover between the countries soared 30% in the first half of 2017 year-on-year. However, its potential is much higher and has not been fully unlocked," Manturov was quoted as saying.

As reported earlier Russian Direct Investment Fund and Saudi Arabia plans to set up two joint funds totally worth $2 bln in the energy and technological sectors.

RDIF and PIF have already demonstrated cooperation potential, the ministry said.

"As of today this partnership has already yielded good results as investments in various sectors of the Russian economy have been approved, including a big project to develop the territory of the former Tushino airfield in the northwest of Moscow. Positive yields of those investments are the reason for stepping up cooperation further on," the report said.

"Also, a Russian business mission to Saudi Arabia has been planned on the sidelines of the meeting of the bilateral intergovernmental commission for outlining future cooperation in various industrial areas. Cooperation in the field of supplies and maintenance of oil and gas equipment, which is in-demand on the global market, is a promising area of partnership with Saudi Arabia," the ministry said. The meeting also focused on cooperation in shipbuilding and radio-electronics, particularly, on plans to expand shipbuilding capacities, projects on providing aviation traffic with automation facilities, navigation, as well as joint developments in the area of monitoring and transport supervision systems.

"Those and other promising cooperation projects will be regularly discussed within the new negotiation platform spearheaded by the Russian side. The issue is about organizing regular meetings of ministers in charge of industrial and trade issues as part of the Strategic Russia-Gulf Cooperation Council dialogue," Manturov was quoted as saying.

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