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RDIF, partners ready to invest billions of dollars in Saudi Arabia’s Neom mega city

October 26, 2017, 10:55 UTC+3 RIYADH

The RDIF and partners plan to pour money in the projects in solar energy, healthcare, high-speed transport, port infrastructure and artificial intellect

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RIYADH, October 26. /TASS/. The Russian Direct Investment Fund (RDIF) jointly with the leading Russian and international partners will take part in creating Saudi Arabia’s futuristic megacity Neom in the desert and is ready to invest several billion dollars, its Director General Kirill Dmitriev said on Thursday.

"The RDIF plans to act as a co-investor with other international funds and also attract Russia’s leading companies in creating the Neom city, thus encouraging their high-tech expansion to the promising markets of Saudi Arabia and the entire Middle East," Dmitriev said on the sidelines of the Future Investment Initiative forum.

"The RDIF together with partners is ready to invest several billion dollars in this project," he said.

According to Dmitriev, the RDIF and partners plan to pour money in the projects in solar energy, healthcare, high-speed transport, in particular Hyperloop, port infrastructure and artificial intellect.

This week, Saudi Arabia, the world’s largest oil producer and exporter, unveiled its ambitious project for the construction of an ultra-futuristic megacity Neom in the desert, which will fully rely on wind and solar power and is set to become a high-tech hub for Asia and Africa. The project will be led by former chairman of the Alcoa aluminum giant Klaus Kleinfeld.

The megacity will be located on the territory of 25,000 square kilometers on the Red Sea coast and in the Gulf of Aqaba, near Egypt’s resort Sharm El Sheikh, a popular destination for Russian tourists.

According to preliminary assessments, the Neom construction project is expected to attract some $500bln in investments from Saudi Arabia’s Public Investment Fund (PIF) and private and sovereign investors from different countries.

The RDIF, established in June 2011, is Russia's sovereign wealth fund with $10bln of reserved capital under management.

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