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Saudi sovereign fund, Russian Direct Investment Fund eyeing new investment projects

November 02, 11:53 UTC+3 RIYADH

In 2015, Russia and Saudi Arabia signed an agreement to establish a long-term strategic partnership for joint investing in projects primarily on the Russian territory worth up to $10 bln

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RIYADH, November 2. /TASS/. Public Investment Fund (PIF), a Saudi sovereign fund, and the Russian Direct Investment Fund (RDIF) are considering investments in more than 20 projects worth over $10 bln, Russia’s Energy Minister Alexander Novak said at a meeting of the two countries’ businessmen on Thursday.

"More than 20 projects worth over $10 bln are being considered now. Those are sectors of consumption, real estate, infrastructure, agriculture, oil and gas sector," he said.

In 2015, RDIF and Saudi Arabia’s PIF signed an agreement to establish a long-term strategic partnership for joint investing in projects primarily on the Russian territory worth up to $10 bln.

According to Novak, as of now more than $1 bln has been invested in nine joint projects.

The RDIF, established in June 2011, is Russia's sovereign investment fund with $10 bln of reserved capital under management. The fund invests directly in leading and promising Russian companies jointly with major global investors. It has already attracted more than $30 bln worth of foreign capital to the Russian economy.

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