RDIF opening office in Saudi Arabia
MOSCOW. Oct 8 (Interfax) - The Russian Direct Investment Fund (RDIF) has announced the opening of its first representative office abroad, in Saudi Arabia.
The office will operate on the basis of previously reached agreements and platforms with partners from Saudi Arabia, the fund said in a statement. These include the Russian-Saudi Investment Fund formed by the RDIF and the Saudi Public Investment Fund (PIF) for joint investment in attractive projects.
The RDIF and PIF also work together within the context of a platform for investment in the energy sector created with state oil company Saudi Aramco, and the Russian-Saudi platform for investment in the technology sector totaling $1 billion.
The parties have now financed and approved more than 25 joint projects with combined investment in excess of $2.5 billion in various sectors of the economy, including technology such as artificial intelligence, healthcare, infrastructure, transport and manufacturing, the RDIF said.
The RDIF and Saudi Aramco are considering a number of active projects in the oilfield services sector with combined investment in excess of $1 billion, as well as petrochemicals totaling over $2 billion, the RDIF said.
The RDIF is the first Russian investment institution to open an office in Saudi Arabia, RDIF CEO Kirill Dmitriev was quoted as saying in the statement.