The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announced the opening of its first foreign office in Saudi Arabia ahead of President Vladimir Putin's expected visit to Riyadh.
RDIF said Tuesday that it hoped to boost bilateral cooperation by setting up shop in Saudi Arabia.
Putin is expected to travel to the Kingdom next week.
The office will conduct its activities based on ongoing agreements and platforms with partners from Saudi Arabia. Among them is the Russia-Saudi Investment Fund, established by RDIF and the Kingdom’s sovereign fund, Public Investment Fund (PIF), for joint investments in attractive projects.
“RDIF is the first Russian investment institution to open an office in Saudi Arabia. This will elevate our partnership to new levels and speak highly for our mutual trust,” RDIF CEO Kirill Dmitriev was quoted as saying in a statement.
“Our cooperation extends beyond an economic basis. The opening of RDIF’s office will enable a breakthrough in a wide range of areas for bilateral cooperation,” he asserted.
RDIF and the Kingdom's sovereign fund have funded and approved over 25 joint projects with a total investment of over $2.5 billion across various sectors, such as advanced technology, medicine, infrastructure, transport and industrial production.
RDIF and Aramco are also considering numerous active projects in the oil services sector with a total investment value of over $1 billion, as well as in oil and gas conversion projects worth over $2 billion.
Ties between Moscow and Riyadh have been consolidated in recent years, with the oil giants spearheading a deal to stem the collapse of oil prices that has hit their economies.
Putin's visit to Saudi Arabia could lead to around 30 - including energy - agreements, Energy Minister Alexander Novak has said.