Saudi Arabia, Russia Discuss $10bn Joint Investment Programmes

Workshops aimed at strengthening bilateral investment in oil and gas, petrochemicals, construction and energy

Saudi Arabia, Russia discuss $10bn joint investment programmes

Kirill Dmitriev, CEO, RDIF.

Saudi Arabia and Russia have held talks over potential joint investment programmes worth more than $10 billion.

The Russian Direct Investment Fund (RDIF), the country's sovereign wealth fund, and representatives of major Russian companies, led the first business mission of the Russia-Saudi Economic Council to the kingdom this week.

The workshops as part of the mission were dedicated to strengthening bilateral investment cooperation and discussing joint projects in several areas including oil and gas, petrochemicals, construction and energy.

Kirill Dmitriev, CEO, RDIF, said: “Projects with potential joint investment of more than $10bn in total were discussed during the workshops. Russia and Saudi Arabia are implementing large-scale national development programs that are of considerable investment interest to the business communities of our countries.

“We intend to continue the discussion during a reciprocal visit of representatives of Saudi businesses to Moscow, which is expected in the spring. We will discuss projects in high technology, medicine, construction and agriculture.”

Saudi office

Dmitriev had said in an interview last summer that Russia’s sovereign wealth fund and its Saudi partners were looking at 25 new projects with plans to invest more than $2bn in 2019. 

In addition to discussing promising joint projects at this week’s meeting, representatives of the Russian delegation visited Saudi oil and gas facilities.

In October last year, the RDIF announced the opening of its first foreign office in Saudi Arabia, to conduct activities stemming from a number of ongoing agreements and platforms.

“Among them is the Russia-Saudi Investment Fund, established by RDIF and the kingdom’s sovereign fund – the Public Investment Fund – for joint investments in attractive projects,” an RDIF statement said.

“RDIF and PIF also actively cooperate within the platform for Russian-Saudi Energy Investment and the $1bn Russian-Saudi platform for investments in the technology sector.”

At that time, the two parties had funded and approved over 25 joint projects with a total investment value of more than $2.5bn.

Saudi Arabia, a leading voice in OPEC, has been trying to persuade Russia to join deeper oil production cuts. Moscow has said it will disclose its stance on that proposal in the coming days.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

Emicool Secures First-ever Green Financing To Boost Sustainable Growth

The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more

UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading

Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more