Saudi Arabia and Russia set up energy investment platform

The CEO of the Russian Direct Investment Fund, Kirill Dmitriev, revealed the establishment of a new $1 billion investment fund pertaining to the energy field, as well as projects in the industrial and infrastructure sectors. The projects will be finalized during King Salman’s visit to Moscow. Dmitriev said he is confident that the visit will expand bilateral cooperation opportunities, adding that talks with Saudi partners over the implementation of major Russian projects in KSA have reached the final stages. He noted that the two countries have achieved concrete results of $10 billion in investment cooperation. Saudi Energy Minister Khalid Al-Falih declared last July that the Russian Direct Investment Fund along with the Saudi sovereign wealth fund are planning to create a joint fund to invest in the energy sector. Russia’s Tass news agency cited al-Falih as saying that the new fund will help Russian companies to invest in KSA and other countries.

Source: Elaph