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19:38 GMT +3 hours21 December 2014
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Russia, UAE Set Up First Joint Investment Fund

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The Russian Direct Investment Fund (RDIF) and the Mubadala Development Company from the United Arab Emirates will join efforts for the first time to invest in the Russian infrastructure, President Vladimir Putin said.

STRELNA, June 21 (RIA Novosti) – The Russian Direct Investment Fund (RDIF) and the Mubadala Development Company from the United Arab Emirates will join efforts for the first time to invest in the Russian infrastructure, President Vladimir Putin said.

The RDIF earlier announced the establishment of a joint investment fund with Mubadala with the starting capital of $2 billion.

“It is the first significant success of investment cooperation between Russia and the United Arab Emirates, and it is important that the Russian infrastructure is among key investment targets of this fund,” Putin said on Thursday at a business dinner with heads of the world’s leading infrastructure funds.

According to RDFI, the Mubadala company will invest the bulk of its $1-bln contribution to the fund on the basis of a thorough evaluation of each prospective project, while setting aside the rest for co-investment in RDFI projects.

Putin expressed hope that the projects proposed by Russia “will be lucrative and viable,” as existing joint projects with other foreign investment companies, including those from China and Kuwait.

“I can assure you that will have more and more similar projects in the future as Russia has a lot to offer,” Putin said.

The Russian Direct Investment Fund (RDIF) is a $10 billion fund established by the Russian government in 2011 to make equity investments primarily in the Russian economy.

Mubadala is an active global investor in sectors and geographies that hold exciting potential and tangible returns, working in partnership with a number of world-class organizations, according to the company’s statement.

 

Tags:
investments, Mubadala, Russian Direct Investment Fund (RDIF), Vladimir Putin, United Arab Emirates