Saudi Arabia Investment Fund to Invest $10bln Into Projects in Russia

© Flickr / Stephen DownesView from Kingdom Tower in Riyadh, Saudi Arabia.
View from Kingdom Tower in Riyadh, Saudi Arabia. - Sputnik International
The Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) of Saudi Arabia agreed to create a partnership to invest $10 billion into projects implemented in Russia, RDIF head Kirill Dmitriev told RIA Novosti.

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MOSCOW (Sputnik) — Dmitriev said that $10 billion from PIF is the largest foreign investment to Russia attracted by RDIF.

He noted that the first four or five investment deals are expected to be signed in the next 2-3 months. They may attract partners from China, South Korea and United Arab Emirates.

"We have reached final agreements and are announcing the creation of a partnership with the sovereign fund of Saudi Arabia (PIF), under which PIF will invest $10 billion into projects on Russian territory. These funds are expected to be implemented within 4-5 years."

According to Dmitriev, RDIF has also reached an agreement on cooperation with another Saudi sovereign fund, Saudi Arabian General Investment Authority (SAGIA). The sides will search for investment projects in Russia.

"We plan to implement 10 deals with RIF before the end of this year, seven of them are currently in the final stage. RIF expressed interest in investing into agriculture, medicine, retail, logistics, real estate," the RDIF head said.

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