Russian sovereign wealth fund to boost investment deals in Saudi Arabia

Russian sovereign wealth fund to boost investment deals in Saudi Arabia

Russian sovereign wealth fund (RDIF) said it would significantly boost its investments deals with Saudi Arabia in 2019.

The fund’s CEO Kirill Dmitriev led a delegation of more than 20 Russian business figures to the Kingdom to discuss new projects.

Saudi Energy Minister Khalid Al-Falih met Dmitriev in Riyadh and expressed his happiness on the progress they made in the talks and the cooperation between the two countries. 

"Its not only commercial cooperation, but we are also working on scientific research, and we have opened a research center in Moscow University," Arab News cite dAl-Falih as saying.

The minister said the Russian delegation will also meet officials from Saudi Basic Industries Corporation SABIC and mining company Ma’aden among other companies during their three day visit to the Kingdom.

Al-Falih added that the Russian side has started a rubber plant project in Al-Jubail with Total and Novomet.

The Russian Direct Investment Fund added in the statement that the delegation discussed projects in oil refining, petrochemical, gas chemical and oilfield services sectors.

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