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Saudi Arabia to Invest Record $10bn in Russia

The Public Investment Fund of Saudi Arabia in partnership with the Russian Direct Investment Fund (RDIF) has agreed to invest $10 billion into Russian projects. It is the largest foreign investment in Russia.

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

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

The Russian Investment Fund plans to implement 10 deals with PIF before the end of 2015, seven of them are in the final stages. The new partnership may use the mechanism of automatic co-investment, already tested in the framework of the Russian-Chinese Investment Fund.