Russia’s RDIF opens overseas office in Saudi Arabia

The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia, it said in a statement on Tuesday.

The office will conduct activities based on ongoing agreements and platforms with partners from the Kingdom, which include Russia-Saudi Investment Fund (established by RDIF and the Public Investment Fund), Russian-Saudi Energy Investment and the $1-billion Russian-Saudi platform for investments in the technology sector.

“RDIF is the first Russian investment institution to open an office in Saudi Arabia. This will elevate our partnership to new levels and speaks highly for our mutual trust,” said Kirill Dmitriev, chief executive officer, RDIF.

“We expect to develop existing projects as well as to find attractive new industries for joint investments and further support the entry of our companies into each of our markets,” he added.

Furthermore, RDIF and Saudi Aramco are considering numerous active projects in the oil services sector with a total investment value of over $1 billion, as well as in oil and gas conversion projects worth over $2 billion, the statement said.