Saudi PIF to join $2.5 bln Russian-Chinese investment fund

Saudi Arabia's Public Investment Fund (PIF) will partner with the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, to join Russia-China Investment Fund (RCIF), RDIF said in a recent statement.

The agreement, announced at last week’s Future Investment Initiative 2018 conference, sets out that PIF will contribute $500 million to RCIF.

“Thus, RCIF will have a total of $2.5 billion of capital under management (of which RDIF and China Investment Corporation contributed $1 billion each). The agreement creates a trilateral Russian-Chinese-Saudi investment fund,” the statement added.

Since its establishment in 2012, RCIF has invested and committed to more than 25 projects in diverse sectors comprising forestry industry, infrastructure, consumer, financial and information technology.