Russia to Continue Development of Investment Cooperation With Saudi Arabia

DA NANG (Sputnik) – Talking to journalists in Vietnam’s Da Nang, where the APEC Summit is held, The RDIF CEO Kirill Dmitriev praised Riyadh for fighting corruption and reforming the Saudi economy.

"We can see a progressive, clear Saudi Arabian program on reforming its economy, and we will continue our active work both on their investments in Russia, as [the Saudis] will invest in the relief road of the Kutuzovsky Avenue [in Moscow], and on the Russian companies’ investments in Saudi Arabia," Dmitriev said.

In 2015, the RDIF and the Saudi Public Investment Fund signed agreements for the creation of a long-term strategic partnership for joint investment in projects in Russia worth around $10 billion. On November 2, Russian Energy Minister Alexander Novak, heading the Russian-Saudi intergovernmental commission, said that the parties had already invested in nine joint projects worth over $1 billion as part of the partnership, and are considering over 25 additional projects worth a total of $10 billion.

In October, Saudi King Salman bin Abdulaziz Al Saud met with Russian President Vladimir Putin as part of the Saudi delegation’s visit to Moscow. The Saudi-Russian negotiations resulted in a number of agreements being reached in various fields, including cooperation in trade, investment and economy.