Russian wealth fund to send business delegation to Saudi Arabia

A delegation of at least 60 senior executives from Russian companies will be in Saudi Arabia on a two-day visit starting tomorrow, to explore investment opportunities and participate in bilateral negotiations with potential Saudi partners, the Russian Direct Investment Fund (RDIF) said in a statement on Tuesday.

The delegation will have representatives from prominent Russian companies including: Gazprom, SIBUR, Lukoil, Sinara, KAMAZ, TMK, United Heavy Machinery Plants, Russian Railways, and Nevsky Machine.

Meetings have been scheduled between delegation members and representatives of key Saudi ministries, regulators and industry associations, the statement said.

Officials from Saudi Ministry of Trade and Investment, and the Ministry of Energy, Industry and Mineral Resources are expected to meet representatives from the Russian Ministry of Industry and Trade and the Russian Ministry of Energy.

The RDIF had earlier said it will participate in building Saudi Arabia's $500 billion NEOM megacity project.

“Companies from both Russia and Saudi Arabia have stated their intention to implement joint projects in both countries, including the project to create NEOM … and the development of Vision 2030,” the statement said.

The mission will also explore the possibility of cooperation in markets other than Russia and Saudi Arabia.