Saudi Arabia, Russia mulling projects worth $1 bln

Saudi Arabia and Russia are currently studying over 10 joint projects worth more than $1 billion, Al-Eqtisadiah newspaper reported, citing Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).

The projects focus on oilfield services, refineries, air and marine transportation, railway logistics services and information technologies, he said, adding that further details will be revealed soon.

Work is underway to launch two investment platforms in the power and technology sectors. The power platform will be in partnership with Saudi Aramco and the Public Investment Fund (PIF), he said.

Russia believes in Vision 2030’s positive impact, not only on the Kingdom, but also on the Middle East and the world, he said.

Dmitriev affirmed RDIF’s participation in the Future Investment Initiative (FII) for the second time this year, with a large delegation of Russian entrepreneurs and major company executives, as well as RDIF’s European and Asian partners.