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Saudi Arabia and Russia sign $10 billion investment deal

by ChemOrbis Editorial Team -
  • 07/07/2015 (15:29)
According to media reports, Saudi Arabia and the Russian Direct Investment Fund (RDIF) have signed an investment deal committing Saudi Arabia to invest around $10 billion in Russia. Russia has been seeking alternate sources of foreign investment following Western sanctions against the country.

According to the new deal, Saudi Arabia will invest in Russian agricultural projects as well as in medicine, logistics, retail and real estate sectors over the next five years. The majority of the investment value will be provided from Saudi Arabia’s sovereign-wealth fund, the Public Investment Fund, while Russia also committed to promoting investment in Saudi Arabia by Russian investors.

The head of the RDIF, Kirill Dmitriev, reported that the proposed funds are expected to be implemented within five years while first four or five investment deals are expected to be concluded in the upcoming two to three months and may also attract investors from China, South Korea and the United Arab Emirates.

Meanwhile, the RDIF also signed an agreement with another Saudi Arabian sovereign-wealth fund, the Saudi Arabian General Investment Authority, regarding future investments from Russia in Saudi Arabia and other Middle East countries.
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