RDIF strengthens cooperation with Public Investment Fund of Saudi Arabia
Moscow, 28 May 2017 - The Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) of Saudi Arabia, have announced they will be further strengthening their joint efforts to identify and act on promising investment opportunities in Russia, as part of their investment partnership formed in 2015.
Enhancing this cooperation, PIF has signed a nonbinding Memorandum of Understanding (MOU) to explore the opportunity to join the consortium of investors involved in the complex development of the former Tushino airport in Moscow. The MOU was signed today as part of Russian-Saudi negotiations during the visit to Russia of HRH Prince Mohammed bin Salman Al-Saud, Deputy Crown Prince, and Chairman of the Council of Economic and Development Affairs (CEDA) and of the Public Investment Fund.
Additionally, RDIF and PIF are evaluating investment opportunities in retail, real estate, alternative energy projects, transportation and logistics infrastructure.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“We are delighted that our partners from PIF appreciate the potential of infrastructure projects in Russia, especially in light of Saudi Arabia’s new investment development strategy. This strategy seeks to diversify investments geographically and reduce dependence on energy exports. The participation of these major funds demonstrates that even complex transport infrastructure projects, including those done on a PPP basis, are attractive to foreign institutional investors.”
H.E. Yasir Al Rumayyan, Managing Director of the Public Investment Fund of the Kingdom of Saudi Arabia, said:
“Our ongoing investment activities in Russia reflect the potential to identify projects that offer long-term and sustainable returns. We are pleased to continue to build our partnership with RDIF, and work with them to unlock opportunities across a number of key sectors.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru