CEO of the Russian Direct Investment Fund Kirill Dmitriev told Al Arabiya on the sidelines of the Future Investment Initiative that the conference will provide plenty of investment initiatives.
Dmitriev said Russian-Saudi ties witnessed positive transformation after Saudi Prince Mohammed bin Salman visited Russia three years ago and met with Russian President Vladimir Putin during the St. Petersburg International Economic Forum as ever since there has been great progress in oil markets, adding that the new framework known as OPEC Plus strengthened Russian-Saudi relations and contributed to the stability of the oil market.
He also said that since then, there have been joint projects with Saudi Arabia worth more than $2 billion, out of several projects which Russia committed to with the Kingdom and which total value is estimated at $10 billion.
Dmitriev noted that more than 20 Russian executives who represent banks and giant oil companies were in the Kingdom for the conference as they are all there to establish partnerships with Saudi Arabia, adding that Russia’s partners in China, Japan, France and Italy were also there at the conference so the message is very clear and it’s that everyone is looking forward to make investments and seal partnerships with Saudi Arabia.
He also said that everyone is aware of the importance of Vision 2030 for the Saudi economy as China, for example, as well as other countries voiced great interest in investing in the Kingdom.
Dmitriev also said that the conference will provide plenty of investment opportunities and said Russia was glad to participate in it, adding that Russia committed to plenty of works including a technology company that specializes in manufacturing oil pumps for several markets including the Russian, Saudi and other markets. This is in addition to other investments in oil companies.
He added that Russia has projects worth more than $500 million in the fields of energy and services and he also voiced appreciation for Aramco’s cooperation.
According to Dmitriev, joint investment with Saudi Arabia also includes infrastructure projects as the Public Investment Fund invested in several infrastructure projects in Russia in addition to investing in technological projects including artificial intelligence as Russia has plenty of experts in this field.