RDIF and partners plan to invest ‘several billion dollars’ in Middle East: CEO

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The Russian Direct Investment Fund (RDIF) and its partners have “several billion dollars,” that it plans to invest in the Middle East and Saudi Arabia, CEO Kirill Dmitriev told Al Arabiya on the sidelines of the 2020 World Economic Forum in Davos, Switzerland.

Dmitriev noted that Saudi Arabia is “one of the most promising economies of the Middle East,” following the successful initial public offering of its state-owned oil company Aramco last year and the ongoing reform process the Kingdom has undertaken as part of its Vision 2030.

The Saudi Arabia-Russia investment partnership has already worth some $2.7 billion through over more than 35 projects, he added.

“We see that the world economy will be growing quite well next year, and as there is a good agreement, temporary agreement, between China and the US, and I believe that will foster good growth,” Dmitriev said.

He added that the OPEC+ agreement, which has helped stabilize global oil prices for the last three years, will continue to play an important role. The Organization of Petroleum Exporting Countries (OPEC), and its allies led by Russia, known as the OPEC+ group, agreed in 2017 to begin limiting their production in order to maintain market prices.

The RDIF opened up its first overseas office in Saudi Arabia in October, ahead of a visit from Russian President Vladimir Putin to Riyadh. The office will carry out the fund’s activities in the Kingdom, which include ongoing deals and projects with its partners in the country, the RDIF said in a statement.

The opening makes RDIF the first Russian investment institution to open up an office in the Kingdom.

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