Russian sovereign fund signs deals with Dubai, Abu Dhabi funds

Russia’s sovereign wealth fund and the UAE’s sovereign fund announced the signing of six new deals. (File photo: AP)

Russia’s sovereign wealth fund and the UAE’s sovereign fund Mubadala Investment Co announced the signing of six new deals on Wednesday in areas including artificial intelligence, healthcare, and construction.

Separately, the Russian Direct Investment Fund (RDIF) has also inked an agreement with the Investment Corporation of Dubai - the Dubai government’s investment arm - aimed at strengthening “bilateral economic and investment ties between Russia and the UAE.”

On Tuesday, RDIF said it planned to sign 10 investment deals worth more than $1.3 billion with partners from the United Arab Emirates, including the Mubadala Investment Company.

“We remain committed to supporting these new initiatives and to maintaining our productive partnership with RDIF in the long term,” Mubadala Group’s Chief Executive Officer Khaldoon Khalifa Al Mubarak said in a statement.

The agreements were signed on the sidelines of Russian President Vladimir Putin’s state visit to the Gulf country.

Russia struck a similar deal with Saudi Arabian firms earlier this week. RDIF Chief Executive Officer Kirill Dmitriev told Al Arabiya that 14 new agreements worth over $3 billion were signed between the two countries.

Last Update: Wednesday, 20 May 2020 KSA 10:00 - GMT 07:00