ECONOMY

Saudi Arabia finalizes seven deals with Russia worth $1 bln

The Saudi sovereign wealth fund PIF’s partnerships in the two countries aim to improve the joint economic role and push it forward amid political support from Riyadh and Moscow. (Al Arabiya)

Moscow - Business relations between Saudi Arabia and Russia have been making headway at a steady phase since 2015, when the Public Investment Fund (PIF) announced its plan of investing $10 billion in the Russian economy during the next five years.

This has resulted in Saudi Arabia becoming one of the biggest foreign investors in Russia.

Both the countries have major political and economic weight in the global arena. The Saudi sovereign wealth fund PIF’s partnerships in the two countries aim to improve the joint economic role and push it forward amid political support from Riyadh and Moscow.

In the past two years, this orientation has further gained momentum, especially given Russia’s openness to facilitate measures that guarantee the partnership’s success.

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Russian Direct Investment Fund CEO Kirill Dmitriev told Al Arabiya that more than seven deals have been finalized.

“We signed this deal with the PIF and we already have done more than seven investments in different Russian companies in different sectors including infrastructure, petrochemicals and many others,” Dmitriev told Al Arabiya. 

PIF to expand investments 

The PIF is working to expand its foreign investments and countries are looking forward to enhance partnerships.

Dmitriev added that the quantum of investment is close to a billion dollars, and it is in growth sectors.

Meanwhile on the energy front, Russia and Saudi Arabia agreed on resolving the glut in the oil market and taking the suitable measures to maintain stability.

Russian Energy Minister Alexander Novak told Al Arabiya that Russia and Saudi Arabia are two major players in the oil market and account for more than 21 percent of the global oil output, adding that the agreement between the two countries greatly influences OPEC members and even non-OPEC countries.

This consensus does not only strengthen bilateral ties, positively influence them, but also extends to global markets.

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Last Update: Sunday, 1 October 2017 KSA 16:05 - GMT 13:05
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