Saudis to jointly invest up to $10 bln with Russian fund

Russian President Vladimir Putin shakes hands with Saudi Arabia's Defense Minister Prince Mohammed Bin Salman in the Konstantin Palace outside St. Petersburg, Russia, Thursday, June 18, 2015. (AP)

The Saudi Public Investment Fund (PIF) and Russian Direct Investment Fund (RDIF) signed a memorandum of understanding that commits investment worth $10 billion.

The deal was inked during the recent visit of Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense, to Russia.

PIF was represented in signing the deal by its Secretary General Abdurahman Al-Mufdi, while RDIF was represented by its Chief Executive Officer Kirill Dmitriev, the Saudi Press Agency reported.

RDIF is one of the world’s leading mutual funds, and it has tied up with a number of investment giants around the world such as China Investment Corporation, Korea Investment Corporation, Italian Strategic Fund, Japan Bank for International Cooperation, Kuwait Investment Authority and Qatar Investment Authority.

During the visit of Deputy Crown Prince Muhammad, the two countries signed six landmark agreements including one on peaceful use of nuclear technology.

Last Update: Wednesday, 20 May 2020 KSA 09:45 - GMT 06:45