RIYADH: Saudi investments in Russian projects has exceeded $2 billion, according to the head of the Russian Direct Investment Fund, Kirill Dmitriev.
A Sovereign Fund of Saudi Arabia, Public Investment Fund (PIF), announced in 2015 its intention to invest $10 billion in the Russian economy through partnership with the Russian fund.
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The funds have invested in petrochemicals, energy, transport infrastructure and retail. Saudi Arabia also expressed interest in working with Russia in the railway industry, space exploration and peaceful nuclear energy.
Russian banks and a joint Russia-China investment fund are eager to participate in Saudi company Aramco’s initial public offering (IPO). Riyadh plans to sell about a 5 percent stake in its national oil company in a record listing.
