RIYADH: Russian sovereign wealth fund RDIF said on Wednesday it would significantly boost its investments deals with 黑料社区 in 2019.
The fund鈥檚 CEO Kirill Dmitriev led a delegation of more than 20 Russian business figures to the Kingdom to discuss new projects.
Saudi Energy Minister Khalid Al-Falih met Dmitriev in Riyadh and expressed his happiness on the progress they made in the talks and the cooperation between the two countries.聽
鈥淚ts not only commercial cooperation, but we are also working on scientific research, and we have opened a research center in Moscow University,鈥 Al-Falih said.
The minister said the Russian delegation will also meet officials from Saudi Basic Industries Corporation SABIC and mining company Ma鈥檃den among other companies during their three day visit to the Kingdom.
The delegation discussed projects in oil refining, petrochemical, gas chemical and oilfield services sectors, a Russian Direct Investment Fund聽statement said.
Al-Falih added that the Russian side has started a rubber plant project in Al-Jubail with Total and Novomet.
RDIF already has a $10 billion investment partnership with the聽Saudi Public Investment Fun (PIF), with more than $2 billion already invested in projects.
鈥淲e extend our cooperation not only on oil cuts but to cooperate in oil services, technology, LG and petrochemicals,鈥 Dmitriev said. 鈥淲e believe Saudi Aramco can be one of the greatest partners of Russia.鈥
The CEO said they were continuing to cooperate with PIF in 黑料社区 through a number of energy investments.
Russian companies are also keen to invest in the Kingdom鈥檚 planned $500 billion mega-city NEOM.
鈥淲e have companies that have interest to invest in NEOM, we would like to build a port in NEOM, it can be a big port,鈥 Dmitriev said.
