Russia's sovereign wealth fund is partnering with Saudi on projects worth over $2 billion.
Speaking to Saudi news outlet Argaam, CEO Kirill Dmitriev of the Russian Direct Investment Fund (RDIF) revealed that Russia's sovereign wealth fund, along with its Saudi partners, is looking at 25 new projects with a total price tag of over $2 billion.
Saudi Arabia is invited to invest in multiple billion dollar projects in Russia.
According to Dmitriev, the RDIF has offered about 30 investment projects in the Russian petrochemical sector to Saudi Stock Exchange-listed Saudi Basic Industries Corp (SABIC).
"RDIF and Saudi Aramco are expecting in the near future to conclude the deal to acquire a stake in (Russian oil equipment manufacturer) Novomet," he said.
Russia's investments are part of an initiative launched by President Vladimir Putin aimed at transforming and modernizing the Russian economy, as well as raising the quality of life for ordinary Russian people. Dmitriev likened it to Crown Prince Mohamad Bin Salman's Vision 2030 plan.
Russia's plan sees an investment of $400 billion into areas that are vital for developing the economy or improving the quality of life, including healthcare, education, and the environment.
"At the RDIF we studied over 400 individual projects which can potentially become part of national projects and concluded that at least 30% of the total funding for national projects can be replaced with funds from private investors," he said. "We believe that through the effective participation of private investors, these projects will become much more efficient."
This interview was conducted ahead of the St. Petersburg International Economic Forum (SPIEF) being held today, June 6, extending up till June 8. A Saudi delegation, led by Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, is set to take part in the Forum.