Russia-Saudi Arabia Cooperation Should Not Be Limited to Oil Sector – RDIF CEO

Russia-Saudi Arabia Cooperation Should Not Be Limited to Oil Sector – RDIF CEO
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AP Photo/ Markus SchreiberBusiness17:06 02.11.2017Get short URL
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The CEO of the Russian Direct Investment Fund has told Sputnik about the prospects of Russia-Saudi Arabia financial cooperation vis-a-vis the oil sector.

MOSCOW (Sputnik) — Russian Direct Investment Fund’s (RDIF) CEO Kirill Dmitriev believes that cooperation between Russia and Saudi Arabia cannot and should not be limited to the oil sector.

Back in 2015, Saudi Arabia had announced its intention to invest $10 billion to the Russian economy through the RDIF. Presently, more than $1 billion of this amount has been invested in Russia’s public companies, as well as in more than eight investment projects in the petrochemicals, energy, transport infrastructure and retail sectors.

“The two largest oil producers and exporters, Russia and Saudi Arabia, have made a giant leap in the development of relations in recent years after decades of cooperation at a long distance and virtually no strong economic ties and mutual investments. The dialogue between the two countries and the common vision regarding challenges in the global economy have already made it possible to sign a historic agreement to limit OPEC+ oil production, which has stabilized prices in world markets after their dramatic decline,” Dmitriev said in an article written for Sputnik.

In his opinion, both Russia and Saudi Arabia are extremely interested in diversifying their economies.

READ MORE: King’s Visit Bearing Fruit: Russian Grain Exports to Saudi Arabia Grew by 22%

“The Saudi Vision 2030 economic reform plan, authored by the energetic and popular Crown Prince Mohammed bin Salman, suggests large-scale investments in industry and high technology around the world, including in Russia. This plan provides a unique opportunity for high-yield joint investments, and Russian companies can take advantage of this opportunity,” Dmitriev said.

The Saudi Vision 2030, which includes 80 projects, is aiming to develop public service sectors in Saudi Arabia.

According to Dmitriev, the RDIF considers cooperation and joint investments with Saudi Arabia a priority.

“The development of Saudi industry will require foreign technologies and expertise that many Russian industrial companies that are leaders in their sectors have, as Crown Prince Mohammed bin Salman said, ‘businessmen who are able to dream.’ There is no shortage of such entrepreneurs in Russia,” Dmitriev noted.

The relations between these two countries have been boosted since Saudi King Salman bin Abdulaziz Al Saud’s first-ever historic visit to Moscow in early October. During his meeting with Russian President Vladimir Putin various issues were discussed, including trade, investments and economy.

READ MORE: Saudi King’s Visit to Russia to Contribute to Rapprochement — Envoy

Source.