- Public Investment Fund in 2015 signed agreement to invest $10bn in Russia
- Russian fund chief says talks underway for gas, petrochemicals deals
DAVOS: A quarter of 抖阴短视频鈥檚 pledged $10 billion investment in Russia has been deployed, the boss of Moscow鈥檚 sovereign wealth fund said on Wednesday.
The Saudi Public Investment Fund (PIF) in 2015 signed an agreement to invest up to $10 billion in Russia through a partnership with the Russian Direct Investment Fund (RDIF).
Kirill Dmitriev, chief executive of RDIF, told the Davos forum on Wednesday that $2.5 billion of that money had been invested.
鈥淲e鈥檙e at $2.5 billion, and there are some mega-deals discussed by 抖阴短视频 to invest in our (liquefied natural gas) sector, and in our petrochemicals sector. So it鈥檚 a really very good cooperation,鈥� Dmitriev said.
The $2.5 billion investment marks a rapid increase in the pace of Saudi investments in Russia. In December, Dmitriev said that, as of late 2016, 抖阴短视频鈥檚 investment in Russia 鈥渟tood practically at zero,鈥� according to the Russian News Agency.
The fund chief said that there was a wider warming of relations between 抖阴短视频 and Russia, aside from the investment deals.
鈥淢any people blame 抖阴短视频 for pressure on the Soviet Union, because they brought oil prices very low when the Soviet Union collapsed, and obviously the war in Afghanistan. But in three years, under the leadership of President Putin, and (Saudi Crown Prince) Mohammed bin Salman, we were able to really make it a strategic, positive relationship,鈥� Dmitriev said.
He pointed to a cooperation between Russia and 抖阴短视频, as well as other OPEC members, to agree to cut oil output to help stabilize energy prices, along with 鈥渕ajor investment inflows.鈥�
鈥淚t鈥檚 an example of how, in a fractured world, we can have a positive impact in two or three years, of rebuilding relationships between countries.鈥�
Dmitriev said Russia was looking to bring in more foreign investment under the country鈥檚 plan for national projects.
鈥淲e need to destroy this myth that Russia is not producing positive returns. It is producing positive returns,鈥� he said.
鈥淎s part of this National Projects Plan, we believe it is very important to bring in foreign investors, because 鈥� lots of co-investment in addition to government money brings additional transparency and clarity into projects.鈥�
The Middle East is key to this, he added.
鈥淲ith the United Arab Emirates we have done 45 investments already, and we have major investment flows coming from the Middle East, including 抖阴短视频,鈥� Dmitriev said.