The Russian sovereign fund will open an office in Riyadh

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The Russian sovereign wealth fund (RDIF) announced yesterday the opening of its first foreign office in Riyadh, hoping for a "breakthrough" in Russian-Saudi cooperation. An announcement comes as Russian President Vladimir Putin is expected in the kingdom this month, for a visit that should result in the signing of thirty agreements and contracts, particularly in the energy field, according to the Russian Minister of Energy, Alexander Novak.

The activities of this RDIF office will be linked to existing Moscow-Riyadh agreements, particularly in the energy or technology sectors, said the RDIF in a statement.

Under these agreements, "more than 25 joint projects for a total investment of $ 2.5 billion" have been funded to date in the infrastructure, industry or artificial intelligence sectors, said the fund. He added that he "considered" with the Saudi oil giant Aramco "projects in the oil services sector with an investment value of over $ 1 billion and in the transformation of oil and gas more $ 2 billion.

The opening of this office "will make it possible to achieve a breakthrough in a large number of areas of bilateral cooperation," welcomed the head of the RDIF, Kirill Dmitriev, quoted in the statement.

The rapprochement between Moscow and Riyadh in recent years has been favored in particular by their leading role in the agreement between major oil producers to stem the collapse of prices that hit their economies hard.

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