Kirill Dimitriev, head of Russia's direct investment fund, disclosed new investments with Saudi Arabia worth up to $ 1 billion, to be announced in 10 economic sectors.
Riyadh and Moscow are currently studying more than a dozen new joint ventures focusing on oil field services, refineries, air and sea transport, railway and IT services, with a total value of more than one billion dollars, Dimitriev said in an exclusive interview with the Saudi daily Al-Eqtesadiya.
Dimitriev stressed that the plan to transform the Saudi economy is important to the world.
Kirill Dimitriev, who runs the $ 10 billion sovereign fund in Russia, told the Investment Future Initiative conference in Riyadh that Saudi Arabia was an important partner and that partnerships between sovereign wealth funds were "a great opportunity."
Saudi Arabia is embarking on a series of economic reforms aimed at diversifying the Kingdom's economy rather than relying on oil.
The Russian official drew a different picture of the prospects for investment cooperation with Saudi Arabia, especially in the areas of artificial intelligence, technology and renewable energy. He pointed out that the value of intra-trade grew by 50 percent in the first half of 2018.
He explained that he has grown in trade relations between the two countries during 2017, where the value of trade between the two billion dollars, and grew by 50 percent in the first half of 2018.
