Russia, Saudi Arabia Pledge $2bn for Technology Investment

    The Russian Direct Investment Fund (RDIF) together with partners from Saudi Arabia intends to invest $2 billion in technology projects in 2019, the Fund’s head Kirill Dmitriev said at a meeting with Russian President Vladimir Putin.

    “RDIF’s partners from Saudi Arabia have already allocated $10 billion and invested two of them, in the coming year we plan to invest 2 billion with them,” Dmitriev said, according to Kommersant. He also noted that cooperation aspects were recently discussed at a meeting with the Crown Prince of Saudi Arabia.

    Dmitriev said the parties are increasing investment in projects on creation and introduction of modern technologies.

    “They have already invested more than $2 billion in various projects with us. They also allow our companies to come to the Saudi market, earn money there in the energy service and other sectors of the economy,” Dmitriev added.

    He said that, in general, the share of RDIF and its partners in the total amount of technology investment in Russia amounted to 58%.

    Earlier a representative of the RDIF said that the fund analyzed over 300 projects of promising Russian technology companies and selected about 100 most attractive ones. It is expected that the 25 best projects will receive funds from RDIF and its partners.