Tuesday 7 July 2015

Saudi sovereign fund to invest $10bn in Russia - FT.com

Saudi sovereign fund to invest $10bn in Russia - FT.com:



"Saudi Arabia’s sovereign wealth fund has agreed to invest $10bn in Russia, in a powerful sign of the rapprochement between Moscow and Riyadh.



The Public Investment Fund signed a deal with the Russian Direct Investment Fund for the largest foreign direct investment yet in Russia, RDIF said late on Monday. “The first seven projects have received preliminary approval, and we expect to close 10 deals before the end of the year,” said Kirill Dmitriev, RDIF chief executive.



The deal, which was initiated with a memorandum of understanding during the St Petersburg Economic Forum last month, comes as Riyadh and Moscow are working to rebuild relations long plagued by the Russian government’s support for the regime of Bashar al-Assad in Syria."



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