Saudis, Russia Fund to Sign $2 Billion in Deals During Putin’s Visit

Saudis, Russia Fund to Sign $2 Billion in Deals During Putin’s Visit:

Saudi Arabia will agree to invest about $2 billion in Russia in deals with the Russian Direct Investment Fund when President Vladimir Putin makes his first visit to the desert kingdom since 2007 next week, according to the head of the RDIF.

The two sides will announce more than 10 Saudi investment projects in Russia including in the petrochemical and agricultural sectors, Kirill Dmitriev, head of the Russian sovereign wealth fund, told reporters on a conference call Thursday. These are part of a promised $10 billion of Saudi commitments, of which more than $2.5 billion have already been disbursed, according to the RDIF. 

Putin will visit Saudi Arabia on Oct. 14 and attend a meeting of the Russia-Saudi economic council, Kremlin foreign policy aide Yuri Ushakov told reporters at a Moscow briefing on Thursday. The Russian leader will visit the United Arab Emirates on Oct. 15, he said.