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12/02/2019
20:12
RDIF, Saudi Arabia agree to develop tourism

A delegation of the Russian Direct Investment Fund (RDIF), a Russian sovereign wealth fund led by CEO Kirill Dmitriev, took part in the opening ceremony of the Al-Ula cultural center in Saudi Arabia. The delegation also agreed on joint projects with the Saudi part to develop the tourism industry and the participation of Russian experts in archaeological excavations in the Kingdom of Saudi Arabia, RDIF informed.

The Al-Ula development program will bring together archaeologists, scientists and cultural figures from around the world. It will also see the creation of a National Park in the region, designed to protect the region's natural heritage, including the Arab leopard, and the construction of a recreation center with a world-class resort.

By 2035, it is planned to attract over 2 million tourists annually to visit Al-Ula.

Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF's management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.4 trillion and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people, and generate revenues which equate to more than 5% of Russia's GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than 40 billion dollars.

The Russia-Saudi Investment Fund was established by the Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) to invest in attractive projects primarily within Russia that help to strengthen trade, economic and investment cooperation between the Russian Federation and the Kingdom of Saudi Arabia. Priority investment sectors include food production and agriculture, consumer goods and services, healthcare and pharmaceuticals, innovation and hi-tech, and infrastructure.

"AK&M", 12.02.2019 12:26

 

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