Saudi Arabia finalizes seven deals with Russia worth $1 bln

Business relations between Saudi Arabia and Russia have been making headway at a steady phase since 2015, when the Public Investment Fund (PIF) announced its plan of investing $10 billion in the Russian economy during the next five years. This has resulted in Saudi Arabia becoming one of the biggest foreign investors in Russia. Both the countries have major political and economic weight in the global arena. The Saudi sovereign wealth fund PIF’s partnerships in the two countries aim to improve the joint economic role and push it forward amid political support from Riyadh and Moscow. Russian Direct Investment Fund CEO Kirill Dmitriev said that have signed this deal with the PIF and are already have done more than seven investments in different Russian companies in different sectors including infrastructure, petrochemicals and many others. The PIF is working to expand its foreign investments and countries are looking forward to enhance partnerships. Dmitriev added that the quantum of investment is close to a billion dollars, and it is in growth sectors. Meanwhile on the energy front, Russia and Saudi Arabia agreed on resolving the glut in the oil market and taking the suitable measures to maintain stability.