10 Russian investment agreements of $1.3bn with the UAE

Sheikh Mohammed bin Zayed and Putin signs the agreements

The Russian direct investment fund (RDIF) will sign 10 investment agreements worth more than $1.3bn with UAE partners including Mubadala Investment Company on Tuesday.

The agreements, signed during Russian President Vladimir Putin’s visit, are in many fields including advanced technology, health care, mineral resources extraction, logistics and industrial production, the Russian Sovereign Wealth Fund said in a statement.

Saudi Energy Minister, Prince Abdul-Aziz bin Salman announced yesterday the signing of 20 agreements with Russia to develop many areas with Russia.

During the signing ceremony of agreements between Saudi Arabia and Russia, in the presence of King Salman and President Putin yesterday, he stressed that oil will remain in the foreseeable future an essential element in the development of the world economy.

The CEO of the Russian Fund for Direct Investment, Kirill Dmitriev, said in an interview that the fund will sign 14 new agreements of more than $3bn with a number of Saudi companies.

“Our agreements will be worth more than $3bn now and one company will be specialized in the oil industry and will invest in partnership with Aramco to produce important materials for Russian companies, Aramco and many other companies around the world,” Dmitriev said.

The Russian official pointed out to make “the final arrangements for investments with one of the largest logistics players in Russia and we seek to invest in a large portfolio of aircraft lease”.