RDIF Opens Saudi Arabia Office
Posted on 04/17/2024
Russia’s SWF, Russian Direct Investment Fund (RDIF), opened an office in Saudi Arabia. The office will support the Russia-Saudi Investment Fund, a joint fun run by RDIF and PIF. Investment in Saudi Arabia is expected to ramp up. RDIF and PIF have further ties due to oil projects with Saudi Aramco as well as US$ 1 billion in tech sector investment. The countries have US$ 2.5 billion in cooperative investments currently.
Saudi Arabia has been working to reduce its dependence on oil and move forward with new improvements in the country, a plan known as Vision 2030. This includes tourism investment through Dan Company, building world-class sports facilities and teams with SRJ sports, building new tech infrastructure, and restoring historic sites.