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Russian Wealth Fund Opens its First Overseas Office in KSA

RIYADH – The Russian Direct Investment Fund (RDIF) has opened its first overseas office in Kingdom of Saudi Arabia (KSA) as a sovereign fund for prospecting for investment opportunities in the oil-rich kingdom.
“The office will operate on the basis of ongoing agreements and platforms with partners in Saudi Arabia,” a statement said.
RDIF has partnered with the Public Investment Fund, the Saudi Arabia Wealth Fund and the oil giant Aramco.
RDIF and its Saudi partners currently have more than 25 funded and approved projects worth more than $2.5 billion. He is also planning projects with Aramco worth more than $3 billion in investment.
RDIF opened the office as Saudi Arabia geared up for what could be the largest initial public offering in the world.
The IPO is the centrepiece of Crown Prince Mohammed Bin Salman’s plans to reorganize the Saudi economy and release billions of capital for the kingdom’s sovereign wealth fund.
(Sahar News Monitoring Desk)

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