Saudi Arabia, Russia to invest $2bn in tech projects

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The Russian Direct Investment Fund (RDIF) together with partners from Saudi Arabia intend to invest $2 billion in technology projects in 2019, head of RDIF Kirill Dmitriev was quoted as saying in a media report.

Cooperation aspects were recently discussed at a meeting with Crown Prince of Saudi Arabia, Dmitriev was quoted as saying by Russian news agency Tass.

Dmitriev noted that the parties increase investments in projects on creation and introduction of modern technologies.

"They have already invested more than $2 billion in various projects with us. They also allow our companies to come to the Saudi market, earn money there in the energy service and other sectors of the economy," Dmitriev added.

He said that, in general, the share of RDIF and its partners in the total amount of investments in technology in Russia amounted to 58 per cent.

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