Russian sovereign fund opens office in Saudi

DUBAI (Reuters) - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia, the fund said on its website, as it seeks to do more deals in the kingdom.

The office will conduct its investment activities as part of existing agreements and joint platforms such as the Russia-Saudi Investment Fund, which was established by RDIF and Saudi sovereign fund PIF, it said in a statement.

The move comes after RDIF said this year it was poised to significantly increase its number of investment deals with Saudi Arabia.

RDIF and PIF also cooperate under the aegis of the Russian-Saudi Energy Investment platform established together with state-owned oil company Saudi Aramco, and the $1 billion Russian-Saudi platform for investments in the technology sector.

The two sides have approved more than 25 joint projects with a total investment of over $2.5 billion across various sectors of the economy, while RDIF and Saudi Aramco are also considering numerous projects in the oil services sector, the statement said.

Reporting by Saeed Azhar; Editing by Mark Potter