Saudi Arabia planning to invest in 25 projects in Russia

The Russian Industry and Trade Ministry's press service said in a statement on Wednesday that Saudi Arabia is planning to invest in more than 25 agriculture, oil and gas projects in Russia, Sputnik reported.

On Wednesday, Russian Minister of Industry and Trade Denis Manturov met with Saudi Arabia's Energy Minister Khalid Falih to discuss prospects for bilateral cooperation. 

The Russian Direct Investment Fund and the Saudi Public Investment Fund agreed to create an Energy Investment Fund together with the Saudi oil company.

"Positive dynamics… are observed in the cooperation between the Russian Direct Investment Fund and the Saudi Arabian Public Investment Fund… investment in… the comprehensive development of the territory of the former Tushino airfield… has been approved… The Russian Direct Investment Fund and the Public Investment Fund have corresponding plans with regard to more than 25 projects," the statement read.

During the meeting, Manturov also expressed interest in the Saudi Vision 2030 program which aims to develop non-extracting economy sectors and industrial production.

Earlier, RDIF CEO Kirill Dmitriev said that the fund and its partners from Saudi Arabia would announce creation of a new investment platform in energy sphere during the visit of Saudi King Salman Al Saud to Russia.