Russian sovereign fund, UAE to sign 10 deals worth more than $1.3 bln

Russian sovereign fund, UAE to sign 10 deals worth more than $1.3 bln
October 15, 2019, 10:14 am

RDIF said it would sign 10 investment deals worth more than $1.3 bln with partners from the UAE. (File photo Reuters)

Russia’s sovereign wealth fund said on Tuesday that it plans to sign 10 investment deals worth more than $1.3 billion with partners from the United Arab Emirates, including the Mubadala Investment Company.

The agreements, which will be signed during a visit by Russian President Vladimir Putin, will cover artificial intelligence, healthcare, and oil, among other areas.

The Russian Direct Investment Fund (RDIF) and UAE’s sovereign fund have made investments worth over $2 billion in more than 45 projects, the RDIF said in a statement.

Russia struck a similar deal with Saudi Arabian firms earlier this week. RDIF Chief Executive Officer Kirill Dmitriev told Al Arabiya that 14 new agreements worth over $3 billion were signed between the two countries.

“Our countries are successfully developing partnerships in trade, energy, industry, tourism, and even in such a specialized field as the training of cosmonauts,” Dmitriev said in a statement.

President Putin arrived in Abu Dhabi on Tuesday after his first official trip to Saudi Arabia since 2012.

source:John Benny

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