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Russia’s sovereign fund opens first foreign office in Saudi ahead of Putin visit

Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), said on Tuesday that it has opened up its first overseas office in Saudi Arabia ahead of Russian President Vladimir Putin’s expected visit to Riyadh.
The office will carry out the fund’s activities in the Kingdom, which include ongoing deals and projects with its partners in the country, the RDIF said in a statement seen by Al Arabiya English.
“This will elevate our partnership to new levels and speaks highly for our mutual trust,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).
“We expect to develop existing projects as well as to find attractive new industries for joint investments and further support the entry of our companies into each of our markets,” he said.
He added that the RDIF is the first Russian investment institution to open up an office in the Kingdom.
The fund said it’s also involved in cultural exchange between Russia and Saudi Arabia, and that the office will help boost cooperation in that regard.
Russia and Saudi Arabia have so far funded and approved bilateral projects worth $2.5 billion across several sectors, including artificial intelligence, infrastructure, transport, and medicine.
Saudi Aramco and the RDIF are also mulling projects in the oil services sector with a total investment value of over $1 billion, and in the oil and gas conversion segment worth over $2 billion.
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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