(Bloomberg) -- The Russian Direct Investment Fund opened its first overseas office in Saudi Arabia as the sovereign wealth fund scouts for investment opportunities in the oil-rich kingdom.
"The office will conduct its activities based on ongoing agreements and platforms with partners from Saudi Arabia," according to a statement. The RDIF has partnerships with the Public Investment Fund, the wealth fund of Saudi Arabia, and oil giant Aramco.
The RDIF and its Saudi partners currently have more than 25 projects worth over $2.5 billion funded and approved. It's also considering projects with Aramco with a total investment value of over $3 billion.
The RDIF opened the office as Saudi Arabia prepares for what could be the world's largest initial public offering. The IPO is the centerpiece of Crown Prince Mohammed Bin Salman's plans to revamp the Saudi economy and release billions in capital for the kingdom's sovereign wealth fund.
To contact the reporter on this story: Sarah Algethami in Riyadh at salgethami@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Shaji Mathew
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