(Bloomberg) -- Saudi Arabia will agree to invest about $2 billion in Russia in deals with the Russian Direct Investment Fund when President Vladimir Putin makes his first visit to the desert kingdom since 2007 next week, according to the head of the RDIF.
The two sides will announce more than 10 Saudi investment projects in Russia including in the petrochemical and agricultural sectors, Kirill Dmitriev, head of the Russian sovereign wealth fund, told reporters on a conference call Thursday. These are part of a promised $10 billion of Saudi commitments, of which more than $2.5 billion have already been disbursed, according to the RDIF.
Russian Wealth Fund Opens First Office Abroad in Saudi Arabia
Putin will visit Saudi Arabia on Oct. 14 and attend a meeting of the Russia-Saudi economic council, Kremlin foreign policy aide Yuri Ushakov told reporters at a Moscow briefing on Thursday. The Russian leader will visit the United Arab Emirates on Oct. 15, he said.
“The visit will show the unprecedented level of the development of ties between Russia and Saudi Arabia in many spheres,” Dmitriev said.
To contact the reporters on this story: Henry Meyer in Moscow at hmeyer4@bloomberg.net;Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net
To contact the editors responsible for this story: Gregory L. White at gwhite64@bloomberg.net, Tony Halpin, Paul Abelsky
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