Abu Dhabi-based financial services firm signed investment agreement with Sberbank
Russia's largest bank, Sberbank, and Abu Dhabi financial services company Invest AD have signed an agreement to cooperate on investment in the Russian and the Middle East markets.
According to the agreement, signed in Moscow, Sberbank and Invest AD will introduce their clients to opportunities in their respective capital markets, private equity, and trade finance.
The two institutions will also give each other legal support and share market research.
The agreement builds on a relationship stretching back to 2009, when Invest AD joined Sberbank in an investment in a ski resort that will host the 2014 Winter Olympics near Sochi, in the Krasnaya Polyana region.
Herman Gref, Sberbank president and CEO, said: "The Middle East is in every respect a strategic region for global policy and finance and we intend to develop an active presence there.
"Now we are exploring an opportunity of working there, and we realise that to be effective and successful, we need to have a trusted and transparent partner with strong local knowledge and expertise."
Invest AD's CEO, Nazem Fawwaz Al Kudsi, said the partnership with Russia's biggest bank would add great value to Invest AD's clients.
"We look forward to extending their clients' reach into the Middle East and Africa, and to encouraging investment flows from the Middle East into the exciting opportunities available in the fast-growing Russian economy."
Last month, Invest AD launched a new Middle East and Africa focused fixed income fund, seeking to tap potential for significant returns in the fast-growing emerging markets.