Russia's sovereign investment fund to participate in Saudi NEOM project

The UAE's Emaar has also said they would participate if invited
Russia's sovereign investment fund to participate in Saudi NEOM project
RDIF CEO Kiril Dmitriev pictured with Saudi Crown Prince, Mohammed bin Salman
By Bernd Debusmann Jr
Thu 26 Oct 2017 10:36 AM

The Russian Direct Investment Fund (RDIF) has announced their participation in Saudi Arabia’s NEOM programme, which the kingdom has billed “the city of the future”.

According to the RDIF, the fund and its partners will facilitate the participation of Russian innovation companies involved in the solar energy, health, education, AI, transportation, and port infrastructure sectors.

“We are pleased to participate in such an ambitious project that will combine new technologies from a wide range of areas,” said RDIF CEO Kiril Dmitriev.

“RDIF plans to co-invest alongside international funds and bring leading Russian companies into the NEOM project, thus fostering expansion of their innovative technologies in the promising markets of Saudi Arabia and Middle East as a whole.”

Additionally, Emaar Properties chairman Mohamed Alabbar said Emaar would like to participate in the NEOM project if the opportunity arises.

“It’s a big, exciting thing. If they call on us, we would look on that positively,” he told Arab News on the sidelines of the Future Investment Initiative in Riyadh.

“The Middle East as a whole is very short on infrastructure, and the project is a very significant addition. If we’re invited to participate, we would be honored.”

The $500 billion NEOM city project – which is being created as part of Vision 2030 – is expected to eventually be home to millions of people near the Saudi borders with Egypt and Jordan. The city is envisioned as a free economic zone supported by high-tech businesses, with funds provided by Saudi Arabia’s Public Investment Fund (PIF) as well as local and international investors.

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