The Russian Direct Investment Fund (RDIF) announced this week that it has opened up its first office in Saudi Arabia. The sovereign wealth fund is at the forefront of growing bilateral economic relations between the two and the move comes ahead of President Vladimir Putin’s planned visit to Saudi Arabia next week.

RDIF says that the office will focus on ongoing agreements with Saudi Arabia’s Public Investment Fund (PIF), including the Russia-Saudi Investment Fund. The Russian fund says that the pair have “funded and approved over 25 joint projects with a total investment of over $2.5 bn” in a variety of sectors and that “RDIF and Saudi Aramco are also considering numerous active projects in the oil services sector with a total investment value of over $1bn, as well as in oil and gas conversion projects worth over $2bn.” (CONTINUED - 272 WORDS)