Russian Direct Investment Fund's Delegation To Accompany Putin On Visit To UAE On Tuesday

A delegation from the Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, will accompany President Vladimir Putin on a state visit to the United Arab Emirates on Tuesday, where it plans to sign a number of agreements in various sectors with UAE partners, the fund said

MOSCOW (UrduPoint News / Sputnik - 15th October, 2019) A delegation from the Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, will accompany President Vladimir Putin on a state visit to the United Arab Emirates on Tuesday, where it plans to sign a number of agreements in various sectors with UAE partners, the fund said.

On Monday, the RDIF delegation, headed by CEO Kirill Dmitriev, visited Saudi Arabia with Putin, where the fund signed at least 10 agreements in various fields with Russian and Saudi partners worth $2 billion.

"Russia and the United Arab Emirates have much to offer each other through the exchange of technology and investment. The visit of the Russian President will help to maintain intensive business contacts in various areas of bilateral cooperation. Our countries are successfully developing partnerships in trade, energy, industry, tourism," Dmitriev said in the statement, adding that the two countries were also establishing cooperation in space.

According to the RDIF statement, the fund plans to sign another 10 agreements totaling more than $1.

3 billion with UAE's partner sovereign fund, the Mubadala Investment Company.

The deals will cover such areas as high technology, including artificial intelligence, healthcare, energy and industrial production.

During the visit, the RDIF also plans on organizing a meeting for Russian and UAE business leaders to give them an opportunity to discuss cooperation, the implementation of joint projects and investment opportunities.

On Thursday, a Kremlin representative said that the RDIF had already implemented over 45 deals worth $2.3 billion with the Mubadala Investment Company and that they planned to increase their investment portfolio to $7 billion.

Last year the UAE sovereign wealth fund's CEO, Khaldoon Khalifa Al Mubarak, said that he viewed Russia as a critical market and that through the fund's partnership with the RDIF, it was successfully strengthening its position in the Russian market through co-investment projects that totaled over $1.4 billion.