Russia's RDIF, UAE's Mubadala Sign 6 Investment Cooperation Agreements

The Russian Direct Investment Fund (RDIF) and UAE sovereign investor Mubadala Investment Company announced on Tuesday a series of six new cooperation agreements covering "a wide range of sectors that are central to the Russian economy," according to a joint press release

MOSCOW (UrduPoint News / Sputnik - 15th October, 2019) The Russian Direct Investment Fund (RDIF) and UAE sovereign investor Mubadala Investment Company announced on Tuesday a series of six new cooperation agreements covering "a wide range of sectors that are central to the Russian economy," according to a joint press release.

"The investments we make are aimed at advancing all the key areas of the economy, as well as enhancing living standards in Russia. RDIF is dedicated to bringing these six cooperation agreements to fruition, by raising capital and through engaging the expertise of international partners such as Mubadala," RDIF CEO Kirill Dmitriev said commenting on the signed agreements.

The six memorandums of understanding cover such economy sectors as advanced technologies, Artificial Intelligence (AI), healthcare, transport and logistics.

In particular, the sides will jointly consider an investment into a new pulp mill construction project with Sveza, one of Russia's leading woodworking companies, as well as a joint investment into NefteTransService (NTS), one of Russia's largest operators of railway rolling stock.

The parties will also "invest in the construction of a new class A multi-temperature distribution center and related infrastructure in the Moscow region with gross leasable area of over 100,000 square meters. The tenant of the complex will be a leading Russian food retailer," the press release said.

RDIF is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors.

Mubadala's $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, renewable energy, oil and gas, healthcare real estate, pharmaceuticals and medical technology. The company has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong.

The collaboration between RDIF and Mubadala began in 2013 when a joint $7 billion co-investment platform was created.