Saudi Gazette report

THE Russian Direct Investment Fund together with its partners will participate in a project to create NEOM.

Involvement of RDIF and its partners in NEOM project will facilitate participation of leading Russian innovative companies in the following key areas: solar energy, healthcare and education, artificial intelligence, high-speed transportation as well as port infrastructure for the transshipment of agricultural products.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: “We are pleased to participate in such an ambitious project that will combine new technologies from a wide range of areas — from renewable energy, advanced transportation and port infrastructure to artificial intelligence. 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.”

Russian Direct Investment Fund (RDIF) is a Sovereign Fund of the Russian Federation established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow.

The city of NEOM is being created as part of Vision 2030, a program aimed at developing Saudi Arabia as a country with a sustainable and diversified economy. NEOM is expected to become a new independent, vibrant and diverse community of millions of people in the North-West of Saudi Arabia, on the border with Egypt and Jordan.