Thursday, October 5, 2017

Saudi Arabia investing $1bn in Russia projects

Saudi Arabia is investing $1 billion in construction of a petrochemical complex, Pulkovo Airport and 20 more Russian projects, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.

"At present, RDIF (Russian Direct Investment Fund) and PIF (Public Investment Fund of Saudi Arabia) have invested more than $1 billion in joint projects (in Russia). This includes construction of a petrochemical complex, construction of a small hydro power plant, logistics companies, Pulkovo Airport and the Renaissance building complex. Twenty-five more projects in various economic sectors are currently being studied," the minister was quoted as saying by Tass.

Russia and Saudi Arabia will set up a working group to remove obstacles hampering cooperation between the two countries, Novak said at the Russian-Saudi Investment Forum.

"We have just agreed with my counterpart, co-chairman (of the Intergovernmental Commission) Mr Al Qasabi (Saudi Minister of Trade and Investment Majed Bin Abdullah Al Qasabi), that we will set up a special working group that will oversee the issues of reducing administrative barriers and obstacles for the development of business ties between our two countries," the Russian minister said.

from Construction Realestate Readmore công ty pacific travel

Links topic: