Russia’s sovereign fund opens first foreign office in Saudi ahead of Putin visit
October 8, 2019, 3:20 pm

Russia’s sovereign fund opens first foreign office in Saudi ahead of Putin visit

Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin talk at the G-20 summit in Osaka, Japan in June. (File photo AP)

Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), said on Tuesday that it has opened up its first overseas office in Saudi Arabia ahead of Russian President Vladimir Putin’s expected visit to Riyadh.

The office will carry out the fund’s activities in the Kingdom, which include ongoing deals and projects with its partners in the country, the RDIF said in a statement seen by Al Arabiya English.

“This will elevate our partnership to new levels and speaks highly for our mutual trust,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).

“We expect to develop existing projects as well as to find attractive new industries for joint investments and further support the entry of our companies into each of our markets,” he said.

He added that the RDIF is the first Russian investment institution to open up an office in the Kingdom.

The fund said it’s also involved in cultural exchange between Russia and Saudi Arabia, and that the office will help boost cooperation in that regard.

Russia and Saudi Arabia have so far funded and approved bilateral projects worth $2.5 billion across several sectors, including artificial intelligence, infrastructure, transport, and medicine.

Saudi Aramco and the RDIF are also mulling projects in the oil services sector with a total investment value of over $1 billion, and in the oil and gas conversion segment worth over $2 billion.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.