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Russia, Saudi Arabia set up $1b joint investment fund

Saudi Arabia has agreed to buy Russian S-400 surface-to-air missile systems.

Image Credit: AFP
Members of the Russian delegation, led by President Putin, meet with members of the Saudi delegation, led by King Salman Bin Abdul Aziz, at the Kremlin in Moscow.

What was agreed?

Investment: Officials signed an agreement in the Kremlin on the creation of a $1 billion joint investment fund. Russian sovereign wealth fund RDIF and Saudi Arabia’s Public Investment Fund signed an agreement to invest up to $100 million in transport projects in Russia. RDIF said Abu Dhabi’s state-owned Mubadala fund would also co-invest in the holding company. The three partners are studying participation in three projects in Moscow and St Petersburg. They expect to invest a total of  $226 million, RDIF said.

Oil:  Saudi Arabia made no firm pledge yesterday to extend a deal between OPEC, Russia and other producers on cutting supplies but said it was “flexible” regarding Moscow’s suggestion to prolong the pact until the end of 2018.

Defence: Saudi Arabia has agreed to buy Russian S-400 surface-to-air missile systems. The countries also signed a memorandum of understanding to help the kingdom in its efforts to develop its own military industries, a statement from state-owned Saudi Arabian Military Industries said.

Syria: Countries agreed on need to preserve Syria’s territorial integrity and state institutions. Saudi Arabia said it is working closely with Russia on uniting Syria’s opposition, Saudi Foreign Minister Adel Al Jubeir said adding that both Russia and Saudi Arabia believe in the principle of non-interference in other countries’ internal affairs and in the principle of territorial integrity. King Salman also told Putin that Iran needs to stop meddling in regional affairs.