| On 7 July, Saudi Arabia’s Public Investment Fund (PIF),the sovereign wealth fund of the Kingdom of Saudi Arabia declared its intent to follow through in co-investing up to $10 billion in the Russian Direct Investment Fund (RDIF). This is following up on a 21 June 2015 signing of a memorandum of understanding between the institutional partners.The RDIF was formed in 2011 in order to drive investment in high-growth sectors of Russia.
It can be seen as a part of former President Dmitry Medvedev’s plan to diversify the economy of Russia. The concept is centered around driving inward foreign direct investment by providing co-investment with other countries’ Sovereign Wealth Funds...............................................Full Article: Source
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