LONDON: Russia and Saudi Arabia plan to set up a $1 billion fund to invest in technology, the chief executive of a sovereign Russian wealth fund said on Wednesday.
The joint venture is the latest in a series of deals expected to be signed during a visit to Russia by King Salman this week, the first to Moscow by a reigning Saudi monarch.
Other deals include a $1 billion fund to invest in energy projects and Saudi investment in Russian toll roads, including a new one in Moscow to relieve congestion.
Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said on a press call that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their “unique technologies.”
He cited desalination technologies and energy efficiency for air conditioning, and also highlighted Russia’s largest tech company Yandex, which specializes in Internet-related services and products.
“Yandex is an interesting company for us because it is already present in the Middle East and Turkey and it has a search engine that beats Google in the Russian market by a large margin,” Dmitriev said.
The fund will also look at relevant investments outside Russia and Saudi Arabia, he added.
Saudi Arabia’s main sovereign wealth fund, the Public Investment Fund (PIF), has already invested in the SoftBank Vision Fund, a technology-focused private equity fund established with the Japanese company and other big investors.
Meanwhile, the RDIF has invested in Hyperloop One, which is developing an advanced transport system. (Reporting by Claire Milhench)
Russia, Saudi Arabia to set up $1 billion technology fund
Russia, Saudi Arabia to set up $1 billion technology fund
Visitors flock to enjoy Jazan during school break
RIYADH: The mild weather and range of recreational activities on offer means waterfronts and public parks across Jazan are welcoming an influx of visitors during the school break.
Mayor Yahya Al-Ghazwani said the municipality had prepared many recreational spaces ahead of the holiday, including 22 waterfronts, 236 public parks, 20 scenic overlooks, 203 sports fields and 214 walkways, according to the Saudi Press Agency.
Designated family-friendly areas have been provided at waterfronts and public parks, offering facilities such as seating areas, green spaces, children’s play zones, kiosks and a wide selection of restaurants and cafés.
Al-Ghazwani said the diversity of public facilities has boosted community participation in recreational activities. Popular activities include walking and cycling, as well as water sports such as swimming and beach volleyball.
He added the municipality had increased its efforts to prepare and maintain the areas, along with more monitoring of commercial establishments, to enhance services.
Jazan’s parks are central to the region’s quality of life projects, which directly align with Saudi Vision 2030’s goals of building a vibrant society, improving living standards and enhancing urban beauty.
