October 5, 2017 / 2:45 PM / in a year

Russian and Saudi state funds in $100 million infrastructure deal

MOSCOW (Reuters) - Russian sovereign wealth fund RDIF and Saudi Arabia’s Public Investment Fund signed an agreement on Thursday to invest up to $100 million (£76.09 million) in transport projects in Russia.

The funds would become shareholders in United Transport Concession Holding set up to carry out investment projects in building and operating roads and railways in Russia, RDIF said in a statement after the signing.

RDIF said Abu Dhabi’s state-owned Mubadala fund [MUDEV.UL] 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 13 billion roubles (£172.12 million), RDIF said.

The agreement is part of a large package of deals signed between Russia and Saudi Arabia during King Salman’s visit to Moscow this week.

Reporting by Vladimir Soldatkin and Maria Kiselyova; Editing by Edmund Blair

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