April 13, 2020 / 12:52 PM / a month ago

Russia fund says will continue to invest in Saudi Arabia: Al-Arabiya

DUBAI (Reuters) - Russia’s sovereign wealth fund will continue to invest in Saudi Arabia’s Vision 2030 development programme, the Saudi-owned Al-Arabiya channel on Monday cited the head of the fund as saying.

Kirill Dmitriev, who is also one of Moscow’s top oil negotiators, said a global agreement to cut oil production prevented oil prices from falling to $10 a barrel, it added.

The oil talks, which concluded on Sunday, proved Russia’s ability to work with the United States, which is backing the agreement to reduce global oil supply, Dmitriev was quoted as saying.

The fund plans joint agricultural projects with Saudi Arabia, and is also working on a vaccines factory in the kingdom, he was quoted as saying, describing the relations with Riyadh as “very, very positive,” according to al-Arabiya.

Reporting by Maher Chmaytelli; Editing by Mark Potter

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