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Saudi Arabia and Russia to set up $1bn tech fund

Joint fund to invest in technology, says head of Russian sovereign wealth fund

Saudi Arabia and Russia are to set up a joint technology fund,
Saudi Arabia and Russia are to set up a joint technology fund,

Saudi Arabia and Russia are planning to set up a $1bn fund for investment in technology, according to Russian Direct Investment Fund (RDIF).

A deal to establish the fund is expected to be signed this week during King Salman's official visit to Russia, Reuters reports.

Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said in a telephone call to press that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their unique technologies.

Dmitriev referred to desalination and air conditioning as possible areas for investment during the call.

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