Saudi Arabia’s PIF joins Russia and China in $2.5bn ‘trilateral’ investment fund

Participants attend the last day of the Future Investment Initiative FII conference in the Saudi capital Riyadh on October 25, 2018. (AFP)

• Saudi Arabia’s Public Investment Fund (PIF) is to join forces with Russia's RDIF
• PIF will contribute $500 million to the investment fund, raising total capital under management to $2.5 billion

RIYADH: Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) is to join forces with Russian sovereign wealth fund RDIF as a new partner in the joint Russia-China Invesment Fund, it was announced on Thursday.

As part of the agreement, Saudi’s PIF will contribute $500 million to the investment fund, raising its total capital under management to $2.5 billion, Russia’s RDIF added in a statement.