Russia on amazing journey with Saudi Arabia, RDIF says

The head of Russia’s $10 billion investment fund has nothing nevertheless praise for Saudi Arabia, citing economic diplomacy as the catalyst for enhanced relations between the two countries.

“We’re at the breaking point in positive territory of in which relationship … We definitely embarked on an amazing positive journey,” Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF), told CNBC at the Munich Security Conference on Saturday.

Dmitriev, who took up his position in 2011 to improve investment flows in addition to foreign investor confidence inside the Russian economy, pointed to the Russia-OPEC deal to cut oil production as a major benchmark in his country’s relationship with the Saudi Kingdom.

“today we have a great, positive energy deal in which stabilized oil prices, in addition to the idea’s Great for producers, consumers, Great for our economies … We have done numerous investments together, in addition to we are pursuing better a political relationship because of in which economic diplomacy.”

Saudi’s King Salman was the first Saudi monarch to visit Russia in a historic trip last October, which saw the two countries sign major arms deals.

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