Saudi will participate in funding of Russian agricultural projects

[caption id="attachment_2582" align="aligncenter" width="1014"] From left: Saudi Arabia's Crown Prince Mohammed bin Salman & Russian President Vladimir Putin. Picture: Collected[/caption] GFMM desk: Russia's sovereign wealth fund RDIF and Saudi Arabia’s SALIC will sign a deal on Monday to form a team to seek investment projects in Russia's agricultural sector, a source involved in the deal told Reuters. President Vladimir Putin visits Riyadh on Monday for the first time in over a decade, seeking to capitalize on growing influence borne of military advances in Syria, strong ties with regional rivals and cooperation on energy policy. SALIC - Saudi Agricultural and Livestock Investment Co - and RDIF will jointly search for investment projects in the Russian agricultural and livestock industries, the source said. RDIF declined to comment. SALIC was not available for immediate comment. SALIC, formed in 2011 to secure food supplies for the kingdom through mass production and foreign investments, has been looking at expanding in Russia and Ukraine, both major Black Sea grain producers and exporters, for several years. SALIC is considering investing in Russian agriculture projects near the Black Sea, the RIA news agency quoted SALIC Managing Director Khaled al-Aboodi as saying. “We believe that the Black Sea region of Russia is a very important region, and we want to invest there,” he said. During Putin’s visit, Russia and Saudi Arabia plan to sign 10 deals worth more than $2 billion in sectors including agriculture, railways, fertilizers and petrochemicals, RDIF said last week. The cooperation agreement between RDIF and SALIC comes less than two months after the kingdom agreed to relax specifications for wheat imports, opening the door to Black Sea imports. Russia, the world’s largest wheat exporter, had long been seeking access to the Saudi market. Russia also wants Saudi Arabia to open its market to Russian meat, Interfax news agency quoted Russian agriculture minister Dmitry Patrushev as saying on Monday. Source: Reuters SZK