Qatar, Russia sign agreement to jointly invest 2 billion euros into sovereign wealth funds

Qatar and Russia have signed an agreement to each invest 1 billion euros ($1.14 billion) into a joint investment fund, strengthening the two countries’ bilateral and trade relations.

According to Reuters news agency, Qatar and Russia signed the agreement to jointly invest the amount in each others’ sovereign wealth funds during a meeting in the Russian capital Moscow between president Vladimir Putin and Qatari emir Sheikh Tamim bin Hamad Al-Thani on Thursday last week.

In a statement by the Russian Direct Investment Fund (RDIF), the deal with the Qatar Investment Authority is set to focus on investment in technology, healthcare, minerals and other sectors of mutual interest.

Speaking to reporters following the signing, the RDIF’s head Kirill Dmitriev stated that the agreement is intended “to expand our investment platform with Qatar by the amount of about two billion euros, one billion euros from each side. This will allow us to invest more, to attract more Qatari investment money into various projects in Russia”.

Dmitriev also hailed Qatar as a major investor in Russian infrastructure, saying that Russian companies were interested in entering the Middle East market with Qatari partners.

READ: Qatar reunites more Russia, Ukraine children with their families