RDIF opens first overseas office in Saudi Arabia

CEO of the Russian Direct Investment Fund, Kirill Dmitriev. (Reuters/File)
Updated 09 October 2019

RDIF opens first overseas office in Saudi Arabia

  • RDIF is the first Russian investment institution to open an office in Saudi Arabia

LONDON: The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia. 

It comes amid deepening commercial ties between the two countries, which have already established the Russia-Saudi Investment Fund, the Platform for Russian-Saudi Energy Investment and the $1 billion Russian-Saudi platform for investments in the technology sector.

“RDIF is the first Russian investment institution to open an office in Saudi Arabia,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. “This will elevate our partnership to new levels and speaks highly for our mutual trust.”

So far, 25 joint projects have been approved with a total investment of more than $2.5 billion across various sectors of the economy.

RDIF and Saudi Aramco are also considering projects in the oil services sector with a total investment value of over $1billion, as well as in oil and gas conversion projects worth over $2 billion, the Russian fund said in a statement.


Apple warns China virus will cut iPhone production, sales

Updated 18 February 2020

Apple warns China virus will cut iPhone production, sales

  • Apple says demand for iPhones is also down in China because many of Apple’s 42 retail stores there are closed

CUPERTINO, California: Apple Inc. is warning investors that it won’t meet its second-quarter financial guidance because the viral outbreak in China has cut production of iPhones.
The Cupertino, California-based company said Monday that all of its iPhone manufacturing facilities are outside Hubei province, the epicenter of the outbreak, and all have been reopened. But the company said production is ramping up slowly.
“The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues,” Apple said in a statement.
The death toll from COVID-19, a disease caused by the new coronavirus, was 1,770 as of Monday.
Apple says demand for iPhones is also down in China because many of Apple’s 42 retail stores there are closed or operating with reduced hours. China is Apple’s third largest retail market for iPhones, after the US and Europe.
Outside China, Apple said iPhone demand has been strong and is in line with the company’s expectations.
On Jan. 28, Apple said it expected second quarter revenue between $63 billion and $67 billion. Apple’s second quarter ends March 30.
Apple says the situation is evolving and it will provide more information on its next earnings call in April.