Moscow, 26 November 2015. ľ Sistema JSFC (LSE: SSA; MOEX: AFKS), a publicly-traded diversified Russian holding company is pleased to announce the signing of a Memorandum of Understanding (MoU) with Saudi Arabian company Wafrat Al Tawasul on the establishment of a Saudi-Russian investment company.
The MoU was signed at a meeting of the joint intergovernmental Russian-Saudi Commission for Trade and Economic Cooperation as part of the Saudi Arabian business week that began in Russia on 23 November 2015.
The Saudi-Russian investment company will focus on sourcing attractive investment opportunities and completing investments in Russia, the CIS and the Kingdom of Saudi Arabia. Investments will be in agriculture, infrastructure, transport and other sectors. The company will open offices in Moscow, Dubai and the Kingdom of Saudi Arabia. The company may attract outside investors to fund investments.
Vladimir Evtushenkov, Chairman of the Board of Directors of Sistema JSFC and Chairman of the Russian part of the Russian-Arab Business Council said: "The establishment of the Saudi-Russian investment company will not only facilitate the development of Sistema and Wafrat Al Tawasul, but will also strengthen trade and economic ties between Russia and Saudi Arabia. The formation of this joint company represents an important milestone in the relationship of our two countries. And I am confident that this initiative will help bolster Sistema's standing in international markets."
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