UPDATE: Russia’s Sistema eyes 20% in joint invest firm with Saudi Arabia

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MOSCOW, Nov 27 (PRIME) -- Russian multi-industry holding Sistema is expected to have a 20% stake in an investment company to be created jointly with Saudi Arabia, Vladimir Yevtushenkov, chairman of Sistema’s board of directors, told reporters Friday.

“20%. So far we plan it this way,” he said.

On Thursday, Sistema and Wafrat Al Tawasul signed a memorandum of understanding to create a Russian–Saudi Arabian investment company.

Sistema has signed a number of agreements with Saudi Arabian investors to develop joint projects both in Russia and Saudi Arabia, Yevtushenkov said.

A Saudi Arabian state corporation may enter Sistema’s projects in the sphere of agriculture industry and real estate, he said.

Sistema will also build a wood processing facility in Saudi Arabia and develop projects in the high technologies sphere there, he said.

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