Riyadh – Mubasher: An investment consortium led by the Saudi Public Investment Fund (PIF), the Saudi Arabia sovereign wealth fund, plans to create a leading Russian aircraft leasing company, ROAL.
The consortium consists of PIF, the Russian Direct Investment Fund (RDIF), and KGAL GmbH & Co. KG, a German investment group, according to a recent statement by the RDIF.
The announcement took place during Russian President Vladimir Putin’s visit to Saudi Arabia on Monday.
ROAL’s total investment is expected to exceed $600 million, the statement showed.
The project aims to invest in modern civilian aircraft to be provided to Russian carriers under long term lease agreements.
In addition, Russian civil airlines will be able to further increase the number of destinations and flights offered to the passengers and will operate modern civil aircraft.
“We expect the company to take a leading position in the Russian airline market. It will enable Russian carriers to expand their fleets on favourable terms, and, accordingly, increase the number of routes they offer, which will create additional benefits for passengers,” Kirill Dmitriev, CEO of RDIF, said.
