October 14, 2019 / 3:09 PM / a month ago

Russian, Saudi sovereign funds invest in aircraft leasing firm

RIYADH, Oct 14 (Reuters) - A consortium of investors including Russia’s RDIF sovereign wealth fund and Saudi Arabia’s PIF sovereign fund will invest more than $600 million in setting up a leasing company for Russian passenger aircraft, RDIF said on Monday.

The aim of the project is to invest in modern passenger planes that will be supplied to Russian carriers on long-term loan contracts, RDIF said.

Germany’s KGAL financial group is also part of the consortium, it said. The accord was among several agreements announced in Riyadh on Monday during a rare visit to Saudi Arabia by Russian President Vladimir Putin. (Reporting by Olesya Astakhova; writing by Tom Balmforth; Editing by Chizu Nomiyama)

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