Central regions | Finance, business | Technology & innovation

Russian state fund to invest in Internet, Chinese firm to join

7 Dec '17
The Russian Direct Investment Fund (RDIF) will soon announce investment partnerships to support Russian Internet portals, and will also pool efforts with China’s Alibaba in a large Internet infrastructure investment project in Russia, the Russian news agency RIA Novosti reported, citing RDIF Director Kirill Dmitriev.

“We are going to announce investment in Yandex.Taxi and a number of other Russian Internet portals in an effort to back their international expansion, and also a joint investment effort with Alibaba to support the Internet logistic infrastructure in Russia,” Mr. Dmitriev explained.

The Fund director earlier announced that RDIF had plans to invest in a new merged company between Yandex.Taxi and Uber, and also in other Yandex projects. He believes Yandex is showing great promise for expansion across the world, including the Middle East.

According to Mr. Dmitriev, RDIF has set up a new entity called “RDIF Technologies” to invest in the technology sector. “We have invited leading partners from China, Japan, Singapore, Europe and the United Arab Emirates to join us in investing in tech projects,” he said.
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