Kuwait sovereign wealth fund raises investment in Russia.
Kuwait Investment Authority will invest an additional $500 million in the Russian economy, a moderate amount for this investment fund. The Kuwait sovereign fund has signed and agreement with Russian Direct Investment Fund (RDIF), a special investment fund set up by the Russian government in 2011 to attract foreign investment into the fast-growing sectors of the Russian economy. Thus, the amount of Kuwaiti investment into Russian projects will double. In the first round of Kuwaiti funding had already invested $500 million in Russia in 2012..The RDIF is the first and only fund to have raised over $20 billion worth of long-term investment into Russia from major Middle East sovereign funds. Analysts say Arab sovereign funds are hedging against falling oil prices by investing in Russia.