The Russian Direct Investment Fund (RDIF), a Russia’s sovereign wealth fund, in partnership with Middle East investors, GK Launch Services company and with the support of Roscosmos State Corporation, announces an investment of $87 million in upgrading the infrastructure of the Baikonur Cosmodrome. The relevant documents have been signed today at the St. Petersburg International Economic Forum.

The project intends to upgrade Launch Site 1 (Gagarin’s Start) of the Cosmodrome with its following operation for Soyuz-2 rocket launches.

The investments of RDIF and partners will allow renovating of the ground infrastructure of the largest spaceport in the world, increasing the competitiveness of the Russian space industry in the global launch services market, and commercializing the best domestic space technologies.

Kirill Dmitriev, RDIF Chief Executive Officer, said:

“The modernization of the Baikonur Cosmodrome will make an important contribution to the development of the domestic space industry, thus stimulating the growth in the number of launches and attracting new customers of such services in the future. RDIF entices the major partners from the Middle East into the  upgrading, which reflects the interest in such projects not only in our country, but also abroad. Outer space gives great scope for new discoveries, while creating opportunities for new partnerships on Earth.”