UAE’s Mubadala Investment Company has signed a series of six cooperation agreements worth more than AED 7 billion ($2 billion) with the Russian Direct Investment Fund (RDIF) as part of the sovereign wealth funds’ long-term investment partnership that began in 2013.

The agreement covers cooperation in multiple areas, including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories, advisory services, hedging FX and credit risks, among others.

Moreover, the agreement paves the way for potential cooperation and investments in areas such as artificial intelligence, cyber security, life sciences, venture capital, Islamic finance, telemedicine and education, said the statement from Mubadala.

Khaldoon Khalifa Al Mubarak, Mubadala’s Group Chief Executive Officer & Managing Director, said, “We remain committed to supporting these new initiatives and to maintaining our productive partnership with RDIF in the long term.”

Herman Gref, CEO, Chairman of the Executive Board, Sberbank added, “The signing of an agreement with a reputable international investment company such as Mubadala reflects a deeper interest from Gulf countries’ in opportunities within Russia and vice versa. Today, Russian businesses are showing considerable development potential. We are becoming pioneers in financial collaboration between Russia and the UAE and are confident that the horizons of this partnership will continue to expand.

Additionally, RDIF and Mubadala also agreed to partner with Russia’s NtechLab, a face recognition technologies developer, to support the firm’s expansion into the Middle East.