Gulf Insider
Saudi Arabia’s Public Investment Fund (PIF) opened a second office in mainland China earlier this year, establishing a Shanghai branch to expand dealmaking and attract more Chinese investment into the kingdom, Bloomberg reports. The office was registered last year, falls under PIF’s Beijing branch, and is led by Lily Cong, a former chief representative of Fidelity International in China’s capital. The Shanghai outpost was reportedly created to strengthen the $1 trillion fund’s ability to pursue outbound deals in China, while officials are also seeking to bring more Chinese companies into Saudi Arabia. This move strengthens Riyadh’s investment relationship with Beijing, while the US continues to be a major market for the kingdom. The Shanghai office expands PIF’s global presence, which already features offices in New York, London, Hong Kong, and Paris. Saudi Arabia and China already maintain strategic and financial links across sectors, including energy and finance, while other Gulf wealth funds are also looking to expand their exposure to China. Abu Dhabi is also considering placing Chinese assets held by two of its wealth funds into a new entity, according to earlier reports, a move that could pave the way for a broader shift in its investment strategy. The Gulf investment […]
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