Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) plans to expand its presence and open new offices in China, along with its current office in Hong Kong, the sovereign fund revealed during a recent event in Hong Kong.

The decision to open new offices in major cities such as Beijing and Shanghai underscores the Kingdom’s efforts to broaden its collaboration with China and the Asia-Pacific region.

The Saudi Minister of Investment Khalid Al-Falih visited China, heading a delegation of elite Saudi officials, to explore means of strengthening strategic partnerships in investment, trade, and economy.

During the visit, the ministry organized investment events in various Chinese cities, including Shenzhen, Guangzhou, and Beijing. One of these events was the China-Saudi Investment Conference.

This fruitful conference witnessed the signing of 60 memoranda of understanding (MoUs) and agreements worth $25 billion in various sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure, technology, and health care.

Additionally, several Chinese companies received their licenses to open regional headquarters in the Kingdom during the conference.

The PIF manages more than $700 billion in assets and has offices in New York, London, Jordan, Qatar, and other locations.