Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) is looking to expand in China and open a new office in Asia, the PIF’s managing director told CNBC.
During his visit to Beijing for a forum on China’s Belt and Road Initiative, Yasir Othman Al Rumayyan met Chinese asset managers, companies, and entrepreneurs for the first time.
The US still remains the PIF's main target as the fund is opening up new offices in New York and San Francisco as well as London, Al Rumayyan said on the sideline of the Milken Institute Global Conference in Los Angeles.
The Saudi sovereign wealth fund “deployed directly and indirectly more than $50 billion in the past two years in the US,” he revealed.
In 2017, the PIF signed a memorandum of understanding (MoU) with Blackstone for establishing a new venture to invest above $100 billion in US infrastructure assets, pledging $20 billion to the venture.
The kingdom’s sovereign wealth fund also invested billions in tech firms in the US through Softbank’s $100 billion Vision Fund.
