PIF consolidates China presence with second office

Saudi Arabia’s Public Investment Fund has reportedly opened a second office in mainland China to improve investment ties with the world’s second-largest economy.

The Shanghai office was registered last year and began operations in early 2026, Bloomberg reported, citing unidentified sources.

Sources said the new base will help PIF pursue outbound deals in China and explore local opportunities. The fund will also aim to attract Chinese investments into Saudi Arabia.

PIF already has offices around the world, including New York, London, Hong Kong and Paris.

The fund, which oversees more than $1 trillion in assets, approved a new multi-year strategy this month aimed at boosting returns and expanding private-sector involvement. 

Its 2026-2030 plan will organise investments into three portfolios: a Vision Portfolio focused on domestic projects that can attract foreign capital, a Strategic Portfolio managing key national assets, and a Financial Portfolio covering global investments.

Abu Dhabi is considering merging the assets of two of its sovereign funds in China into a new entity to prevent competition between them.

The planned venture will be jointly owned by L’imad Holding Company and Mubadala Investment Company.

• China’s Gulf bet: Why Iran’s escalation hits Beijing where it hurts
• Saudi crude sales to China forecast to halve in May
• China seeks Emirati and Saudi help to close Gulf trade deal