What’s new: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PFI), is considering setting up offices on the Chinese mainland and in India as it seeks closer ties to Asia, Yasir Al-Rumayyan, the fund’s governor, said during a summit in Hong Kong.
The PIF's office on the Chinese mainland is still in the planning stage, and its location has not been determined yet, sources with knowledge told Caixin.
PIF, with assets of more than $700 billion, opened its first Asia office in Hong Kong in February 2022.
The context: Saudi Arabia has been pushing forward partnership with Asian economies as it seeks to extend its energy sources beyond oil and diversify its economy under “Vision 2030” — a plan to promote private business, encourage foreign investment and drive social change.
At a PIF-funded conference in Hong Kong Thursday, Al-Rumayyan emphasized the city’s role as a gateway to China and Asia and as a hub for finance and technology innovation.
The Hong Kong government has been seeking closer ties with the Gulf state and the rest of the Middle East. Last week, the Hong Kong Stock Exchange launched an exchange-traded fund (ETF) to track Saudi equities. The ETF has more than $1 billion in assets, marking the largest of its type to trade in the city this year.
Contact reporter Han Wei (weihan@caixin.com)
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