Beijing seeks to improve economic relations with Saudi Arabia's Public Investment Fund
Date
7/11/2024 4:35:40 AM
(MENAFN) During a recent meeting with Yasir Al-Rumayyan, the governor of Saudi Arabia's Public investment Fund (PIF), Beijing's Mayor Yin Yong expressed hopes for an expanded business presence of the fund in the Chinese capital. This diplomatic effort by Beijing to strengthen ties with Saudi Arabia, traditionally a U.S. ally, reflects China's growing frustration with what it perceives as Washington's weaponization of economic policies. Consequently, China is broadening its relationships with nations in Europe, the Middle East, and Africa.
Mayor Yin Yong highlighted the numerous investment opportunities China offers, emphasizing the potential for the PIF to facilitate investment exchanges between Chinese and Saudi companies. He underscored the importance of enhancing cooperation in key areas such as industrial investment, green development, and energy transformation. In response, Al-Rumayyan expressed his desire for ongoing close communication and collaboration with Beijing, particularly in sustainable development and renewable energy sectors.
The PIF, one of the world's largest sovereign wealth funds, boasts a diverse investment portfolio that includes interests ranging from agricultural ventures like date farms to major multinational corporations. This meeting signals a mutual interest in leveraging these investments to foster greater economic cooperation and development between China and Saudi Arabia.
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