Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has opened a second office in mainland China with a new presence in Shanghai aimed at supporting dealmaking and investment links with Chinese companies.
The Shanghai office, which was registered last year and began operations earlier in 2026, reports into PIF’s existing Beijing operation, led by Lily Cong, according to unnamed sources cited by Bloomberg.
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The new base is intended to expand the fund’s ability to pursue outbound deals in China while it continues to assess opportunities for direct investment within the country.
PIF officials are also working to attract greater Chinese capital into Saudi Arabia.
The move builds on growing economic and financial ties between Riyadh and Beijing, spanning sectors such as energy and finance.
While the US remains a key market for the fund, Saudi Arabia has been steadily deepening its strategic relationship with China.
PIF is not alone among Middle Eastern sovereign investors turning greater attention towards China.
Abu Dhabi has separately been reported to be exploring the consolidation of Chinese assets held across two of its wealth funds into a single entity, as part of a broader review of its investment approach.
The Shanghai expansion comes against a backdrop of regional instability, following attacks on Gulf energy infrastructure — including Saudi Arabia’s Ras Tanura refinery and Shaybah oil field — before a tentative ceasefire was reached in early April.
PIF Governor Yasir Al Rumayyan has nonetheless affirmed the fund’s continued commitment to international investment despite the associated geopolitical and economic pressures.
PIF’s existing international offices are located in New York, London, Hong Kong and Paris.
