The Saudi Public Investment Fund (PIF) is planning to open a new office in Asia “to focus on China,” its managing director told CNBC in an interview on Tuesday.
“We’re opening up in New York and London, San Francisco. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan said.
Rumayyan was on a visit to China for the ''Belt and Road Initiative'' which aims to link Asia with Africa and Europe.
“This is the first time for me to go out and meet asset managers, companies, Chinese entrepreneurs, and they are really very impressive,” he said.
However, the fund’s primary aim remains the US, he noted.
“The US is our No. 1 target of investments. Most innovation happens in US. We have deployed directly and indirectly more than $50 billion in the past two years in the US."
The PIF agreed to partner with investment company Blackstone in 2017 for a new venture designed to invest more than $100 billion in US infrastructure assets.
The Saudi fund will commit $20 billion to the venture.
