Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i


Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i
Massive Saudi wealth fund zeros in on China, plans to open new Asia office Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. 1 target” remains the U.S., its managing director told CNBC on Tuesday.

The Saudi Public Investment Fund is one of the Middle East’s largest, with some $300 billion in assets under management and an aim to increase that to $2 trillion by 2030 as it aggressively invests in both domestic and international markets.

“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 told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles.

In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” That follows Al-Rumayyan, who has served as the fund’s director since 2015, recently visiting Beijing for a forum on China’s Belt and Road Initiative, which culminated in billions of dollars worth of deals to expand the flagship Chinese project that seeks to invest across Asia, Africa and parts of Europe.

“This is the first time for me to go out and meet asset managers, companies, Chinese entrepreneurs, and they are really very impressive,” Al-Rumayyan said, speaking on the topic of China. “The GDP growth now is, I think, at 6.25% which is larger than most of the other countries around the world. But the concern is it came down from 11-plus percent. I don’t mind growing the 6% if I’m entering now in China. The Softbank Vision Fund also deployed big amounts of money in China and some of the Chinese companies. So we are OK in the longer term.”


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


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