China’s Ambassador to Saudi Arabia says PIF is considering setting up offices in Beijing, Shanghai and Shenzhen

Chang Hua China's ambassador to Saudi Arabia

Saudi Arabia’s Public Investment Fund (PIF) is considering setting up offices in Beijing, Shanghai and Shenzhen in China, Al Eqtisadiah newspaper reported, citing China's Ambassador to Saudi Arabia Chang Hua.

The office in Beijing is expected to open in 2024.

China and Saudi Arabia are keen to enhance harmonization and deepen cooperation in the fields of automobile manufacturing, energy, trade, investment, finance and other fields.

The two countries also seek to expand cooperation in emerging fields such as clean energy and advanced technology to enhance the development of the comprehensive strategic partnership, he added.

The ambassador said that the total value of Saudi Arabia’s imports of cars and related products from China reached $4.12 billion during 2023.

Meanwhile, he stated that eight Chinese car makers—Changan, Geely, MG, Chery, Great Wall, HONGQI, GAC, and BYD—have established branches in Saudi Arabia.

Some Chinese automotive companies are mulling cooperation with Saudi Arabia to build factories, he added.