Saudi Arabia’s Public Investment Fund (PIF) has opened an office in Shanghai, the sovereign wealth fund’s second in China after Beijing, Bloomberg reports, citing people familiar with the matter.
The office, which was registered last year, was set up to “enhance the PIF’s ability to do outbound deals in China”, according to the report published on May 6.
Spokespersons for the wealth fund did not immediately respond to questions from Asia Asset Management.
Yasir Al-Rumayyan, PIF’s governor, said on a visit to Beijing two years ago that the wealth fund was planning an office in Shanghaito expand its business in China.
The Beijing office was opened in 2024. It is headed by Lily Cong, the former chief representative of Fidelity International in the Chinese capital.
PIF, which managed over US$900 billion of assets as of end-2025, also has offices in Hong Kong, London, New York and Paris.
