Beijing eyes more investments from Saudi sovereign wealth fund

The mayor of Beijing has told the governor of Saudi Arabia's sovereign wealth fund he hoped the fund would further expand its business in the Chinese capital, state media said on Wednesday.

Beijing's diplomatic push to court US ally Saudi Arabia comes amid its frustration over what it sees as Washington's weaponisation of economic policies, nudging it to expand ties with countries in Europe, the Middle East and Africa.

China offers many investment opportunities, the mayor, Yin Yong, told Yasir Al Rumayyan, the chief of the Saudi Public Investment Fund, at a meeting on Tuesday, the official Beijing Daily newspaper said.

Yin said he hoped the fund would guide two-way investments by companies of both countries, deepening cooperation in areas such as industrial investment, green development, and energy transition.

Al Rumayyan said he hoped to keep up close communication and exchanges with Beijing for cooperation on sustainable development and renewable energy, the paper added.

One of the world's largest sovereign wealth funds, the Saudi Public Investment Fund has a sprawling portfolio of investments, from date farms to multinational conglomerates.

The government of the world's biggest oil exporter hopes its nascent manufacturing industry will one day turn out everything from computer chips to tyres, in a wider economic transformation.