Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has expanded its footprint in China by opening a new office in Shanghai, according to Bloomberg.

The move aligns with the fund’s strategy to boost ties with the second-largest economy in the world amid changing geopolitical trends.

The second branch started operations earlier this year under the fund’s Beijing outpost. The office was registered last year, the news agency said, quoting sources familiar with the matter.

The fund set up the new office to help facilitate outbound deals in China. It is also reportedly looking to attract investments from Chinese businesses into Saudi Arabia.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com