The mayor of Beijing has expressed hope that Saudi Arabia's sovereign wealth fund will expand its business in the Chinese capital, according to state media reports on Wednesday.

Beijing's efforts to strengthen ties with US ally Saudi Arabia come as it feels frustrated by what it perceives as Washington's economic policy manipulation, prompting it to seek stronger relationships with European, Middle Eastern, and African nations. During a meeting on Tuesday, Beijing's mayor, Yin Yong, highlighted the numerous investment opportunities in China to Yasir Al Rumayyan, the head of the Saudi Public Investment Fund, as reported by the official Beijing Daily newspaper.

Yin expressed his hope that the fund would facilitate two-way investments between companies of both countries, enhancing cooperation in sectors like industrial investment, green development, and energy transition. Al Rumayyan, in response, expressed a desire for ongoing close communication and exchange with Beijing to foster cooperation in sustainable development and renewable energy.

As one of the world's largest sovereign wealth funds, the Saudi Public Investment Fund boasts a diverse investment portfolio ranging from date farms to multinational conglomerates. Meanwhile, China is experiencing a significant influx of investment from Gulf nations, despite some Western financial firms curtailing their investments due to concerns over China's economic recovery and geopolitical risks.

Recent reports indicate that Qatar's sovereign wealth fund has agreed to acquire a 10% stake in China's second-largest mutual fund company, and China has also approved its first exchange-traded funds investing in Saudi Arabian equities. Although energy interests remain the cornerstone of Beijing-Riyadh economic cooperation, ties in trade, investment, and security are broadening, with China being Saudi Arabia's top trading partner.

Saudi Arabia's Vision 2030 plan aims to diversify its economy away from fossil fuels and foster a dynamic private sector. The government, the world's largest oil exporter, envisions its burgeoning manufacturing industry eventually producing a wide range of products, from computer chips to tires, as part of a broader economic transformation.