Chinese Firms Jostle With US Peers for Sliver of Gulf Oil Riches
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Chinese banks, asset managers, and hedge funds are expanding in the Middle East, competing with Wall Street firms for investment opportunities in the region. Chinese companies are deploying with full force to set up branches and offices in the Middle East to deepen their presence in the market. The shift is driven by a slowing local economy in China and the Middle East's investment in infrastructure. Chinese banks are considering full-service operations in the Gulf, and China International Capital Corp aims to give Middle Eastern investors more insight into China. The growing ties between the Middle East and China have raised concerns in the US, which has increased scrutiny of Middle Eastern wealth funds. However, the impact on US firms remains to be seen. Gulf countries prioritize relationships that serve their national economic visions, and partnering with Chinese firms creates a win-win opportunity for both sides.

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https://www.bloomberg.com/news/articles/2024-06-03/chinese-firms-jostle-with-us-peers-for-sliver-of-gulf-oil-riches