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Massive Saudi wealth fund zeros in on China, but US remains its top investment target

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The Saudi Public Investment Fund (PIF) is one of the Middle East's largest, with some $300 billion in assets under management and an aim to increase that to $2 trillion by 2030.

Yasir Othman Al-Rumayyan, who has served as the fund's director since 2015, was recently in Beijing for a forum about China's Belt and Road Initiative.

PIF Managing Director Yasir bin Othman Al-Rumayyan attends the Russian-Saudi Investment Forum held at the Ritz-Carlton Moscow Hotel.Saudi Arabia's massive sovereign wealth fund has its eye on China as it expands international investments, though its "No.1 target" remains the U.S., its managing director told CNBC on Tuesday.

"This is the first time for me to go out and meet asset managers, companies, Chinese entrepreneurs, and they are really very impressive," Yasir Othman Al-Rumayyan, speaking on the topic of China, told CNBC's Hadley Gamble during the Milken Institute Global Conference in Los Angeles. "The GDP growth now is, I think, at 6.25% which is larger than most of the other countries around the world. But the concern is it came down from 11-plus percent.

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