Chinese car manufacturers are in talks to set up factories in Saudi Arabia, Al Eqtisadiah, an Arabic daily, reported, citing China’s Ambassador to Saudi Arabia Chang Hua.

Eight companies, including Changan, Geely, MG, Chery, Great Wall Motor, Hongqi, GAC and BYD, have already opened branches, the envoy told the daily.

Hua added that the Public Investment Fund (PIF) is expected to open its office in Beijing by year-end.

The Saudi sovereign fund is also looking to establish offices in Shanghai and Shenzhen, the news report said.

(Editing by Bindu Rai; bindu.rai@lseg.com)