Gulf wealth funds are shifting their gaze to China: Gulf sovereign wealth funds are set to invest some USD 1-2 tn in China by 2030 as they look to tap into Asian markets, Hong Kong Stock Exchange CEO Nicolas Aguzin said at the Arab-China Business Conference in Riyadh on Monday, according to the National. That’s around 10-20% of the funds’ projected investment capital, which is expected to grow to USD 10 tn from USD 4 tn currently by the end of the decade.

Asia currently isn’t on their radars: Gulf wealth funds — which include Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority, the Kuwait Investment Authority, and the UAE’s Mubadala — have currently deployed only 1-2% of their capital in Asia, Aguzin said.

The conference has been good for Saudi-China business ties: The two countries signedUSD 10 bn of investment agreements in a variety of sectors as they work to deepen economic ties beyond the energy sector.

China’s next diplomatic play in the Middle East?Palestinian Authority head Mahmoud Abbas landed in Beijing to meet Chinese president Xi Jinping, the Associated Press reports, citing a statement by China’s Foreign Ministry. The ministry reiterated that it is willing to act as a peace broker between the Palestinians and the Israelis. “China supports the resumption of peace talks between Palestine and Israel as soon as possible on the basis of the ‘two-state solution,’ and is willing to play an active role in this regard,” state broadcaster CCTV quoted the country’s foreign minister as saying.

China’s rise as peace mediator in the Middle East: China has been consolidating and strengthening its ties in the Middle East, as the US relations with leaders in the region deteriorate. Beijing brokered a pact that restored diplomatic ties between bitter foes Saudi Arabia and Iran, marking the country’s emergence as a serious diplomatic power broker.

AND- Not everyone in Lebanon wants the IMF’s MENA head as the country’s next president: Hezbollah and its closest allies are mobilizing to block Jihad Azour, the IMF director for the Middle East, North Africa, and Central Asia, from becoming Lebanon’s next president. The country’s two largest Christian parties are lobbying for Azour to lead the country, which has been without a president since October. (Reuters)

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