China’s sovereign wealth fund, China Investment Corp (CIC), has joined forces with Investcorp, the Middle East’s leading alternative asset manager, to establish a $1 billion fund for investments in companies across the Gulf Cooperation Council (GCC) region and China. This marks CIC’s first investment in the Middle East and is a reflection of the growing economic ties between the two regions. The fund will target high-growth companies in sectors such as consumer, healthcare, logistics, and business services, and will also include Investcorp’s Saudi Pre-IPO Growth Fund that focuses on pre-IPO companies in Saudi Arabia.