China’s sovereign wealth fund and a number of banks and hedge funds have boosted their presence in the Middle East, aiming to get a larger slice of the oil-wealth pie and raising concerns in the United States over closer cooperation between China and the U.S. allies in the Gulf region. This year, several state-held Chinese banks, the Chinese $1.35-trillion sovereign wealth fund, and a number of asset managers from the world’s second-largest economy have established offices and businesses in Dubai, Abu Dhabi, and other financial…
