BlackRock partners with Saudi Arabia's PIF to launch $5B investment platform
The platform will be managed by a Riyadh-based portfolio management team and supported by BlackRock's global asset management platform.
plans to establish a new investment platform in Saudi Arabia, with up to $5 billion from the Public Investment Fund (PIF).
BlackRock has signed an MoU with the wealth fund to establish BlackRock Riyadh Investment Management (BRIM), which will invest across various asset classes, including private and public markets, according to Zawya.
BRIM aims to attract foreign institutional investment, develop Saudi asset management, expand local capital markets, diversify investors, and support asset management talent development in Saudi Arabia.
It will be managed by a Riyadh-based portfolio management team and supported by BlackRock's global asset management platform.
“The continued growth of the kingdom’s capital markets and diversification of its financial sector will contribute to future prosperity for its citizens. Saudi Arabia has become an increasingly attractive destination for international investment as Vision 2030 comes to life," BlackRock Chief Executive Officer Larry Fink said.
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With more than $900 billion in assets, the PIF is the main engine driving the Saudi Vision 2030 programme of Crown Prince Mohammad bin Salman, which aims to diversify the country's oil-dependent economy.
The Deputy Governor of the PIF, Yazeed A. Al-Humied, said that the agreement is aimed at enhancing the international diversity and dynamism of the Saudi Arabian investment market.
Meanwhile, BlackRock, which manages around $10 trillion in global assets, is looking to establish itself in the GCC.
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Edited by Megha Reddy