US investment firm BlackRock has signed an agreement with Saudi Arabia’s PIF to launch a Riyadh-based multi-asset investment management platform.
The platform, named BlackRock Riyadh Investment Management (BRIM), will be anchored by an investment of up to $5 billion from the Kingdom’s PIF, the firm said in a statement. Additional funds are expected to be raised from local and international investors
As part of the agreement, BlackRock, the world’s largest asset manager with $10 trillion in assets under management, will launch investment strategies across asset classes for the Saudi market, including public and private markets.
BRIM will be managed by a Riyadh-based investment team, the company revealed.
“The continued growth of the Kingdom’s capital markets, and diversification of its financial sector, will contribute to future prosperity for its citizens, the competitiveness of its companies and the resilience of its economy,” said Larry Fink, BlackRock’s CEO.
“We are pleased to offer investors from around the world the opportunity to take part in this exciting, long-term opportunity.”
The initiative aims to boost Saudi Arabia’s asset management industry, attract foreign capital and support the nation’s diversification efforts.
Saudi Arabia has recently witnessed significant growth in its capital markets. Since 2017, the PIF has created 94 new companies and generated over 644,000 direct and indirect jobs.
