Contact Members/Sign Up Reg Form

BlackRock to Launch Investment Platform in Saudi Arabia, PIF to Inject Initial $5 Billion

Photo : Bloomberg

BlackRock Saudi Arabia is gearing up to launch a comprehensive investment platform in the Kingdom, aimed at attracting increased foreign investment funds. The initiative, named BlackRock Riyadh Investment Management (BRIM), will feature a multi-asset class investment strategy, managed by a portfolio management team based in Riyadh. The Saudi Public Investment Fund (PIF) is set to contribute up to $5 billion in initial funding for the platform.

BRIM's objective is to facilitate foreign institutional investment into Saudi Arabia while enhancing the local asset management industry. By broadening local capital markets and offering diversified investment opportunities across various asset classes, the initiative aims to bolster economic growth and development in the Kingdom.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, highlighted the significance of this partnership in advancing PIF's goal of international diversification in the investment and asset management market. He emphasized PIF's strategy of collaborating with global industry leaders like BlackRock to drive growth.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel

Since 2017, PIF has been instrumental in establishing 94 new companies locally, generating over 644,000 direct and indirect jobs. On the other hand, BlackRock boasts assets under management exceeding $9 trillion as of Q3-2023, positioning it as a global leader in investment management.

The BRIM platform will be fully integrated with BlackRock's existing investment capabilities and operational platform. Additionally, BlackRock's Financial Markets Advisory group will provide support to deepen capital markets and enhance market structure, aligning with the Kingdom's long-term economic objectives.

Larry Fink, Chairman and CEO of BlackRock, expressed optimism about the growth prospects of Saudi Arabia's capital markets and financial sector. He emphasized that these developments would contribute to the future prosperity of Saudi citizens, enhance the competitiveness of local companies, and strengthen the resilience of the economy.

May 1, 2024 12:37 p.m. 3816

#trending #latest #BlackRockSaudi #BRIM #SaudiInvestment #PIF #AssetManagement #ForeignInvestment #SaudiCapitalMarkets #EconomicGrowth #FinancialSector #LarryFink #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

Tamil Film Maharaja to Release in China on Friday, First Post-Ties

entertainment / movies
Nov. 26, 2024 1:28 p.m. 354

Tamil film Maharaja to release in China on Friday; first Indian film post ties normalization...Read More.

Jung Ho Yeon and Lee Dong Hwi Split After 9 Years of Dating

entertainment / webseries
Nov. 26, 2024 1:30 p.m. 359

K-drama stars Jung Ho Yeon and Lee Dong Hwi break up after 9 years but will remain colleagues....Read More.

Tamil Film Maharaja to Release in China on Friday, First Post-Ties

Tamil film Maharaja to release in China on Friday; first Indian film post ties normalization

Jung Ho Yeon and Lee Dong Hwi Split After 9 Years of Dating

K-drama stars Jung Ho Yeon and Lee Dong Hwi break up after 9 years but will remain colleagues.

12th Emirates Oncology Conference Enhances Global Knowledge in Abu Dhabi

This partnership highlights SEHA’s dedication to healthcare innovation and its support for the UAE’s vision of excellence in oncology

Theyab bin Mohamed bin Zayed attends inaugural Erth Zayed Forum in Abu Dhabi

An operational and strategic vehicle that boosts the efficiency, impact, and global visibility of the UAE's philanthropic efforts

RTA Installs 1,000 Advanced Lighting Units in Key Dubai Areas

Dubai’s RTA finishes street lighting projects in Umm Suqeim 1, Abu Hail, and Al Baraha

Foreign Minister Holds Meeting with Italian Counterpart for Talks

The meeting occurred during the Saudi minister's participation in the expanded session of the second G7 Foreign Ministers' Meeting in Fiuggi, Italy

Zayed Charity Run 2024 Supports Quality of Life for Multiple Sclerosis Patients

Under Sheikh Hamdan bin Zayed's patronage, the 23rd Zayed Charity Run took place in Abu Dhabi on 23 Nov 2024

Aditya Roy Kapur Stuns in Black Pantsuit at Emmys, Fans Call It 'Classic Delhi Look'

Aditya Roy Kapur rocked a sleek look at the Emmys in a white shirt, black blazer, and trousers

Emirates Receives First A350, Ready for Takeoff Today

Emirates receives its first Airbus A350, A6-EXA, marking a milestone in its 65-aircraft order

Abu Dhabi Leads MENA with Subnational ETF Implementation under Paris Deal

NDCs are pledges by nations to cut emissions and adapt to climate impacts per their priorities

LATEST INSTAGRAM POST
Follow Us

© DNN. All Rights Reserved.