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.
#trending #latest #BlackRockSaudi #BRIM #SaudiInvestment #PIF #AssetManagement #ForeignInvestment #SaudiCapitalMarkets #EconomicGrowth #FinancialSector #LarryFink #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn
His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasized the UAE's commitment to accelerating climate action, building a climate-resilient economy, and collab...Read More.
The 23rd Saudi relief plane, operated by KSrelief, arrived today at Beirut-Rafic Hariri International Airport to continue aid efforts...Read More.
Maktoum bin Mohammed Meets Visa's Oliver Jenkyn, Group President
The meeting highlights the UAE's commitment to enhancing collaboration with global fintech leaders t
Dubai Humanitarian Sends UNHCR Aid to Conflict-Displaced in Lebanon
A convoy of 27 trucks, carrying 192 tonnes of relief supplies, departs from Dubai to assist conflict
Elon Musk Responds to Post Saying 'We Need Your Help Removing Trudeau'
Billionaire Elon Musk predicts Canadian Prime Minister Justin Trudeau's defeat in the upcoming feder
Australia Envoy Removes "Most Destructive President" Trump Post
Former PM Kevin Rudd called Trump "Most Destructive President" as head of US think tank.
Australia to Ban Social Media Access for Children Under 16
PM Anthony Albanese announced new laws to ban social media for children under 16, to be introduced i
Head of State meets delegations and officials at COP29 in Azerbaijan
His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasized the UAE's commitment to accelerating climate action, building a climate-resilient economy, and collab
23rd Saudi Relief Plane Lands in Lebanon for Ongoing Aid Efforts
The 23rd Saudi relief plane, operated by KSrelief, arrived today at Beirut-Rafic Hariri International Airport to continue aid efforts
Egypt, Azerbaijan Discuss Strengthening Ties at COP29 Summit
Madbouli praised the warm welcome in Azerbaijan and the strong cooperation and relations between the two nations
UAE President Opens World Leaders Summit at COP29, Urges Climate Action
His Highness urged the President to prioritize overcoming differences, emphasizing that the focus now should be on finding common ground and working for the ben
Crown Prince Chairs Cabinet Session to Discuss Key National Issues
Crown Prince Mohammed bin Salman chaired the Cabinet session held today in Riyadh, focusing on key national issues
Egypt-CIF partnership boosts sustainable climate solutions efforts
She highlighted that the current mission offers a chance to strengthen collaboration through hands-on consultations and training
Sharjah Reveals Full Event Lineup for UAE's 53rd Union Day
H.E. Khalid Al Midfa: We renew our pledge to the nation and its leadership, continuing on the path of progress
How the UAE is Paving the Way for Renewable Energy Innovation with Cutting-Edge Technologies
UAE leads in renewable energy innovation for a sustainable future
Foreign Ministers of India and India Discuss Strengthening Ties
Minister of Foreign Affairs Prince Faisal bin Farhan met with India's External Affairs Minister today to discuss bilateral relations
Ministers of Health and Industry Discuss Artificial Milk Distribution
Abdel Ghaffar highlighted that the meeting also focused on attracting foreign investments and collaborating with the private sector to boost children's food pro
© DNN. All Rights Reserved.
