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.

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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.

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