BlackRock, the world’s largest asset manager, is to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from the Public Investment Fund (PIF).
BlackRock and PIF have stated that they have signed a Memorandum of Understanding (MoU) under which BlackRock will set up a Riyadh-based multi-asset investment platform, BlackRock Riyadh Investment Management (BRIM), anchored by PIF’s initial cash injection, subject to certain agreed milestones being met.
BRIM will be a wholly owned subsidiary of the $10.5 trillion BlackRock, with Riyadh-based professionals managing funds that will be invested principally in Saudi Arabia but also the rest of the MENA region. The aim is to attract additional overseas capital to Saudi Arabia and strengthen its capital markets through a variety of investment funds managed by BlackRock.
BRIM will be a wholly owned subsidiary of the $10.5 trillion BlackRock
A joint press release between BlackRock and the PIF said that investment strategies will be launched across asset classes for the Saudi market, including both public and private markets. Larry Fink, CEO of BlackRock, said in the statement that the Kingdom “has become an increasingly attractive destination for international investment as Vision 2030 comes to life.”
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