BlackRock, a US asset management firm, and Saudi Arabia’s Public Investment Fund (PIF) signs a non-binding Memorandum of Understanding (MoU) to establish a multi-asset class investment platform in Riyadh, with an initial investment of up to $5 billion from the $700 billion Saudi sovereign wealth fund.
The platform, known as BlackRock Riyadh Investment Management (BRIM), would include investment strategies across a variety of asset classes, according to a PIF statement issued on May 1 following the signing of a memorandum of understanding for the plan.
According to the wealth fund, the platform, which will be overseen by a Riyadh-based portfolio management team, would aid in attracting foreign institutional investment to Saudi Arabia, developing the asset management business, broadening the capital market, and cultivating local talent.
“BRIM will be fully integrated with BlackRock’s investment capabilities and operating platform benefiting from global market expertise, thought leadership and technology, while facilitating knowledge sharing and further enhancing local investment capabilities,” PIF says.
“One of BlackRock’s most important contributions in the countries in which we operate is to bring our knowledge and understanding of capital markets to help drive future economic development. We are excited to build on the deep partnership we have developed with PIF over many years to launch this first-of-its-kind international investment management platform in Saudi Arabia,” said Larry Fink, chairman and CEO, BlackRock.
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