Saudi Arabia’s Public Investment Fund (PIF) and BlackRock on Tuesday announced a partnership to launch a multi-asset investment management platform based in Riyadh.
The platform, known as BlackRock Riyadh Investment Management (BRIM), will be backed by an initial investment of up to $5 billion, PIF said.
The partnership was formalized based on a memorandum of understanding between BlackRock Saudi Arabia and PIF. This investment platform develops strategies across multiple asset classes and represents an important step in the region’s investment landscape.
Larry Fink, BlackRock’s Chairman and CEO, expressed his enthusiasm for the partnership: “We are excited to build on the deep partnership we have had with PIF over the years and launch the first international investment management platform of its kind in Saudi Arabia.”
Yazeed A. Al-Humid, PIF’s Deputy President and Head of Investments in the Middle East and North Africa, emphasized the importance of this initiative in the region, saying, “This new landmark agreement is a great opportunity for Saudi investment and “This represents a step forward in PIF’s efforts to further energize the asset management market.” It is internationally diverse and dynamic. ”
BRIM aims to leverage the expertise of both partners to expand investment opportunities in Saudi Arabia and strengthen its position in the global market.
