Saudi Arabia’s Public Investment Fund (PIF) and BlackRock announced a partnership on Tuesday to launch a multi-asset investment management platform based in Riyadh.
The platform, known as BlackRock Riyadh Investment Management (BRIM), will be anchored by an initial investment of up to $5 billion, according to the PIF.
The collaboration is formalized under a memorandum of understanding between BlackRock Saudi Arabia and the PIF. The investment platform will develop strategies across multiple asset classes, marking a significant step in the region’s investment landscape.
Larry Fink, chairman and CEO of BlackRock, expressed enthusiasm about the partnership: “We are excited to build on the deep partnership we have developed with PIF over many years to launch the first-of-its-kind international investment management platform in Saudi Arabia.”
Yazeed A. Al-Humied, PIF’s deputy governor and head of Middle East and North Africa investments, highlighted the initiative’s importance for the region: “This new landmark agreement represents a step forward in PIF’s work to make the Saudi investment and asset management market more internationally diverse and dynamic.”
BRIM aims to leverage the expertise of both partners to enhance investment opportunities in Saudi Arabia and strengthen its position in the global market.