BlackRock is opening a Saudi investment firm with initial $5 billion from PIF

Asset manager BlackRock will launch an investment platform in Riyadh with the help of a $5 billion anchor investment from Saudi Arabia's Public Investment Fund , the kingdom's sovereign wealth fund.BlackRock CEO Larry Fink said in a statement that the kingdom"has become an increasingly attractive destination for international investment as Vision 2030 comes to life."

The announcement Tuesday followed the signing of a memorandum of understanding between BlackRock's Saudi division and the PIF with the aim of spurring capital markets growth in the oil-rich Gulf country. Central to that effort is bringing major international institutions, investment, and foreign talent into Saudi Arabia itself.further growth in the Saudi capital market ecosystem and enable a growing international investment management sector based in Saudi Arabia," the press statement said.

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BlackRock is opening a Saudi investment firm with initial $5 billion from PIFThe new platform will be called BlackRock Riyadh Investment Management, or BRIM.
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