- ORIGINAL NEWS
BlackRock is opening a Saudi investment firm with initial $5 billion from PIF
- SUMMARY
BlackRock, a global investment powerhouse with trillions of dollars in assets under management, is expanding its footprint in Saudi Arabia.
With a $5 billion investment from the country’s sovereign wealth fund, the Public Investment Fund (PIF), BlackRock is establishing a new investment platform in Riyadh called BlackRock Riyadh Investment Management (BRIM).
BRIM’s mission is to promote economic growth and diversification in Saudi Arabia by attracting foreign investments, developing the domestic asset management industry, and nurturing local talent.
This aligns with Vision 2030, a transformative initiative to modernize and diversify the kingdom’s economy.
The platform will focus on offering investment strategies across various asset classes, including public and private markets.
Managed by a team based in Riyadh, BRIM aims to contribute to the growth of the Saudi capital market ecosystem and establish a vibrant investment management sector within the kingdom.
BlackRock CEO Larry Fink is optimistic about Saudi Arabia’s investment potential, recognizing the country’s progress towards becoming an attractive destination for international investments.
BlackRock has a history of engaging with Saudi Arabia, despite controversies, and recently appointed Saudi Aramco CEO Amin Nasser to its board of directors, signifying its commitment to the Middle East as a strategic region.
By launching BRIM, BlackRock aims to provide Saudi Arabia access to its global investment expertise and support the kingdom’s efforts to create a diversified, sustainable economy.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“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 establishment of BRIM aims to foster “further growth in the Saudi capital market ecosystem and enable a growing international investment management sector based in Saudi Arabia,” the press statement said.”
Negative
“The asset managing giant has been doing work with Saudi Arabia for years, and in 2018 made clear it would not pull out despite major controversy over the killing of journalist Jamal Khashoggi by Saudi agents.”
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