PIF signs investment platform agreement with BlackRock
2 May 2024BlackRock Saudi Arabia and the Public Investment Fund (PIF) have signed a non-binding memorandum of understanding (MoU) that involves BlackRock establishing a Riyadh-based multi-asset class investment platform.
The platform will be anchored by a $5bn investment mandate from PIF, subject to the achievement of agreed milestones between the parties.
The BlackRock Riyadh Investment Management (BRIM) will encompass investment strategies across a range of asset classes. They are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s global asset management platform.
BRIM intends to invest in supporting infrastructure, as well as investment research capabilities to boost local insights, through recruiting locally and relocating experienced investment professionals. This includes the launch of a graduate programme, the establishment of a partnership between PIF Academy and the BlackRock Educational Academy, and industry training and development events.
“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.
Related
-
L&T Valves Opens New Manufacturing Facility in Saudi Arabia
17 May 2024
-
Zambian Cabinet Approves Beira Corridor Agreement Ratification
15 May 2024
-
Australia to invest $15 billion in renewable energy, critical minerals
15 May 2024
-
Soudah seeks contractors for mountain resort
14 May 2024
-
South Korea prepares support package worth over $7 billion for chip industry
14 May 2024
-
Diriyah targets $8-9bn contract awards this year
13 May 2024