Saudi Arabia has announced its intention to launch a multi-asset investment management platform in Riyadh. The platform, called BlackRock Riyadh Investment Management (BRIM), will be established by BlackRock Saudi Arabia and the Saudi Public Investment Fund (PIF) under a memorandum of understanding.
The PIF will provide an initial investment mandate of up to $5 billion, and the platform will offer investment strategies across various asset classes. Larry Fink, the chairman and CEO of BlackRock, expressed enthusiasm for the partnership with PIF and the opportunity to create an international investment management platform in Saudi Arabia.
Yazeed A. Al-Humied, the deputy governor and head of MENA Investments at PIF, described the agreement as a significant step towards diversifying and energizing the Saudi investment and asset management market on a global scale.