Saudi PIF and Blackrock Launch an Investment Platform
Saudi Arabia’s PIF to launch a new investment platfrom with investment management and financial services company BlackRock.
This will act as an initiative to accelerate the Kingdom’s growth of capital markets; the investment platform will be set up in Riyadh and will have $5 billion (Dh18 billion) funds from the PIF.
The Saudi office of BlackRock and PIF signed a memorandum of understanding to establish BlackRock Riyadh Investment Management (Brim).
Brim will be overseen by a Riyadh-based portfolio management team with a target of raising funds and investing in local research capabilities.
The Kingdom is becoming an attractive destination for investments as it is following its Saudi Vision 2030, which has a main aim of diversifying income away from the oil sector.
The growth of its capital markets is making it international investors enthusiastic for the Saudi market.
Since 2017, the sovereign fund has created 94 new companies and generated over 644,000 direct and indirect jobs.
