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Laxman Pai, Opalesque Asia: The world's largest asset manager BlackRock and Saudi Arabia's sovereign wealth fund (SWF) Public Investment Fund (PIF) have agreed to establish a new multi-asset investment firm based in the Saudi capital Riyadh.
The new entity, BlackRock Riyadh Investment Management (BRIM), will invest across a range of asset classes, starting with an anchor investment of up to $5 billion from Saudi Arabia's Public Investment Fund, said a joint press release.
The two parties said the platform would accelerate the growth of Saudi Arabia's capital markets, with a Riyadh-based investment team looking to raise additional funds locally and overseas. BlackRock and the PIF are seeking to accelerate the growth of capital markets in Saudi Arabia by supporting foreign institutional investment in the country.
Locally since 2017, PIF has created 94 new companies and created over 644,000 direct and indirect jobs.
"As Saudi Arabia continues to transform its economy, BRIM will seek to support foreign institutional investment into Saudi Arabia and further enhance the Saudi asset management industry; broaden local capital markets while driving investor diversification across asset classes; and facilitate knowledge sharing and the development of Saudi-based asset management talent," said the release.
According to the statement, this complements a series of initiatives by PIF to foster further growth in the Saudi capital market ecosystem and enable...................... To view our full article Click here
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