BlackRock, Saudi PIF Forge $5 Billion Investment Pact
PIF boasts assets exceeding $900 billion.
The American multinational investment company and asset manager BlackRock Inc. is poised to establish an investment platform in Saudi Arabia, fortified by a $5 billion commitment from the kingdom's sovereign wealth fund, the Public Investment Fund (PIF).[1]
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BlackRock inked a Memorandum of Understanding (MoU) with PIF, paving the way for creating the BlackRock Riyadh Investment Management (BRIM) platform that will traverse various asset classes, spanning private and public markets.
With its operations based in Riyadh, BRIM will have access to BlackRock's global asset management platform as well as a portfolio management team.
By hiring locally and moving seasoned investment experts, BRIM plans to invest in supporting infrastructure and investment research skills to strengthen local insights. This includes events for industry training and development, the inauguration of the BRIM Graduate Development Program, and the formation of a collaboration between PIF Academy and the BlackRock Educational Academy.
PIF boasts assets exceeding $900 billion. Meanwhile, BlackRock commands $10 trillion in assets under management worldwide and eyes a foothold in the GCC markets.