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In a significant development, BlackRock and the Public Investment Fund (PIF) have signed a memorandum of understanding to establish a Riyadh-based multi-asset class investment platform. This partnership marks a major milestone in Saudi Arabia’s economic transformation and diversification efforts.

The platform, titled BlackRock Riyadh Investment Management (BRIM), will be anchored by an initial investment mandate of up to $5 billion from PIF, subject to the achievement of agreed milestones. BRIM will encompass investment strategies across various asset classes, managed by a Riyadh-based portfolio management team supported by BlackRock’s global asset management platform.

PIF, a leading investor in Saudi Arabia’s economic transformation, has created 94 new companies and generated over 644,000 direct and indirect jobs since 2017. This partnership aims to support foreign institutional investment in Saudi Arabia, broaden local capital markets, and facilitate knowledge sharing and talent development in the asset management industry.

Larry Fink, Chairman and CEO of BlackRock, emphasized the importance of driving economic development through capital markets knowledge sharing. “We are excited to leverage our expertise to support Saudi Arabia’s economic growth and diversification, contributing to the country’s future prosperity and economic resilience.”

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, highlighted the significance of partnering with global companies like BlackRock to enhance Saudi Arabia’s financial sector and attract international investment.

The BRIM platform will benefit from BlackRock’s global market expertise, thought leadership, and technology, while promoting knowledge sharing and local investment capabilities. The partnership also includes initiatives to develop local talent through the BRIM Graduate Development Program and industry training events.

This landmark agreement marks a significant step forward in PIF’s strategy to diversify the Saudi investment and asset management market, making it more attractive to international investors.