Riyadh - Sharikat Mubasher: The Saudi Public Investment Fund (PIF) signed a memorandum of understanding (MoU) with BlackRock Saudi Arabia to establish a multi-asset class investment platform, the sovereign fund announced in a statement.

Based in Riyadh, the platform will be anchored by an initial investment mandate of up to $5 million from the PIF, subject to the achievement of agreed milestones between the parties.

The BlackRock Riyadh Investment Management (BRIM) will encompass investment strategies across a range of asset classes, all of which will be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.

The BRIM aims to support foreign institutional investment into the Kingdom, enhance the Saudi asset management industry, expand local capital markets, and facilitate knowledge sharing and the development of Saudi-based asset management talent.

Yazeed Al-Humied, Deputy Governor and Head of MENA Investments at PIF, affirmed that partnering with leading global companies and asset managers like BlackRock aligns with the fund’s growth strategy.

“This new landmark agreement represents a step forward in PIF’s work in making the Saudi investment and asset management market more internationally diverse and more dynamic,” Al-Humied said.

Meanwhile, Larry Fink, Chairman and CEO of BlackRock, commented: “We are excited to build on the deep partnership we have developed with PIF over many years to launch this first-of-its-kind international investment management platform in Saudi Arabia.”

The BRIM will be fully integrated with BlackRock’s investment capabilities and operating platform, benefiting from global market expertise, thought leadership, and technology.