BlackRock Riyadh Investment Management 2024: First USD $5 Billion. Yasir Al-Rumayyan and Larry Fink.

CrunchRiyadh.com BIG NEWS: Yasir Al-Rumayyan PIF and Larry Fink CEO BlackRock Riyadh 2024 Saudi Arabia’s US$925 billion Public Investment Fund (PIF) has given BlackRock a US$5 billion mandate to help establish a multi-class investment firm based in the capital, called BlackRock Riyadh Investment Management. The purpose of the new vehicle is to attract more overseas capital to Saudi Arabia.

The move comes weeks after the launch of INFRA, Saudi Arabia’s multi-billion National Investment Fund, which BlackRock was intimately involved in establishing. BlackRock’s AUM totalled US$10.47 trillion at end-Q1 2024, compared to the US$11.89 trillion AUM of the total sovereign wealth fund universe, as estimated by Global SWF. Global SWF’s database includes an array mandates state-owned investors have awarded to the US-based global investor, as well as investments in funds across various asset classes, including bonds, real estate, infrastructure and renewables assets.

Larry Fink, Chairman and CEO, BlackRock, said about BlackRock Riyadh 2024

<sub>“One of BlackRock’s most important contributions in the countries in which we operate is to bring our knowledge and understanding of capital markets to help drive future economic development. 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 continued growth of the Kingdom’s capital markets and diversification of its financial sector will contribute to future prosperity for its citizens, the competitiveness of its companies and the resilience of its economy. Saudi Arabia has become an increasingly attractive destination for international investment as Vision 2030 comes to life, and we are pleased to offer investors from around the world the opportunity to take part in this exciting, long-term opportunity.”</sub> 

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said about BRIM

“Yazeed A. Al-Humied: PIF’s relationship with BlackRock is well established and growing. Partnering with leading global international companies and asset managers like BlackRock is part of PIF’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.”

BlackRock Riyadh Investment Management BRIM 2024 Information

BlackRock Investment Management (BRIM) is set to fully integrate with BlackRock’s extensive investment capabilities and operational platform, which will enhance its access to global market expertise, thought leadership, and advanced technology. This integration aims to facilitate the sharing of knowledge and further develop local investment capabilities. Additionally, BlackRock’s Financial Markets Advisory group will provide support in capital markets and market structure enhancements, aiming to deepen the capital markets and improve overall market infrastructure.

BRIM plans to bolster its investment in local infrastructure and research capabilities by hiring locally and bringing in experienced investment professionals. This effort includes launching the BRIM Graduate Development Program, establishing a partnership between PIF Academy and BlackRock Educational Academy, and hosting industry training and development events.

The recent Memorandum of Understanding (MoU) signed by BRIM is a preliminary agreement that remains contingent on meeting specific necessary conditions, obtaining regulatory approvals, and achieving certain milestones.

In related developments, in October 2023, the Public Investment Fund (PIF) introduced its Managers’ Gate platform and the Portfolio Management Development Program at the PIF Asset Management Forum. The Managers’ Gate is a digital platform designed to foster collaboration between PIF and external fund managers, enhancing strategic partnerships and investment opportunities.

BlackRock Saudi Arabia Location

BlackRock’s key executive team includes several notable figures:

• Robert S. Kapito, President and a co-founder, who oversees key operating units including Investment Strategies and Client Businesses.
• Martin Small, Chief Financial Officer, responsible for financial oversight.
• Chris Meade, Chief Legal Officer, overseeing legal aspects.
• Rob Goldstein, Chief Operating Officer, who manages operations and technology.
• Rick Rieder, Chief Investment Officer of Global Fixed Income, guiding fixed income investment strategies.

BlackRock GCC

Yasir Alani the Vice President Institutional Client Business – Middle East at BlackRock

Alisha Virdi Linkedin says that Alisha become a CFO couple of months ago.

Tags: Crunchriyadh Larry Fink Vision 2030 Yasir Al-Rumayyan Yazeed A. Al-Humied