{"id":85695,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/01\/blackrock-hits-usd-5-bn-jackpot-with-pif\/"},"modified":"2024-05-01T00:00:00","modified_gmt":"2024-05-01T00:00:00","slug":"blackrock-hits-usd-5-bn-jackpot-with-pif","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/01\/blackrock-hits-usd-5-bn-jackpot-with-pif\/","title":{"rendered":"BlackRock hits USD 5 bn jackpot with PIF"},"content":{"rendered":"

BlackRock, the world\u2019s largest asset manager, has lined up a USD 5 bn <\/strong>commitment from the <\/strong>Public Investment Fund (PIF)<\/strong> as part of a push to grow in the Kingdom, the two outfits said in a statement yesterday<\/a>. The US-headquartered investment giant is setting up a new entity \u2014 BlackRock Riyadh Investment Management \u2014 which will be run by BlackRock and PIF.<\/p>\n

A team in Riyadh to bring it together: <\/strong>A Riyadh-based investment team will manage the multi-asset platform, which will integrate strategies across multiple asset classes. It will also be looking to secure additional funding from local and foreign investors. The team will be \u201csupported by BlackRock\u2019s industry-leading global asset management platform,\u201d they said.<\/p>\n

What they said:<\/strong> \u201cThe continued growth of the kingdom\u2019s capital markets and diversification of its financial sector will contribute to future prosperity for its citizens,\u201d BlackRock CEO Larry Fink said. \u201cSaudi Arabia has become an increasingly attractive destination for international investment.\u201d<\/p>\n

Investing in talent: <\/strong>BlackRock Saudi Investment Management (or Brim, as the unit will be known) will staff up by \u201crelocating experienced investment professionals\u201d and will run a graduate training course to develop young Saudi talent.<\/p>\n

REMEMBER- BlackRock has had its eye on Saudi for a while: <\/strong>The world\u2019s biggest asset manager has been on what Bloomberg earlier this year called an \u201caggressive hunt for growth in Saudi Arabia.\u201d<\/a> Fink is here to visit multiple times per year, its 20-person Saudi team (now set to grow) is the biggest among its peers and challengers, and the firm is \u201cembedding itself in different parts of the country\u2019s institutions and capital markets,\u201d the business information service wrote.<\/p>\n

This announcement makes clear what the dinner was about\u2026 <\/strong>The firm hosted a private gathering earlier this week<\/a> in Riyadh to highlight potential investments in the Kingdom for key corporate executives and regional investors. Key speakers at the event included PIF Governor Yasir Al Rumayyan and Energy Minister Prince Abdulaziz bin Salman.<\/p>\n

The story is getting plenty of attention in the global press: <\/strong>Financial Times<\/a> | Retuers<\/a> | Bloomberg<\/a> | Wall Street Journal<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

BlackRock hosted a \u201cprivate\u201d gathering earlier this week for key corporate executives and regional investors<\/p>\n","protected":false},"author":1,"featured_media":85696,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2616],"tags":[333,31,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-blackrock","tag-investment-watch","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"21971744-56a6-435d-a24e-362419866213","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2265.jpg","photo_position":"above","homepage_title":"BlackRock hits USD 5 bn jackpot with PIF","full_issue_title":"BlackRock lands USD 5 bn commitment from PIF to launch multi-asset investment platform based in Riyadh","related_issue":[85690],"teaser":"BlackRock hosted a \u201cprivate\u201d gathering earlier this week for key corporate executives and regional investors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4e05abeb-0b5b-46e9-9948-127a91984f2e.mp3"},"yoast_head":"\nBlackRock hits USD 5 bn jackpot with PIF - 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