BlackRock to launch Saudi investment firm after $5bn deal with Riyadh .$BTC
Creation of subsidiary is US money manager’s latest move to build ties and win mandates in Middle East
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BlackRock has struck a deal with the Saudi Arabian government to open a multi-class investment firm in Riyadh, anchored by a $5bn mandate from the kingdom’s Public Investment Fund. BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager. Riyadh-based professionals will manage funds that invest primarily in Saudi Arabia but also the rest of the Middle East and north Africa.
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The goal is to attract additional overseas capital to Saudi Arabia and deepen its capital markets through a range of investment funds managed by BlackRock. The move is the latest effort by the world’s largest money manager and its global competitors to build ties and win investment mandates in the Middle East. BlackRock last summer added Amin Nasser, chief executive of state oil company Saudi Aramco, to its board of directors.#BullorBear
