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🔥#BlackRock to launch PIF-backed Saudi investment platform.
The world's largest asset manager BlackRock said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).
BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform, anchored by PIF's initial cash injection, subject to certain agreed milestones being hit.
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