In a move to spur capital markets growth in Saudi Arabia, asset manager BlackRock has announced the launch of an investment platform in Riyadh. This platform, named BlackRock Riyadh Investment Management (BRIM), will be supported by a $5 billion anchor investment from the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF).
BRIM’s objective is to introduce investment strategies encompassing various asset classes, including both public and private markets, specifically tailored for the Saudi market. These strategies will be managed by a dedicated investment team based in Riyadh.
The establishment of BRIM aligns with Saudi Arabia’s Vision 2030, a multi-trillion dollar initiative aimed at modernizing the kingdom’s economy and reducing its reliance on oil. A key aspect of this plan is attracting major international institutions, investments, and foreign talent to Saudi Arabia. BRIM aims to foster the growth of the Saudi capital market ecosystem and establish a robust international investment management sector within the kingdom.
BlackRock, the world’s largest asset manager with $10 trillion under management, has had a presence in Saudi Arabia for several years. In 2018, the firm emphasized its commitment to the region despite the controversy surrounding the murder of journalist Jamal Khashoggi by Saudi agents. Further strengthening its ties to the kingdom, BlackRock appointed Saudi Aramco CEO Amin Nasser to its board of directors in July 2023. Aramco is the world’s largest oil company.
