BlackRock Strengthens Partnerships in Saudi Arabia with Strategic Agreements

In a significant step to enhance investment cooperation, BlackRock, the world’s largest asset manager, has signed a series of financial agreements with four government institutions in Saudi Arabia. These partnerships come as part of the Kingdom’s efforts to stimulate economic growth and enhance innovation within Vision 2030. BlackRock announced the signing of a memorandum of understanding with the Saudi Public Investment Fund to establish a multi-asset investment platform in Riyadh.

The platform is expected to invest up to $5 billion from the Public Investment Fund, which aims to strengthen local capital markets and attract more investments from local and international investors. The platform, which will be known as the “BlackRock Riyadh Investment Management Platform” (BRIM), will focus on providing diversified investment strategies that include public and private assets, supported by BlackRock’s global expertise.

In another step, the Kingdom has mandated BlackRock to manage the infrastructure fund, which aims to support infrastructure modernization projects in the country. The fund is expected to participate in financing projects worth approximately $53 billion over the next decade, including sectors such as energy, water, and healthcare. This fund, which will be supported by the National Development Fund, seeks to attract more foreign capital and boost the infrastructure market in the Kingdom.

Hasana Investment Company, the investment arm of the General Organization for Social Insurance, also signed a memorandum of understanding with BlackRock. This agreement aims to develop BlackRock’s strategy for investing in infrastructure in the Middle East region, enhance cooperation in this sector, and promote institutional participation in capital markets.

Finally, the Saudi Real Estate Refinance Company, a subsidiary of the Public Investment Fund, signed a memorandum of understanding with BlackRock in New York. This agreement will work to develop programs in the Saudi real estate finance market and enhance institutional participation in this sector. The memorandum aims to accelerate the development of the real estate refinancing market in the Kingdom, attract international investors, and expand the real estate investment base in line with the goals of Vision 2030.