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.
