Since 2017, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has played an integral role in diversifying the economy and increasing investments in new industries.

To continue achieving such goals, Blackrock, an asset management firm, aims to establish a new investment platform in the kingdom. This platform will be backed by the PIF, amassing $5 billion in support and additional cash injections from local and international investors.

Based in Riyadh, BlackRock Riyadh Investment Management will invest across various asset classes, encompassing private and public markets. The platform’s vision involves accelerating the growth of capital markets in Saudi Arabia by facilitating foreign institutional investment in the Gulf state.

Larry Fink, chairman and CEO of BlackRock, said, “The continued growth of the kingdom’s capital markets and diversification of its financial sector will contribute to future prosperity for its citizens, the competitiveness of its companies and the resilience of its economy.”