In a landmark collaboration, Saudi Arabia's Public Investment Fund (PIF) has partnered with global investment giant BlackRock to launch a revolutionary investment platform aimed at accelerating the Kingdom's capital market growth.
The new platform, based in Riyadh and boasting an initial $5 billion in funds from PIF, signifies a significant step towards achieving the goals outlined in Saudi Vision 2030. Named BlackRock Riyadh Investment Management (Brim), this initiative underscores the Kingdom's commitment to diversifying its economy away from oil dependence.
Brim, overseen by a dedicated portfolio management team in Riyadh, will focus on raising funds and enhancing local research capabilities to drive sustainable investment opportunities in the region.
As Saudi Arabia continues to emerge as a premier investment destination, fueled by robust capital market growth, international investors are increasingly drawn to its promising prospects. The establishment of Brim marks a pivotal moment in the Kingdom's journey towards economic transformation and global prominence.
