RIYADH, April 30 (Xinhua) -- Saudi Arabia announced the plan to launch a Riyadh-based multi-asset investment management platform on Tuesday.

 

Under a memorandum of understanding (MoU) signed by BlackRock Saudi Arabia and the Saudi Public Investment Fund (PIF), BlackRock will establish a Riyadh-based multi-asset class platform named BlackRock Riyadh Investment Management (BRIM), according to a PIF statement.

 

The platform will be anchored by an initial investment mandate of up to 5 billion U.S. dollars from PIF and encompass investment strategies across a range of asset classes.

 

Larry Fink, chairman and CEO of BlackRock, said, "We are excited to build on the deep partnership we have developed with PIF over many years to launch the first-of-its-kind international investment management platform in Saudi Arabia."

 

Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF, said, "This new landmark agreement represents a step forward in PIF's work to make the Saudi investment and asset management market more internationally diverse and dynamic."