RIYADH: BlackRock Saudi Arabia and the Public Investment Fund signed a memorandum of understanding on Tuesday which entitles the former to establish a Riyadh-based multi-asset investment platform.
It will be anchored by an initial investment mandate of up to $5 billion from PIF, subject to the achievement of agreed milestones between the parties, said a media statement.
Both parties have expressed the intention to establish BlackRock Riyadh Investment Management, which will encompass investment strategies across a range of asset classes. It is expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s global asset management platform.
Larry Fink, BlackRock’s CEO, said: “We are excited to build on the deep partnership we have developed with PIF over many years to launch this first-of-its-kind international investment management platform in Saudi Arabia.
“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.”
Saudi Arabia has become an increasingly attractive destination for international investment as Vision 2030 comes to life, according to Fink.
He added: “We are pleased to offer investors from around the world the opportunity to take part in this exciting, long-term opportunity.”
Yazeed Al-Humied, PIF’s deputy governor and head of MENA (Middle East and North Africa) Investments, said: “PIF’s relationship with BlackRock is well established and growing. This new landmark agreement represents a step forward in PIF’s work in making the Saudi investment and asset management market more internationally diverse and more dynamic.”
As Saudi Arabia continues to transform its economy, BRIM will seek to support foreign institutional investment into the Kingdom and further enhance the Saudi asset management industry, broadening local capital markets while driving investor diversification across asset classes, facilitating knowledge sharing and the development of Saudi-based asset management talent.
BRIM will be fully integrated with BlackRock’s investment capabilities and operating platform, benefiting from global market expertise.
The non-binding memorandum is subject to satisfying certain necessary conditions, regulatory approvals, and fulfilling specified milestones.
BlackRock, PIF launch multi-asset investment management platform in Riyadh
https://arab.news/676ed
BlackRock, PIF launch multi-asset investment management platform in Riyadh
- First-of-its kind partnership aligns with PIF’s initiatives to drive further growth of the Saudi capital markets ecosystem, sector
- It will be anchored by an initial investment mandate of up to $5bn from PIF
Operational challenges bring Riyadh Airport to a near standstill
- Airlines issue statements, while sources tell Arab News rain is to blame
RIYADH: Thousands of passengers travelling to and from King Khalid International Airport in Riyadh were left stranded as major airlines struggled to offer alternative flights following a slew of cancellations and delays.
Saudia and flyadeal were among the aviation firms who faced difficulties, with the two airlines putting out statements blaming temporary operational challenges for the issues.
A statement from the airport on its official X account urged travelers to contact airlines directly before heading to the aviation hub to verify the updated status and timing of their flights.
The statement said: “King Khalid International Airport would like to inform you that, due to the concurrence of a number of operational factors over the past two days —including several flights diverting from other airports to King Khalid International Airport, in addition to scheduled maintenance works within the fuel supply system — this has resulted in an impact on the schedules of some flights, including the delay or cancellation of a number of flights operated by certain airlines.”
The airport added that operational teams are working “around the clock in close coordination with our airline partners and relevant stakeholders to address developments and restore operational regularity as soon as possible”, while taking all necessary measures to minimize any impact on the passenger experience.
Airport sources told Arab News that the issue has to do with the heavy rain Riyadh experienced earlier on Friday. Water apparently got into the fuel tankers supposed to refuel jets before they fly, and then several airlines struggled to re-schedule passengers.
It its own statement on X, Saudia said: “Affected guests are being contacted through various communication chanels, with all ticket changes processed at no additional cost.”
Arab News reached out to Saudia for further information.
Also in a post on X, flyadeal said any of it passengers impacted by the disruption “will be notified directly by emails and SMS with rebooking and support options.”
