BlackRock and Saudi wealth fund PIF sign an MoU.

BlackRock and the Public Investment Fund have announced the launch of a new series of joint investment funds covering diverse asset classes, including Saudi equities and fixed-income instruments in the Middle East and North Africa region.

Global and local investors will be able to invest in these products through BlackRock Riyadh Investment Management, an investment platform launched in 2024.

The two companies stated in a joint announcement: “BlackRock’s investment offerings in the Middle East now include a wide range of asset classes in public and private markets, including infrastructure, contributing to the enhancement of capital markets in the Kingdom and supporting the objectives of Saudi Vision 2030.”

Portfolio managers based in Riyadh oversee these strategies, highlighting efforts to develop expertise in the local financial sector.

BlackRock also announced that it has nearly tripled its workforce in Riyadh since April 2024 and expanded its global graduate training program for analytical skills, with the third cohort of participants expected to join in 2026.

Saudi Vision 2030

Saudi Vision 2030 is a strategic framework launched in 2016 to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. The vision is built upon three main pillars: a vibrant society, a thriving economy, and an ambitious nation, aiming to unlock the country’s cultural and economic potential. It represents a historic transformation plan for the nation, setting ambitious long-term goals and expectations for the future.