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BlackRock Saudi Arabia and the Public Investment Fund (PIF) will launch of new mutual funds through their joint platform, BlackRock Riyadh Investment Management (BRIM), marking a deepening of their collaboration to develop Saudi Arabia’s capital markets.
The new funds will target Saudi systematic active equities and MENA fixed income, and will be available to both local and global investors.
The move follows the success of BRIM, which was established in April 2024 with an initial investment mandate from PIF and aims to channel more capital into Saudi markets.
The announcement was made at the PIF Asset Management Forum, held alongside the ninth edition of the Future Investment Initiative (FII9) in Riyadh.
Funds will be managed by Riyadh-based portfolio managers
BlackRock said its Saudi mutual funds build on a series of investment strategies introduced over the past year, including a Saudi systematic equity strategy launched in January and a Saudi index equity strategy announced in May following a letter of intent with PIF.
The firm said its Middle East offerings now span multiple public and private market asset classes, including infrastructure, as part of efforts to support the goals of Saudi Vision 2030.
The funds will be managed by Riyadh-based portfolio managers, underscoring BlackRock’s commitment to strengthening local investment expertise.
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BlackRock’s Riyadh headcount has nearly tripled since BRIM was setup
Since the establishment of BRIM, BlackRock’s Riyadh headcount has nearly tripled, with additional investment professionals and corporate staff hired to expand operations.
The company has also extended its global graduate analyst programme to Riyadh, with its third cohort set to join in 2026.
PIF, one of the world’s largest sovereign wealth funds, has played a central role in developing Saudi Arabia’s asset management industry and deepening market liquidity as part of its broader mandate to diversify the kingdom’s economy.
BlackRock said the latest announcement is non-binding and remains subject to regulatory and internal approvals, in line with the memorandum of understanding signed between the parties in April 2024.