BlackRock Inc. is poised to receive up to $5 billion from Saudi Arabia’s sovereign wealth fund to expand its presence in the Middle East and establish a Riyadh-based investments team, signaling a deepening commitment to the kingdom. The newly formed entity, BlackRock Riyadh Investment Management, is a result of a collaboration between BlackRock and Saudi Arabia’s Public Investment Fund (PIF), aiming to deploy strategies across various asset classes, including private and public markets. 

Under the partnership, investments will be overseen by a local portfolio management team based in Riyadh, with BlackRock providing support. The venture also seeks to attract additional capital from both domestic and international investors, aiming to leverage the growth potential of Saudi Arabia’s capital markets and contribute to the nation’s economic diversification. This move aligns with BlackRock’s strategic focus on expanding its footprint in Saudi Arabia, with executives emphasizing the region's significance.