The platform will receive an initial investment of up to $5 billion from PIF, subject to certain conditions being met.

BlackRock plans to create BlackRock Riyadh Investment Management, which will offer investment strategies across various asset classes and be managed by a local portfolio management team.

The new entity will leverage BlackRock's global asset management resources.

Larry Fink, BlackRock's CEO, expressed excitement about the partnership, marking the launch of the first international investment management platform in Saudi Arabia.

Saudi Arabia's capital markets growth and financial sector diversification, driven by Vision 2030, are attracting international investment and contributing to the country's future prosperity.

Fink, the CEO of BlackRock, expressed excitement about the opportunity for investors in this long-term venture.

PIF's deputy governor, Yazeed Al-Humied, announced a new agreement between PIF and BlackRock, which will make the Saudi investment and asset management market more internationally diverse and dynamic.

This collaboration between the two entities is a step forward in achieving this goal.

Saudi Arabia's economy is undergoing transformation, and BRIM (BlackRock Saudi Arabia) aims to support foreign institutional investment in the Kingdom.

BRIM will broaden local capital markets, promote asset class diversification, and develop Saudi asset management talent.

It will be integrated with BlackRock's global expertise and platform, subject to regulatory approvals and specified milestones.