03:40 PM EDT, 04/30/2024 (MT Newswires) -- BlackRock's ( BLK ) Saudi Arabian unit and Saudi Arabia's Public Investment Fund have a memorandum of understanding for BlackRock ( BLK ) to set up a multi-asset investment platform in Riyadh, PIF said Tuesday.

BlackRock Saudi Arabia and PIF plan to launch BlackRock Riyadh Investment Management, which will kick off with an investment mandate of up to $5 billion from PIF, and will be managed by a Riyadh-based team and supported by BlackRock's ( BLK ) global asset management platform.

BlackRock Riyadh Investment Management will integrate with BlackRock's ( BLK ) global expertise and technology, and will aim to invest in infrastructure and research, hiring local talent and relocating experienced professionals to enhance local insights.

Neither BlackRock ( BLK ) nor PIF immediately responded to comment requests by MT Newswires.

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