PIF, BlackRock deepen strategic cooperation to boost Saudi capital market growth

BlackRock Saudi Arabia and PIF today signed a non-binding letter of intent at the Saudi-U.S. Investment Forum to formalize their strategic collaboration through potential new allocations to the BlackRock Riyadh Investment Management (BRIM) platform.

Established in April 2024 with an initial investment mandate from PIF, BRIM is now operational and actively managed by BlackRock’s Riyadh-based investment teams.

Today’s announcement is a significant milestone in this collaboration, with an agreement to launch an index mandate focusing on Saudi equities. This allocation underscores PIF’s confidence in BlackRock’s capabilities and commitment to fostering a robust investment environment in KSA’s capital markets.

PIF is one of the world’s most impactful investors, enabling the creation of new sectors and opportunities that help shape the global economy, while driving the economic transformation of Saudi Arabia.

This letter of intent complements a series of PIF initiatives to promote further growth in the Saudi capital market ecosystem and enable a more robust international investment management sector based in Saudi Arabia.

This comes in addition to a Saudi systematic equities mandate launched in January 2025, marking another step towards achieving their shared goals.

The collaboration between PIF and BlackRock represents a pivotal step toward driving development goals and enhancing investment management within Saudi Arabia, bringing significant benefits to the Saudi financial landscape.

Today’s letter of intent is non-binding and is subject to satisfying certain necessary conditions including obtaining all necessary regulatory and internal approvals, and fulfilling specified milestones.