Saudi Arabia’s Public Investment Fund (PIF) has announced two transformative partnerships with global asset management giants BlackRock and Neuberger Berman, collectively valued at $11 billion. The move marks a bold step forward in PIF’s efforts to deepen the Kingdom’s capital markets, localise investment capabilities, and position Riyadh as a premier financial centre in line with Vision 2030.
The deals include a $5 billion anchor investment in a BlackRock-led infrastructure fund and a $6 billion partnership with Neuberger Berman to establish a Riyadh-based multi-asset platform. These initiatives are part of a broader strategy to attract international financial expertise, develop domestic capital market infrastructure, and support sustainable economic transformation.
BRIM: BlackRock’s Investment Hub in Riyadh
Announced Thursday, PIF and BlackRock unveiled the creation of BlackRock Riyadh Investment Management (BRIM) — a dedicated investment platform that will serve as BlackRock’s operational base in Saudi Arabia. BRIM will manage a planned $5 billion infrastructure fund, anchored by PIF, focusing on sectors such as power, utilities, and social infrastructure within the Kingdom and potentially across the wider MENA region.
Beyond capital deployment, BRIM is expected to play a vital role in talent development, by training Saudi professionals and integrating BlackRock’s global investment practices locally. This aligns directly with Vision 2030’s goals of economic diversification and knowledge transfer.
“BRIM reflects our commitment to the Kingdom’s long-term development, offering a platform that merges international expertise with local ambition,” said a BlackRock spokesperson. “With PIF as a strategic anchor investor, we aim to catalyse key infrastructure sectors while building sustainable investment capacity on the ground.”
Neuberger Berman to Launch $6 Billion Multi-Asset Platform
Separately, PIF signed a non-binding memorandum of understanding (MoU) with Neuberger Berman to establish a multi-asset investment management platform in Riyadh, pending regulatory approval. The platform will manage up to $6 billion in assets and operate across equities, fixed income, and private markets, targeting both domestic and international investors.
The collaboration supports Neuberger Berman’s ongoing expansion in the region, following the 2024 appointment of Khalid Albdah as Head of Middle East and New Markets. The firm, which oversees more than $515 billion in assets globally, aims to channel global capital into Saudi markets and accelerate the growth of the local asset management industry.
“We are honoured to partner with PIF, one of the largest and most sophisticated institutional investors,” said George Walker, CEO of Neuberger Berman. “This partnership enables us to contribute to the domestic economy, nurture local talent, and promote education and training while aligning with the Kingdom’s Vision 2030 aspirations.”
Driving Financial Transformation in Saudi Arabia
These new partnerships underscore PIF’s strategic intent to attract top-tier financial institutions, facilitate regulatory innovation, and support local workforce development. By establishing on-the-ground platforms through BlackRock and Neuberger Berman, PIF is creating the conditions for long-term capital formation, resilient financial ecosystems, and enhanced global investor engagement.
The initiatives build on previous PIF efforts to localise investment expertise and elevate the Kingdom’s presence in international markets. As Riyadh cements its role as a regional capital market hub, these partnerships will provide critical infrastructure, global connectivity, and diversified financial tools to support the broader economic diversification agenda.
