Economy
BlackRock to Open Saudi Office

BlackRock Inc. plans to open an office in Saudi Arabia as the world’s largest asset manager seeks investment opportunities in the kingdom and wider Middle East.
“The changes in Saudi Arabia are pretty amazing,” Chief Executive Officer Larry Fink said at a financial summit in Riyadh on Wednesday. “We are looking at many different opportunities as an investor and we are working with the region in terms of helping them diversify their portfolios outside the region.”
The New York-based company was a “substantial investor” in Saudi Aramco’s inaugural dollar bond, Fink said. The oil giant raised $12 billion this month in one of the most oversubscribed debt offerings in history. “We wanted the Aramco bond to be much bigger,” he said.
Some of the world’s leading financiers are gathering in Riyadh for a two-day summit six months after most Wall Street chief executives skipped a major investment conference in protest over the murder of Jamal Khashoggi. While the U.S. has blacklisted 16 Saudi nationals for their role in the killing, the diplomatic crisis for business has proved to be little more than a blip.
Fink, who skipped a gathering of elites in the Saudi capital last year as the financial industry protested the government critic’s killing, touted the kingdom as a promising market for investors.
‘Not Perfect’
“The region is not perfect. No region in the world is perfect,” Fink said. “The fact that there are issues in the press doesn’t tell me I should run from a place, it tells me we should run to a place.”
BlackRock is focused on ways to broaden its global reach as the industry is under pressure to find growth. Fink frequently underscores the money manager’s desire to attract customers outside the U.S. and sees great untapped potential abroad.
The firm saw its assets under management move above $6 trillion again in the first quarter of this year after a drop amid market turmoil at the end of 2018.
-
News1 month ago
Offer Price, Overview, Investors: Here’s Everything You Need to Know About Asyad Shipping’s Mega IPO
-
OER Magazines1 month ago
OER, February 25
-
Automotive2 months ago
[REVIEW] A Legend Reinvented: The Nissan Patrol Y63 Blends Heritage with Modern Mastery
-
Alamaliktistaad Magazines1 month ago
Al-iktisaad, February 2025
-
Energy1 month ago
Dubai Supreme Council of Energy Unveils 5th Emirates Energy Award 2023–2025 in Muscat
-
News2 months ago
Oil Prices Rise as Investors Assess New US Tariff Threats
-
News2 months ago
Middle East Emerging as a Key Destination for Sports Tourism
-
News1 month ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
You must be logged in to post a comment Login