RIYADH: A meeting between Saudi Arabia’s economy minister and the vice chairman of BlackRock focused on global economic developments, investment opportunities, and the Kingdom’s Vision 2030 diversification efforts.
During the talks in Riyadh on Jan. 5, Faisal Al-Ibrahim and Philipp Hildebrand discussed identifying potential collaborations to advance Saudi Arabia’s goals of reducing its dependence on oil revenues and fostering growth in key sectors such as renewable energy, technology, and tourism, according to a post on X.
In an interview with Arab News last year, BlackRock’s Managing Director, Head of Middle East Client Business, and CEO of Saudi Arabia, Yazeed Al-Mubarak, said that the global client base has shown a growing interest in gaining exposure to Middle Eastern assets.
In August, BlackRock deepened its engagement with the Kingdom by signing a memorandum of understanding with the Saudi Real Estate Refinance Co., a subsidiary of the Public Investment Fund.
The agreement, signed during an official visit to the US by Saudi Minister of Municipalities and Housing Majid Al-Hogail, will develop the country’s real estate finance sector and increase the share of businesses in the industry’s capital markets.