BlackRock Inc. is poised to host a gathering of top corporate executives and government officials in Riyadh, marking the US firm’s first event on this scale in Saudi Arabia’s capital and bolstering the kingdom’s efforts to lure foreign investment.
The world’s largest asset management company is hosting the event alongside the Saudi Ministry of Finance, according to people familiar with the matter, who asked not to be identified discussing private information. The goal: showcasing investment opportunities and giving an overview of progress on the country’s trillion-dollar Vision 2030 program.
The event comes as the kingdom ratchets up efforts to raise billions of dollars for Crown Prince Mohammed bin Salman’s ambitious economic transformation efforts. BlackRock’s involvement shows how deeply the US firm has embedded itself in Saudi Arabia, the biggest market in the region.
Chief Executive Officer Larry Fink, who has been quietly increasing the firm’s presence in Saudi Arabia, has had at least two private dinners with the de facto ruler known as MBS.
Read More: Larry Fink’s BlackRock Hunts for Growth in Saudi Investment Boom
Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund, and Energy Minister Abdulaziz bin Salman are expected to address the gathering that will include key executives from global asset managers as well as regional investors.
The kingdom is hosting meetings of the World Economic Forum this week. And BlackRock’s event would come days after the kingdom flew in hundreds of bankers to Neom — the $1.5 trillion development at the heart of its transformation plan — as part of efforts to seek new forms of funding. Saudi Arabia recently scaled back its medium-term ambition for the project, Bloomberg News has reported.
