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Thu 5 Sep 2019 08:58 AM

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BlackRock opens Saudi office in Riyadh

New York-based company is world's largest asset manager

BlackRock opens Saudi office in Riyadh
Larry Fink, chief executive of BlackRock

BlackRock has opened an office in Saudi Arabia as the world’s largest asset manager seeks investment opportunities in the kingdom and wider Middle East.

The Riyadh office will be headed up by Yazeed Almubarak, who previously worked at Morgan Stanley and Saudi bank Jadwa Investment.

The New York-based company was a “substantial investor” in Saudi Aramco’s inaugural dollar bond earlier this year, said chief executive officer Larry Fink, where the oil giant raised $12 billion in one of the most oversubscribed debt offerings in history.

“The region is not perfect. No region in the world is perfect,” Fink said earlier this year. “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 US and sees great untapped potential abroad.

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