BlackRock Gets New Saudi Mandate for Infrastructure Fund - Bloomberg
BlackRock Inc. has been hired by Saudi Arabia to advise a new investment fund established to help finance a drive to upgrade infrastructure across the world’s biggest oil exporter.
The U.S. asset manager will help Saudi Arabia create and oversee the National Infrastructure Fund, which expects to be involved in financing around $53 billion worth on projects over the next decade in industries from power and water to health care, according to a statement on Monday.
The size of the fund hasn’t been determined yet, but it will be backed entirely by the National Development Fund, a Saudi government entity chaired by Crown Prince Mohammed Bin Salman. BlackRock’s deal with Saudi Arabia will be through its Financial Markets Advisory unit and won’t affect the firm’s assets under management, which reached $9.46 trillion last quarter.
“There is huge interest from investors around the world in infrastructure and our role with NIF is to help institutionalize the infrastructure market in Saudi Arabia in order to attract more foreign capital,” said Yazeed Almubarak, chief executive officer and director of BlackRock Saudi Arabia.
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