Fund manager BlackRock opens office in Saudi Arabia

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BlackRock, the world’s largest fund manager, has opened an office in Saudi Arabia, pushing ahead with plans to capitalize on the government’s ambitious reform agenda.

A company spokeswoman said the Riyadh office had opened recently and is headed by Yazeed Almubarak, who previously worked at Morgan Stanley and Saudi bank Jadwa Investment, according to his LinkedIn page.

BlackRock, with oversight of more than $6.4 trillion in assets, is widely followed by investors and economists for its influence at many of the world’s public companies.

Plans to open an office in Saudi Arabia were announced in 2017 as Riyadh began a drive to attract investors to support its diversification of the economy away from oil.

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