Saudi Arabia’s Public Investment Fund (PIF) has signed preliminary agreements with several asset management firms at the Saudi-US Forum 2025, to accelerate the growth of capital markets in Saudi Arabia and wider region.
PIF is one of the world’s most impactful investors, enabling the creation of new sectors and opportunities that help shape the global economy, while driving the economic transformation of Saudi Arabia.
This letter of intent complements a series of PIF initiatives to promote further growth in the Saudi capital market ecosystem and enable a more robust international investment management sector based in Saudi Arabia.
This comes in addition to a Saudi systematic equities mandate launched in January 2025, marking another step towards achieving their shared goals.
Partnership with BlackRock
PIF and BlackRock Saudi Arabia have signed a non-binding letter of intent (LoI) at the Saudi-US Investment Forum.
The LoI is to formalize the strategic collaboration between the two parties through potential new allocations to the BlackRock Riyadh Investment Management (BRIM) platform.
Established in April 2024 with an initial investment mandate from PIF, BRIM is now operational and actively managed by BlackRock’s Riyadh-based investment teams.
The latest announcement is a significant milestone in this collaboration, with an agreement to launch an index mandate focusing on Saudi equities. This allocation underscores PIF’s confidence in BlackRock’s capabilities and commitment to fostering a robust investment environment in KSA’s capital markets.
The collaboration between PIF and BlackRock represents a pivotal step toward driving development goals and enhancing investment management within Saudi Arabia, bringing significant benefits to the Saudi financial landscape.
This letter of intent is non-binding and is subject to satisfying certain necessary conditions, including obtaining all necessary regulatory and internal approvals, and fulfilling specified milestones.
Image Via: PIF@LinkedIn | Cropped by GBN
Franklin-PIF Collaboration
Franklin Templeton Financial Company (FTFC) and PIF signed a non-binding memorandum of understanding (MoU) to partner in investing up to $5 billion to further develop Saudi Arabia’s financial markets.
Under the MoU, both entities seek to collaborate on a range of investment strategies and products in Saudi Arabia, with the goal of developing opportunities that align with their shared objectives. Additionally, Franklin Templeton will deploy programs and initiatives to transfer knowledge, foster talent and promote innovation in the asset management sector.
Image Via: PIF@LinkedIn | Cropped by GBN
Strategic MoU with I Squared Capital
I Squared Capital, a leading independent global infrastructure investment manager, and PIF signed a non-binding MoU to establish a dedicated infrastructure investment strategy focused on the Middle East.
This strategic collaboration aims to accelerate investment into key infrastructure sectors across the region, promote foreign direct investment into Saudi Arabia, and support the nation’s transformation into a global hub for capital and innovation. The fund will seek to build connectivity across regional and global markets, drawing on I Squared Capital’s sector expertise and global investment platform.
