BlackRock's Aggressive Hunt for Growth in Saudi Arabia [BNN Bloomberg (Canada)]
BlackRock, Inc. (BLK)
Last blackrock, inc. earnings: 4/16 06:02 am
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Source: BNN Bloomberg
For Larry Fink, chief executive officer of BlackRock Inc., courting the billions of dollars in assets up for grabs in Saudi Arabia is part of the answer. His Gulfstream jet lands in Riyadh several times a year, and he's had at least two private dinners with de facto ruler Crown Prince Mohammed bin Salman, according to a person with knowledge of the matter. Meanwhile, BlackRock has been quietly increasing its presence in the country: It was the first major global investment manager to open an office in Riyadh, and the company now employs about 20 people there, a larger local workforce than its competition. The CEO of state-owned oil giant Saudi Aramco, Amin Hassan Ali Nasser, joined BlackRock's board last year. Saudi Arabia is a small part of BlackRock's portfolio. The company oversees more than $10 trillion around the globe and has $100 billion-plus across the Middle East and Africa—suggesting that less than 1% comes from the kingdom. (The total market for asset management in the b
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