Riyadh - Mubasher: The Saudi Crown Prince Mohammed bin Salman said that Fund manager BlackRock and private equity firm Blackstone Group are planning to open offices in Saudi Arabia, according to Reuters.
The move is encouraged by the investment opportunities offered by Saudi Arabia as the kingdom is aiming at diversifying its economy and reduce its dependency on oil.
The prince who is also the chairman of the Public Investment Fund (PIF) added in an interview with Reuters that PIF is setting a new role in the investment world.
Mohammed Bin Salman also noted that the fund would make money from both its recent joint investments with Japan’s SoftBank Group and with Blackstone.
“That’s why we made 20% profit with SoftBank in five months. That‘s why we established a fund in Blackstone, which is expected to make a 14% profit and create different fields and different investments. That’s why Blackstone and BlackRock are opening here,” the news agency quoted the Saudi crown prince.
