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BlackRock: Our Investments in Saudi Arabia Are Doubling, the $5 Bln from PIF Is Only the Beginning

BlackRock’s headquarters in Riyadh. (BlackRock)
BlackRock’s headquarters in Riyadh. (BlackRock)
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BlackRock: Our Investments in Saudi Arabia Are Doubling, the $5 Bln from PIF Is Only the Beginning

BlackRock’s headquarters in Riyadh. (BlackRock)
BlackRock’s headquarters in Riyadh. (BlackRock)

BlackRock is reinforcing its long-term investment strategy in Saudi Arabia, viewing the Kingdom as a cornerstone of its regional growth plans. Kashif Riaz, Managing Director for the Middle East and head of the BlackRock Riyadh Investment Management Platform, said the company’s partnership with Saudi Arabia’s Public Investment Fund (PIF) marks the beginning of a significant expansion in scale and scope.

The first five billion euros are only the beginning, he told Asharq Al-Awsat, referring to the landmark investment that established a multi-asset platform in the Saudi capital.

The five-billion-euro commitment stems from the strategic alliance announced last year between BlackRock and PIF.

Speaking on the sidelines of the Future Investment Initiative (FII) conference in Riyadh, which gathered leading figures from global finance and industry last week, Riaz said the collaboration is designed to grow exponentially as Saudi Arabia’s capital markets deepen and diversify.

During the same event, Larry Fink, BlackRock’s Chairman and CEO, noted that the strong global interest in Saudi opportunities reflects international confidence in the Kingdom’s economic reforms and transformation, which have positioned it among the top emerging destinations for foreign investment.

Riaz explained that BlackRock Riyadh has already begun managing equity funds focused on Saudi and Gulf markets, with strategies spanning both active and index-based portfolios.

The company has also built specialized teams for fixed income and sukuk, and recently concluded a major infrastructure deal with Saudi Aramco. The $11 billion (SR41 billion) transaction, finalized during the FII conference, involves developing the Jafurah gas field in partnership with a consortium led by Global Infrastructure Partners, a BlackRock subsidiary.

He said the Riyadh platform was created to connect local and international investors with opportunities in the Saudi economy. The country’s financial landscape, he noted, is undergoing rapid transformation as family offices and digital investment platforms emerge as new engines of growth alongside sovereign and pension funds.

The company’s objective is to make BlackRock funds accessible to a wide range of investors - institutional and individual - through digital channels and wealth management networks, he added.

As part of its technological innovation, BlackRock has launched an AI-driven investment fund that uses artificial intelligence and data science to analyze stocks listed on the Tadawul exchange. The system integrates financial data, corporate reports, and social media activity to generate a data-backed view of each company.

Riaz said this method reflects BlackRock’s long-established systematic investment approach, which has been refined over decades and adapted to Saudi Arabia’s unique market dynamics.

He also outlined a project being developed with the Saudi Real Estate Refinance Company (SRC) to establish a secondary mortgage market, enabling banks to securitize housing loans into asset-backed securities.

He said progress is well under way, following a pilot issuance in August conducted with the Saudi Central Bank and the housing sector. According to him, the new market will help banks expand lending for home ownership, infrastructure, and new developments, while offering international investors safe, well-regulated financial products.

Looking ahead, Riaz identified housing, renewable energy, artificial intelligence, data centers, transport, and logistics as the key sectors driving BlackRock’s strategy in Saudi Arabia over the coming decade.

He said the firm’s focus has shifted more toward infrastructure investment than private equity, supported by a specialized fund that targets major strategic projects across the Gulf region. The Jafurah partnership, he noted, is one example of this broader regional vision.

BlackRock’s infrastructure portfolio now spans digital infrastructure, renewable energy, gas, water-related industries, and logistics. Globally, the firm holds stakes in major airports, including London Gatwick and several in Malaysia, and has formed partnerships in port operations such as King Abdullah Port on Saudi Arabia’s Red Sea coast.

Beyond deploying capital, Riaz said BlackRock’s strategy in the Kingdom centers on developing local talent and expertise. The company currently employs about 40 people in Saudi Arabia, 80 percent of them nationals.

It has also launched a graduate hiring program that recruits Saudi university students domestically and abroad, several of whom now hold leadership positions. Some Saudi professionals have even returned from BlackRock’s New York offices to Riyadh to help expand the firm’s local capabilities.

BlackRock was the first major global asset manager to establish a regional headquarters in Riyadh. Its initiatives align closely with Saudi Vision 2030, which seeks to diversify the economy, attract foreign investment, and stimulate non-oil sectors.

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Business

Canada Unveils Counter Tariffs of 15% to 50% on US Goods

Canadian flag is pictured across the Detroit River in Windsor, Ontario, Canada, 25 August 2026. EPA/ARI SAPERSTEIN
Canadian flag is pictured across the Detroit River in Windsor, Ontario, Canada, 25 August 2026. EPA/ARI SAPERSTEIN
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Canada Unveils Counter Tariffs of 15% to 50% on US Goods

Canadian flag is pictured across the Detroit River in Windsor, Ontario, Canada, 25 August 2026. EPA/ARI SAPERSTEIN
Canadian flag is pictured across the Detroit River in Windsor, Ontario, Canada, 25 August 2026. EPA/ARI SAPERSTEIN

Canada on Tuesday announced counter-tariffs on US goods ranging between 15 percent and 50 percent, intensifying the trade war between the historically close allies.

Ottawa's retaliation takes effect September 8, a timeframe earlier outlined by Prime Minister Mark Carney after US President Donald Trump's 50-percent duties on Canadian products came into place Saturday.

In detailing Ottawa's response, officials said Tuesday that its duties will match US levels. These impact industries like steel, dairy and electronics.

Canada's government also announced a $5.4 billion (CA$7.5 billion) aid package for impacted firms and workers.

"This is an unprecedented challenge imposed on Canada. But Canada will meet the moment," AFP quoted Canada's Finance Minister Francois-Philippe Champagne as saying.

"I think what Canadians can see this morning is that we stand united. We stand united in our response," he added.

The steep US tariffs hit about $20 billion in Canadian goods -- about 5.5 percent of its exports to the United States -- after trade negotiations collapsed at the eleventh hour.

Under Canada's planned response, US steel and aluminum products previously subject to a 25-percent duty will soon face 50-percent tariffs.

Goods facing 25-percent tariffs will include appliances, dairy products like cheese, as well as certain steel and aluminum derivative products.

A small category will see a 15-percent duty, including electric equipment and tools.

Overall, these form about 7.3 percent of Canada's imports from the United states.

But analysts warn of tit-for-tat escalation.

Already, Trump additionally pledged Monday to double tariffs on Canadian autos starting next year, up to 50 percent from the current 25 percent for non-US content.

Ontario Premier Doug Ford criticized Trump's threat on autos, saying he could "kiss my ass" and threatening an electricity export surcharge.

A freighter travels along the Detroit River in Detroit, Michigan, USA, 25 August 2026. EPA/ARI SAPERSTEIN

In an earlier phase of the dispute, Ontario imposed a temporary 25-percent surcharge on electricity exports to three US states.

Trump lashed out at Ford, warning of "far worse" consequences. He also referred to Carney as a "governor," re-upping his inflammatory push for Canada to become the 51st US state.

Highlighting the animosity, Trump said Tuesday he was considering renaming Lake Ontario as "Lake America," as he did last year with the Gulf of Mexico, which he said should now be called the "Gulf of America."

Trump's latest tariffs do not exempt products covered by the US-Mexico-Canada free trade agreement (USMCA). They raise the US effective tariff rate on Canadian exports to 6.9 percent from 5.1 percent, Oxford Economics estimates.

Tariffs on plastics, electrical machinery, and wood and paper products contribute most to the increase.

"Manufacturers in Quebec, New Brunswick, and Ontario will be affected the most," Oxford Economics said.

Over the weekend, Carney said US negotiators sought restrictions on Canadian trade deals with other countries at the last minute.

US officials made unacceptable "threats" to the French language and "Quebec culture" too, he added, referring to eastern Canada's French-speaking province.

But Trump pushed back Tuesday, saying on Truth Social that he would "never interfere with Canadians speaking French!"

"This lie was made up by a weak and ineffective Prime Minister in an attempt to gain political support," Trump charged.

The United States is Canada's biggest trading partner, with Canadian exports to its neighbor representing 70 percent of its overall total.

Canada is the second biggest US trading partner in goods this year, behind Mexico.
Polling released Sunday by the Angus Reid Institute showed Canadian broadly support Carney's move to walk away from talks, but some fear economic repercussions.

The White House had alleged "discriminatory treatment" by Canada against US alcohol, automobile and dairy products in rolling out new tariffs.

Trump delayed their implementation, but both sides failed to reach an agreement after hours of talks.

Beyond tariffs, Washington and Ottawa also have to agree on revisions to the USMCA, which Trump declined to renew in its current form.

Business

French Entrepreneur: Saudi Arabia is a Launchpad for Technology into Global Markets

The Biban Forum in Riyadh, specializing in startups (SPA)
The Biban Forum in Riyadh, specializing in startups (SPA)
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French Entrepreneur: Saudi Arabia is a Launchpad for Technology into Global Markets

The Biban Forum in Riyadh, specializing in startups (SPA)
The Biban Forum in Riyadh, specializing in startups (SPA)

French entrepreneur and investor Julie Barbier does not see Saudi Arabia merely as a promising market for technology companies, but as a global launchpad that enables the testing, development, and scaling of breakthrough technologies.

The founder and CEO of Merit believes that the Kingdom's combination of digital infrastructure, capital availability, execution speed, and broad customer base makes it an attractive environment for building technology products that can subsequently expand into regional and international markets.

In an interview with Asharq Al-Awsat, Barbier said that the economic transformation driven by Vision 2030 has created a highly ambitious business environment that is quick to embrace new ideas, alongside the restructuring of major sectors including finance, tourism, transportation, trade, logistics, and government services.

She cited the experience of Merit, a global company specializing in engagement and incentive technologies, whose Saudi team achieves innovation efficiency levels 59 percent higher than the company's internal innovation benchmark and generates about eight innovation initiatives each week.

Barbier said Saudi Arabia has become one of the world's most attractive environments for launching, validating, and scaling new technologies, benefiting from high rates of digital adoption, a willingness among major institutions to collaborate with innovative solutions, abundant capital, and the simultaneous transformation of entire economic sectors.

She explained that these conditions provide entrepreneurs with access to real-world use cases and serious customers, allowing them to launch and test new products at scale before rapidly refining and adapting them for expansion into other markets.

In her view, the Kingdom's pace of transformation also encourages a greater willingness to challenge traditional methods, a critical factor when developing new solutions.

For Merit, which selected Riyadh as its regional headquarters, Barbier said the company's presence in Saudi Arabia gives it direct access to customers and partners while enabling it to develop and test products before introducing them internationally.

"That is why I see Saudi Arabia not simply as a technology market, but as a launchpad for companies with regional and global ambitions," she said.

French entrepreneur and investor Julie Barbier (Asharq Al-Awsat)

Vision 2030: From Ambition to Rapid Execution

Barbier said one of Vision 2030's most significant contributions has been providing the Kingdom with a clear direction and a high level of ambition shared by government institutions, businesses, investors, and entrepreneurs.

"In a transformation of this scale, it is natural for some goals to progress faster than others, but the direction is clear and the momentum is strong," she said.

She believes that the clarity of ambition across the business ecosystem directly influences how new ideas are received. Decisions are made more quickly, experimentation is encouraged, and companies become more willing to adopt new ways of working.

Barbier likened Vision 2030 to a wave pushing the entrepreneurial ecosystem forward. Entrepreneurs and companies operating in the Kingdom are not merely benefiting from this momentum, she said; they are also helping to create it and moving in the same direction.

Merit's experience reflects that transformation. Although the company operates through approximately eight offices and employs staff from 24 nationalities, its Saudi team performs 59 percent better on the company's internal innovation index and launches around eight innovation initiatives each week.

According to Barbier, these figures are a practical demonstration of Vision 2030's impact.

"It is not simply a government strategy," she said. "It creates an environment that encourages people to work harder, experiment more, move faster, and think on a larger scale."

She added that this momentum has become part of Merit's strategic advantage: "We benefit from it and contribute to strengthening it."

A Digital Environment that Shortens the Path from Idea to Execution

Discussing her experience as a French entrepreneur and investor leading a global technology company from Riyadh, Barbier said what distinguishes Saudi Arabia's business environment is the speed with which decisions move from ambition to implementation, something entrepreneurs notice in their daily operations.

She noted that a wide range of services have become digital, from government services, digital identity, and payments to banking and business management. Many procedures that once required paperwork, appointments, or multiple intermediaries can now be completed digitally with increasing ease.

Barbier believes this digital transformation is not simply changing service delivery but is also reshaping the business mindset itself by raising expectations regarding execution speed and customer experience, while a broad technology infrastructure continues to be built across the Kingdom.

In this context, she highlighted the role of Saudi companies in strengthening the ecosystem. She noted that HUMAIN is developing capabilities in data centers, cloud infrastructure, models, and applications, while the government-owned company Elm serves as an example of how deeply technology has become integrated into sectors such as government services, finance, logistics, and business services.

Regarding Merit's decision to establish its regional headquarters in Riyadh, Barbier said the Kingdom's importance to the company extends beyond market size to include the environment it offers for product development, testing, and expansion.

"That is why we chose Riyadh as our regional headquarters," she said, "while continuing to develop products and technologies from Saudi Arabia that target global markets."

French entrepreneur and investor Julie Barbier at the Biban Forum in Riyadh (Asharq Al-Awsat)

The Future of Female Entrepreneurship in Saudi Arabia

Asked about the future of female entrepreneurship in the Kingdom, Barbier said: "I witnessed tremendous passion for entrepreneurship during my recent participation in the Saudi Unicorns Forum in Abha, where I met several female founders. What stood out was not only their ability to build companies, but also their level of ambition, commitment, and desire to expand and grow."

She noted that Saudi women are already active as founders, chief executives, investors, and decision-makers. What further strengthens their role, she said, is the growing entrepreneurial support ecosystem, which includes business leaders, investors, and experienced mentors who open doors, share expertise, and support the next generation of female entrepreneurs.

"I would also like to mention Princess Reema bint Bandar, the Custodian of the Two Holy Mosques' Ambassador to the United States, whose leadership and support have helped create more opportunities and support for the next generation of Saudi female entrepreneurs," she said.

Barbier added that Merit has witnessed similar progress internally across areas including product management, design, and marketing, where women directly influence the products the company develops, the decisions it makes, and the way it grows.

"Therefore, I do not believe the question today is whether Saudi women participate in entrepreneurship," she added. "They are already present and playing an active role. The next step is enabling more founders to scale by expanding access to capital, mentorship, and international networks, helping them build companies capable of growing regionally and globally."

Business

HUMAIN, Mistral Collaborate to Advance Sovereign AI in Saudi Arabia and Regionally

Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
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HUMAIN, Mistral Collaborate to Advance Sovereign AI in Saudi Arabia and Regionally

Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)

Saudi Arabia’s HUMAIN and French Artificial Intelligence company Mistral have announced a strategic collaboration spanning AI infrastructure, advanced model development, and the deployment of AI solutions in Saudi Arabia and across the region.

“Together, the companies will pursue the development and localization of advanced AI models, with initial areas of focus including cybersecurity and voice,” HUMAIN said in a statement on Monday.

“The companies also plan to develop frontier models that perform strongly in Arabic language to help support the broader region. This represents a collaboration in the hundreds of millions of Euros.”

“As part of the collaboration, Mistral will explore using HUMAIN's data center infrastructure to support growing local compute needs,” said the statement.

It added that the two companies also plan to develop a joint go-to-market strategy in the Kingdom focused on bringing advanced AI solutions to regulated industries.

CEO of HUMAIN Tareq Amin said on X that “the collaboration spans AI infrastructure, advanced model development and AI solutions, including plans to develop and localize frontier models with strong Arabic-language capabilities.”

According to the HUMAIN statement, “the collaboration is designed to meet growing demand for sovereign AI: AI that keeps data, intelligence, compute, and operations under the customer's control.”

“That means data can remain within customer-defined boundaries, models can be adapted and owned on open weights, training and inference can run on infrastructure and in jurisdictions the customer chooses, and AI systems can be deployed, governed, observed, and improved over time without ceding control of the learning loop to an external platform.”

The statement stressed its importance in financial services, manufacturing, telecommunications, cybersecurity, and the public sector.