BlackRock’s Aggressive Hunt for Growth in Saudi Arabia
The kingdom is plowing billions into infrastructure and investments—and Larry Fink is out to make sure the asset management giant gets a share
Photo Illustration by 731; Photos: Fink: Victor Blue/Bloomberg; Riyadh: Johnny Greig/Getty images
What’s worth your time when you’ve already built the world’s largest asset management company?
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.