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Report: BlackRock opens office in Saudi Arabia

U.S. asset manager BlackRock Inc. has launched an office in Riyadh, Saudi Arabia, Reuters reported.

A spokeswoman for the company said the office was established recently and is led by Yazeed Almubarak, who previously served with Morgan Stanley.

The move is part of BlackRock's bid to capitalize on Saudi Arabia's reform agenda. The firm was reported in 2017 to be looking to set up offices in the country.