BlackRock

After brief Khashoggi boycott, BlackRock's Larry Fink returns to Saudi Arabia

Accepting his humanitarian award. Photo by Ilya S. Savenok/Getty Images
Larry Fink accepting his humanitarian award. Photo by Ilya S. Savenok/Getty Images

Where's Larry Fink, the CEO of BlackRock?

The backdrop: In October, Fink was on a long list of CEOs who made a big show of pulling out of Saudi Arabia's Future Investment Initiative, also known as Davos in the Desert. In November, Fink was honored by the International Rescue Committee at its annual dinner, where he received the charity's Humanitarian Award.

UAE's state-owned oil company in talks for up to $5 billion investment

In this illustration, oil pours out of a metal container into a small bucket. There is a bright blue background.
Illustration: Rebecca Zisser/Axios

BlackRock and KKR are in "advanced talks" to invest between $4 billion and $5 billion into the pipeline infrastructure of state-owned Abu Dhabi National Oil Co., per the FT.

Why it matters: While ADNOC is responsible for around 3% of the global oil supply, this deal reflects how the UAE is seeking to diversify its assets for a post-oil future. "ADNOC has started a major transformation drive in the past two years to make it more competitive and commercially focused like other state-owned peers, selling and listing stakes in parts of its business," Reuters' Diptendu Lahiri writes.

Go deeper: How Saudi Arabia and China could partner on solar energy