Next 1,000 unicorns to come from the green industry, BlackRock CEO says – The National

Next 1,000 unicorns to come from the green industry, BlackRock CEO says – The National

The next 1,000 unicorns, or start-ups with valuations of $1 billion, will come from the green industry, said the chief executive of BlackRock, the world's largest asset manager.

“It is my belief that the next 1,000 unicorns — companies that have a market valuation over a billion dollars — won't be a search engine, won't be a media company. They will be businesses developing green hydrogen in green agriculture, green steel and green cement,” Larry Fink told the Middle East Green Initiative forum, which took place in Riyadh on Monday.

Earlier that day, Saudi Arabia announced the establishment of a national infrastructure fund with BlackRock to support up to 200bn Saudi riyals ($53.4bn) of investments in critical sectors. The fund will invest in projects in sectors such as transport, water, energy, health, education, telecoms and digital infrastructure.