(Bloomberg) -- BlackRock Inc. is set to host a gathering of top corporate executives and government officials in Riyadh, marking the US firm’s first event on this scale in the Saudi capital and bolstering the kingdom’s efforts to lure foreign investment.

The US firm is hosting the event alongside the Saudi Ministry of Finance, according to people familiar with the matter, who asked not to be identified discussing private information. The goal is to showcase investment opportunities and provide an overview of progress on the kingdom’s trillion-dollar Vision 2030 program, the people said. 

The event comes as the kingdom ratchets up efforts to raise billions of dollars for Crown Prince Mohammed bin Salman’s ambitious economic transformation efforts. BlackRock’s involvement shows how deeply the US firm has embedded itself in Saudi Arabia, the biggest market in the region.

BlackRock Chief Executive Officer Larry Fink, who has been quietly increasing the firm’s presence in Saudi Arabia, has had at least two private dinners with the de facto ruler known as MBS. 

Fink appeared on a panel on Monday at the World Economic Forum in Riyadh and spoke about investment opportunities in artificial intelligence, data centers and power.

Read More: BlackRock Hunts for Growth in Saudi Arabia Sovereign Wealth Boom

“BlackRock regularly convenes meetings with its clients to introduce them to heads of state and to discuss investment opportunities around the world,” a spokesperson for the US firm said. “These are private discussions covering a wide range of investment opportunities across asset classes and sectors.”

Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund, and Energy Minister Abdulaziz bin Salman are expected to address the gathering that will include key executives from global asset managers as well as regional investors. They will then take the stage with Fink on Tuesday to discuss potential opportunities for investment and collaboration, some of the people said.

“There is significant interest from our clients in the many investment opportunities in Saudi Arabia, arising from the continued economic transformation in the Kingdom,” the BlackRock spokesperson said.

A senior banker at a top European institution said they requested two invitations for the Riyadh event but were offered only one, reflecting the exclusive nature of the gathering. It’s possible the crown prince may make a special appearance at Monday’s event, some of the people said. 

He made a rare public showing at a special event being hosted by the World Economic Forum in Saudi Arabia’s capital. Microsoft Co-Founder Bill Gates, International Monetary Fund Managing Director Kristalina Georgieva, as well as the bosses of AP Moller - Maersk A/S and TotalEnergies SE were among those seen entering a closed-door special dialog with MBS on Sunday.

The event is set to be held days after the kingdom flew in hundreds of bankers to Neom — the $1.5 trillion development at the heart of its transformation plan — as part of efforts to seek new forms of funding. Saudi Arabia recently scaled back its medium-term ambition for the project, Bloomberg News has reported. 

Read More: Saudis Scale Back Ambition for $1.5 Trillion Desert Project Neom

The PIF is the main entity tasked with driving Saudi Arabia’s Vision 2030 program, an initiative that aims to diversify the oil-dependent economy. With the Saudi government predicting a deficit every year until 2026, there’s a sense of urgency at the fund to line up funding for its billions of dollars of spending commitments, Bloomberg News has reported.

--With assistance from Christine Burke.

(Updates with Fink’s comments in 4th paragraph)

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