Saudi Gazette report

RIYADH — The probability that the price of oil will reach $100 a barrel is very high, BlackRock Chairman and CEO Larry Fink said at the fifth edition of the Future Investment Initiative (FII) here Tuesday.

Fink said that Brent crude oil fell 28 cents to $85.71 per a barrel in trading today, and it is likely that the prices will rise according a super-tight market amid a global energy supply crunch.

Two-thirds of the world's economy is dependent on managed assets, as we must hire people with greater responsibility for managing money, he added.

The BlackRock CEO has called for more cooperation between the public and private sectors, as it is important to combat global challenges.

Larry emphasized the need to focus on sustainable investment, as the world is now experiencing the dominance of the private sector in business sectors.

Earlier at the Middle East Green Initiative Summit in Riyadh, Fink predicted the next 1,000 global companies valued at more than one billion dollars would be sustainable companies.