Nasser joined Saudi Arabia's state oil giant as a petroleum engineer in 1982, and decades later in 2019 led Aramco's initial public offering. His expertise in the Middle East will fill the gap left by Bader Alsaad, chairman of the board of the Arab Fund for Economic & Social Development, who is not standing for reelection on BlackRock's board in 2024, the asset manager said on Monday. BlackRock has sought to strike a balance on the issue of climate change, continuing to invest in fossil fuel companies, while nudging them to adopt energy transition plans. In a note to clients earlier this month, the asset manager estimated global average annual investment in the energy system would jump to $4 trillion through 2050, up from $2.2 trillion in recent years.