U.S. fund manager BlackRock Inc. chief executive said on Tuesday the world will see higher equity markets in 2020.

Larry Fink said Blackrock (BLK) saw positive changes in emerging economies including Saudi Arabia, speaking at the Saudi Future Investment Initiative conference.

BlackRock, the world’s largest fund manager, has opened an office in Saudi Arabia, pushing ahead with plans to capitalize on the government’s ambitious reform agenda despite global criticism of its human rights record.