- BlackRock secures commercial license in Abu Dhabi, expanding its operations and UAE presence.
- The firm’s strategic move in Abu Dhabi follows a $5bn investment from Saudi Arabia’s PIF.
- BlackRock targets AI and private markets in Abu Dhabi, aligning with the UAE’s tech goals.
BlackRock, the world’s largest asset manager with $11.5 trillion in assets, has been granted a commercial license to operate in Abu Dhabi. This comes as part of the firm’s strategy to expand its footprint in the UAE market after receiving approval on the 18th of November. The company’s main business focuses in Abu Dhabi are artificial intelligence (AI) and the private market.
This aligns with the UAE’s policy on technology and innovation, as seen in other programs, such as Microsoft’s $1.5 billion investment in the Abu Dhabi-based company G42. BlackRock will be an active participant in the formation of the region’s technological infrastructure.
According to a recent report, this comes after BlackRock has been on an expansion spree in the Middle East market. BlackRock has previously opened an office in Riyadh and received a $5 billion boost from Saudi Arabia’s Public Investment Fund (PIF). This has established BlackRock as a growing financial force in the region.
ADGM Operations and Crypto
The new license enables BlackRock to apply for another license to conduct business within the Abu Dhabi Global Market (ADGM). ADGM is another international financial center that houses many big and reputable crypto firms, such as Blockdaemon and M2. Abu Dhabi and Riyadh are moving up the ladder to challenge Dubai for business leadership in the region.
Notably, Abu Dhabi and Riyadh are home to $1 trillion-plus of sovereign wealth, underlining the region’s financial muscle. Blackrock’s strategic move in the UAE is another reaffirmation that the Middle East is strategically positioning itself as an essential player in the world of finance.
BlackRock’s Strategic Leadership Shift
Mohammad Alfahim will lead BlackRock’s operations in the UAE and manage its local business. The firm appointed Ben Powell as its first-ever Chief Middle East and Asia Pacific Investment Strategist at the BlackRock Investment Institute. Powell would focus on aligning BlackRock’s investment strategies with regional market trends.
$1.1B Inflows Prop BlackRock’s IBIT Amid BTC’s Record RallyBlackRock’s growing footprint in the Middle East reflects the region’s increasingly strategic importance to global investors. The firm’s focus on AI and private markets further underscores its forward-thinking approach. As BlackRock continues to expand, its influence in Abu Dhabi and the broader Middle East is set to grow.
