BlackRock, the world's largest asset manager, is entering the Abu Dhabi market, aiming to strengthen its position among local sovereign wealth funds and invest in artificial intelligence.
Abu Dhabi’s Role as a Financial Center
BlackRock's decision to enter the Abu Dhabi market aligns with the emirate's ambitions to establish itself as a prominent financial center. The city actively attracts international capital, investing in digital financial infrastructure and AI technologies. Charles Hatami, BlackRock's Head of Middle East Operations, noted that government-supported policies have helped elevate Abu Dhabi to a global financial hub status, making it attractive for capital markets.
Growing Influence of BlackRock in the Crypto Space
BlackRock is actively promoting the crypto space, even beyond the Middle East. Recently, their iShares Bitcoin Trust (IBIT) surpassed the company's gold ETF in net assets. On the day Bitcoin reached a new record of $76,943, IBIT attracted a record-breaking inflow of $1.1 billion.
Expanding Middle Eastern Strategy
BlackRock seeks to strengthen its position in the region by establishing a headquarters in Riyadh and receiving up to $5 billion in investments from the Saudi Public Investment Fund (PIF). These funds will be directed towards key projects such as energy infrastructure and data centers. Mohammed Alfahim will lead operations in the UAE.
BlackRock is taking significant steps to enhance its presence in the Middle East, enabling the company to expand opportunities in AI and sustainable investments.
