BlackRock has secured a license to operate in Abu Dhabi, strengthening its footprint in the Middle East. This move follows recent approval from Saudi Arabia to set up a headquarters in Riyadh.
BlackRock's Expansion in Abu Dhabi
BlackRock plans to apply for regulatory approval to establish business in the Abu Dhabi Global Market. The Abu Dhabi office will focus on working with sovereign wealth funds, wealth managers, and investment vehicles in the region. This latest development comes a month after securing approval from Saudi Arabia to open a headquarters in Riyadh.
Significance of Abu Dhabi for BlackRock
According to Charles Hatami, Head of Middle East for BlackRock, Abu Dhabi is attractive due to its proactive government policies and commitment to sustainability. The firm plans to focus on private markets, including AI infrastructure, in Abu Dhabi.
Competition for Middle Eastern Business Hub Status
BlackRock CEO Larry Fink stated that operating in both Abu Dhabi and Riyadh is logical, as both regions compete with Dubai to become the Middle Eastern business hub. Both regions have significant capital reserves supported by sovereign wealth.
BlackRock's expansion in the Middle East underscores the growing importance of the region as a global financial center and the firm's intention to leverage its advantages in investments and infrastructure projects.
