Global investment giant BlackRock has obtained a commercial license to operate in Abu Dhabi, further strengthening its presence in the United Arab Emirates.
Significance of the License
The license, granted on November 18, marks a significant step for the world's largest asset manager, enabling collaboration with the UAE’s wealth managers, sovereign wealth funds, and investment entities.
Focus on Artificial Intelligence
While the UAE is celebrated as a cryptocurrency hub, BlackRock’s initial plans emphasize AI infrastructure and private market investments. This aligns with the growing AI momentum in Abu Dhabi, attracting tech giants like Microsoft.
Middle East Expansion
The recent appointment of Mohammed AlFahim as BlackRock's UAE head and the relocation of Chief Investment Strategist Ben Powell highlight the expansion efforts in the Middle East. BlackRock is also establishing a regional headquarters in Saudi Arabia, supported by a $5 billion platform from the Saudi Public Investment Fund.
BlackRock is making strategic moves to strengthen its regional presence, reflecting trends towards digitization, decarbonization, and infrastructure rebuilding.
