Larry

Dubai

BlackRock

BlackRock has received a license to operate in Abu Dhabi, further expanding its business into the Middle Eastern region after gaining approval from Saudi Arabia just last month. 
According to a <a href="https://www.bloomberg.com/news/articles/2024-11-18/uae-saudi-arabia-blackrock-gets-abu-dhabi-license-weeks-after-nod-for-saudi-hq" target="_blank" rel="nofollow">Bloomberg</a> report published on Nov. 18, the investment management company plans to apply to get regulatory approval to set up business in the <a rel="" href="https://crypto.news/tag/abu-dhabi/">Abu Dhabi</a> Global Market, at the heart of <a rel="" href="https://crypto.news/tag/united-arab-emirates/">UAE’s</a> capital. 
<a rel="" href="https://crypto.news/tag/blackrock/">BlackRock’s</a> Abu Dhabi office will primarily work with sovereign wealth funds, wealth managers and investment vehicles based in the region. 
This latest development comes a month after BlackRock secured approval from Saudi Arabia to open up a headquarters in Riyadh. The asset manager has continued to branch out its business reach into the Middle East after announcing it would get up to $5 billion from the Public Investment Fund to invest in the Middle East and build a team rooted in Riyadh. 
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Additionally, BlackRock has partnered with Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan to bankroll the build-out of data warehouses and energy infrastructure within the region. 
In a statement, Head of the Middle East for BlackRock, Charles Hatami, stated several reasons why the firm chose to operate in Abu Dhabi. Considering Abu Dhabi’s status as a hot spot for capital markets, he said that the region’s proactive government policies and commitment to sustainability make it an ideal location. 
“Abu Dhabi has rapidly transformed into a global financial center,” said Hatami, adding that the firm plans to focus on private markets, specifically <a rel="" href="https://crypto.news/tag/ai/">AI</a> infrastructure, in Abu Dhabi. 
BlackRock Chief Executive Officer Larry Fink explained that having the investment firm operate in both Abu Dhabi and Riyadh was a logical move, as both regions are competing head-to-head with Dubai to become the Middle Eastern business hub. 
Both regions are famous for holding over $1 trillion of sovereign wealth, representing some of the biggest capital in the world. 
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BlackRock receives Abu Dhabi commercial license after Saudi approval

crypto.news

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