BlackRock Inc., the largest asset manager globally, has secured a commercial license in Abu Dhabi, marking a significant step toward its expansion in the Middle East. The firm also plans to seek regulatory approval to operate within the Abu Dhabi Global Market (ADGM), solidifying its foothold in the region’s financial ecosystem.
This development follows BlackRock’s recent announcement to establish its regional headquarters in Saudi Arabia. With $11.4 trillion in assets under management (AUM), the US-based firm is strategically positioning itself to collaborate with sovereign wealth funds, wealth managers, and other investment entities in the UAE capital. Its focus includes initiatives related to artificial intelligence infrastructure and solutions aimed at the energy transition.
Leadership Enhancements for Regional Expansion
To strengthen its presence in the UAE, BlackRock appointed Mohammad AlFahim as Head of the UAE earlier this year. Additionally, Ben Powell relocated to the region, assuming the role of Chief Middle East and APAC Investment Strategist for the BlackRock Investment Institute. These leadership changes underscore the firm’s commitment to deepening client relationships and providing specialized investment strategies tailored to the region.
Driving Global Trends in Digitization and Decarbonization
Larry Fink, BlackRock’s CEO, highlighted the critical need for capital to support digitization, decarbonization, and infrastructure redevelopment during the Future Investment Initiative (FII) forum in Riyadh. He described this as the most significant macroeconomic trend globally, requiring trillions of dollars in investment.
In May, BlackRock unveiled plans for a new investment platform in Saudi Arabia, backed by up to $5 billion from the Public Investment Fund (PIF). This initiative aligns with the firm’s broader strategy to tap into transformative opportunities across the Middle East and further solidify its influence in the global investment landscape.
Published on: Nov 18, 2024
Source: https://www.zawya.com/en/business/investment/blackrock-gets-abu-dhabi-license-to-tap-into-regions-capital-markets-oaijo5m4